Single Women More Willing to Give and Volunteer
A report by the Indiana University–Purdue University Indianapolis’ Women’s Philanthropy Institute discovered that men and women differ in their charitable giving and volunteering habits. Based on the three groups studied (i.e., single men, single women, married couples), single women are more consistent in giving than single men and married couples. Single women are also more likely to volunteer than single men, as are married couples. The trend also extends to the retirement years. After retirement, single women increase their volunteering habits, Single men, however, are less likely to volunteer their time. More on this report is available on the Nonprofit Quarterly website.
College Alumni Boost Charitable Giving in 2017
According to the Council for Aid to Education’s recent Voluntary Support of Education survey, college alumni were happy to give back to their alma maters in 2017. For the fiscal year ending June 30, 2017, colleges and universities amassed $43.6 billion in charitable donations. The total is a 6.3 percent jump from 2016 and marks the highest fundraising total in the survey’s history. While foundations were the top source of voluntary support in 2017, the survey says that the 14.5 percent rise in alumni giving is responsible for most of last year’s growth. More on this survey is available on the Inside Higher Ed website.
Faux Donor Scams Nonprofit for Veterans
An Oregon-based nonprofit gym for veterans has fallen victim to a con artist. Alleged wealthy businessman named Garyn Bowen had pledged $425,000 to Lift for the 22, and claimed that supplement retailer GNC would match his gift. Since Bowen was a frequent attendee of the gym’s workout programs, the organization did not bother to check his background. After arranging a Facebook live-stream of the check presentation, the gym never received Bowen’s check. Later, the gym discovered that Bowen had stolen another member’s wallet to make purchases. More on Lift for the 22’s story is available on the Nonprofit Quarterly website.
Forthcoming Revenue Standard Proposal to Help Nonprofits
New Financial Accounting Standards Board (“FASB”) guidance could make it easier for nonprofits to record revenue from grants and donations with restrictions. On June 7, the FASB unanimously agreed on a proposal to help nonprofits differentiate between a condition and a restriction in U.S. GAAP for received grants and donations. Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606) removed guidance on “exchange” transactions. Furthermore, many nonprofit organizations have had trouble distinguishing between a condition and restrictions. To address the matter, the FASB will clarify that when a gift comes with a donor-imposed condition, the agreement must. Read More.
Topics: Accounting Standards Update "ASU", Charitable Giving, FASB, Financial Accounting Standards Board "FASB", Nonprofits, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, U.S. GAAP
California Nonprofit Advocate Fights Proposed Legislation
CalNonprofits has urged nonprofit organizations across the country to contact California’s Assembly Appropriations Committee and express their opposition to Assembly member Jim Frazier’s proposed bill. The bill would require nonprofits that ask for donations in California to add a link on their home page directing potential donors to the California Attorney General’s website. However, CalNonprofits argues that the legislation offers vague instructions about what the Attorney General website must provide, forcing nonprofits to rely upon an elected official’s views on what is considered appropriate regarding matters like overhead and compensation. If the bill is passed in California, CalNonprofits worries that other. Read More.
Topics: Charitable Giving