Seventeen Related Nonprofits Achieve Uniform Implementation of Financial Reporting Standard
April 15, 2019
Situation
A large group of independent but related religious organizations desired a uniform and consistent approach to implementation of the new financial reporting standard for not-for-profit organizations. The individual organizations lacked consistency in presentation of donor restrictions, net assets, functional expenses and disclosures.
Cherry Bekaert’s Guidance
Cherry Bekaert designed implementation tools and training to facilitate coordination among the management teams of each of the 17 organizations to ensure a successful and consistent transition to the new reporting framework.
Result
Comparability and understanding of these related organizations became more clear and concise to management, board members, donors and other users of the financial statements.