Nonprofit & Government Times Q2 2018

Nonprofit & Government Times

SECOND QUARTER, 2018

IN THIS ISSUE

4 Understanding the Updated LEASE ACCOUNTING Rules Alan Becker 6

Nonprofit Budgeting: Key Board Roles and Responsibilities and Questions to Ask Prior to Approval BY HOPE GOLDSTEIN, CPA CO-PARTNER-IN-CHARGE OF THE NONPROFIT, GOVERNMENT & HEALTHCARE GROUP T he roles different people play in the budgeting process generally depend on the nonprofit’s size, structure, revenue sources and expenditure expectations. While there are sev- eral models for budgeting including the roles and responsibilities for all involved, best practices would suggest that first and fore- most, process and procedures be spelled out in a written docu- ment and kept up to date and understood by all those involved. In addition, it would be a welcomed antidote if the organization conducted an annual orientation and training session for the bud- get prep team to carefully walk through the entire budget process. This will refresh the memories of veteran budget team members and orient new team members.

Using Effective RATIO ANALYSIS

at Nonprofits Sibi Thomas 8

COMPENSATION Considerations

for Attracting and Retaining Not-for-Profit Executives Frances McKenna 11 Long-Awaited Guidance on DONOR-ADVISED FUNDS Michael Cooney 14 Government Update: Introduction to GASB 87 LEASES Warren Ruppel 16 Government Update: GASB’s Guidance for IRREVOCABLE SPLIT- INTEREST AGREEMENTS is Now in Effect John D’Amico 18 Meet the MARKS PANETH TEAM Guest Perspective: IRS Issues

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