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Grant Management Implications of New Accounting Requirements for GAAP - ASU No. 2018-08



While grant management may seem like a simple, mature process to the outsider, it is constantly changing to meet new regulatory requirements. Nonprofit organizations are implementing changes to Generally Acceptable Accounting Practices (GAAP) for gifts and donations which were originally released in June 2018 by the Financial Accounting Standards Board as Accounting Standards Update (ASU) 2018-08

The central topic of this update is to provide guidance on recognizing contributions made and contributions received.  Implementing the standard may require organizations that receive grants to track information they may not have tracked in the past, and to be clear about any contributions which carry conditions.  These conditions affect when the revenue is recognized, delaying recognition until conditions are met rather than recognizing immediately as would be the case with an unconditional gift.

The standards apply to private organizations including non-profits that receive and make contributions and businesses that make contributions. 

In addition to reading the ASU itself, there are many online resources to learn more about how ASU 2018-08 will affect your organization.  For instance, the American Institute of CPAs publish a short blog post on the topic and offers additional tools to its members. 

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