by James Townsend 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 rec
From James Townsend, vice president of Sylogist, thoughts on digital transformation, marketing automation, customer relationship management, Power Apps , Microsoft Dynamics 365, government contracting, customer service and more.