New FASB Reporting Rules: CAA Boards

Are Your Board and Management Team Up to Speed?

2020

Now that the new FASB accounting standards for nonprofit organizations have taken effect, it’s time to step back and evaluate whether your CAA’s board and senior staff are familiar with the new presentation of financial statements, and how each is effectively using the information to inform its organizational strategy discussions and decisions. This two-part webinar series discusses the board’s and management’s responsibilities for exercising oversight and stewardship over a CAA’s finances, particularly how the new FASB accounting rules impact their review of a CAA’s financial statements. This webinar, Part 1, focuses on the board’s responsibilities, and Part 2 focuses on the management team’s role in financial accountability for a CAA. In connection with the webinar series, we also issued a newly-updated section of CAPLAW’s toolkit, Tools for Top-Notch CAAs: A Practical Approach to Governance and Financial Excellence, to address the new FASB rules and required disclosures and their impact on nonprofit CAAs. The updates include newly-developed appendices with sample financial statements to train the board and executive and fiscal staff on analytic approaches most likely to produce useful insight for organizational decision-making.

Presented on: September 21, 2020
Presented by: Kay Sohl, Kay Sohl Consulting

Related Resources:

Build America, Buy America: How BABA Impacts CAA Programs

Build America, Buy America: How BABA Impacts CAA Programs

Federal grant recipients such as Community Action Agencies (CAAs) working on public infrastructure projects will now need to ensure the supplies and materials they purchase are primarily manufactured in the United States. The Build America, Buy America Act (BABA, or Buy America) was enacted…

Employee Retention Credit: What Your CAA Needs to Know

Employee Retention Credit: What Your CAA Needs to Know

The Employee Retention Credit (the “Credit”) was enacted on March 27, 2020, as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the first major COVID-19 pandemic relief package. The purpose of the Credit was to help employers…