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ERMOND Arledge Q&A Changes in nonprofit reporting (Editor's Note: Lindsey Williams ad- dresses questions in this installment of Arledge Q&A by the Edmond CPA firm of Arledge & Associaties.) Does my nonprofit organization have to engage an independent audi- $750,000, there is a requirement to be audited in accordance with the Uniform Guidance requirements. Also, if you have significant funding from a department of the State of Oklahoma then you might also have @ separate requirement in your grant agreement to obtain an annual inde- pendent audit and furnish that to your organization's granting agency. If none of the above applies to you, then it’s ultimately up to your bylaws, Board of Directors and management to decide if your organi- zation should have an annual inde- pendent audit. What are some of the financial re- porting changes affecting nonprofits in the next year? In terms of financial statement presentation, there have been quite a few new accounting standards put into place recently that might affect your nonprofit organization. First, you should be currently discussing these changes with your auditor. They can keep you informed on how new accounting standards will be im- pacting your organization's financial statements and when the standards need to be implemented. Second, if you fall into the category of people in the previous question who may not currently have an auditor, there are plenty of resources out there to help you understand the new stan- dards, but all the accounting stan- dards updates can be found at www fasb.org. The list of new stan- dards might seem overwhelming, but keep in mind not all of them will apply to your organization. Are there any changes that impact broadly across the majority of non- profit organizations? One of the key stan- dards updates (ASU) that we see af- fecting virtually all of our organizations is ASU 2016-14, Pres- entation of Financial Statements of Not-for-Profit Entities. This update has been talked about in depth since 2016, but the implementation dates weren't effective until recently. If your fiscal year end is Dec. 31, you need to apply this standard to your 2018 financial statements and if your fiscal year end is any other date, this standard applies to your 2019 finan- cial statements. The key changes of this ASU involve changes to net asset dlassifications, functional expense re- porting, liquidity disclosures and other minor changes to the state- ment of cash flows, underwater en- dowments, and net investment return presentation. How can | learn more about changes in nonprofit reporting and other requirements? Our firm hosts an annual Not-for- Profit Accounting and Finance Semi- nar that covers a wide range of topics including audits, tax law changes and updates. This year, sessions will also cover employment law issues for non- profits, donor relations matters and online marketing. The seminar is open to not-for-profit accounting and finance professionals and agency ex- ecutives as well as board members. Up to six hours of CPE credit are available. When Is the seminar and how do I The seminar is set for 9 a.m. June 4 at Francis Tuttle Technology Center's Business Innovation Center, 2824 Pro- gressive Drive in Edmond. The cost to attend the seminar is $50 and lunch will be provided. To register, visit jmac- pas.com/seminars. For more informa- tion, contact Lindsey Williams, CPA, at lindsey@jmacpas.com or 405-348- 0615. Lindsey Williams, CPA, is audit manager at Arledge and Associates, PC, an Edmond-based i firm. Arledge and Associates, PC is a recognized leader in the accounting industry offering practical solutions in the firm offers outsourced CFO, con- troller and cloud-based accounting so- lutions. mation only and does not constitute tax advice or any other professional sult a professional tax advisor. This article is not intended for and cannot be used to avoid future penalties that may be imposed by the internal Rev- enue Service.