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Today's Date April 19, 2025
Non-Profit

This channel will provide the information you need to know about nonprofit accounting and auditing. Topics will range from the happenings of the NAC to the international work being done by the INPAG. Stay up to date on all things nonprofit accounting & auditing.

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Q1 Quarter in Review

Q1 Quarter in Review

Apr 2, 2020

The first quarter of 2020 started much like any other first quarter of a the year. However, it didn’t end quite as normal. The impact of COVID really only started to come into play late in the quarter, as such, we expect the brunt of the impact to come in Q1. In the first quarter, the FASB was able to issue 4 final standards including the much awaited ASU 2020-04 addressing reference rate reform. GASB issued the 2020 Omnibus and the AICPA issued SSARS 25 and SAS 139. Time will only tell what the second quarter of 2020 will be. GLS hopes you are staying safe and healthy during these turbulent times!

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This Week in Accounting & Auditing

This Week in Accounting & Auditing

Mar 26, 2020

This week found our regulatory agencies working hard to address COVID-19. OMB expanded its administrative relief to entities impacted operationally by current conditions. The AICPA provided guidance on how to audit inventory when you can’t be on site. The SEC provided disclosure guidance to address COVID. GASB has indicated potential delays of two major standards in response to operational issues. FASB has worked with the federal agencies to address loan modifications and TDRs in light of banks helping customers dealing with COVID fallout. Standard setting may be on hold while they all take the time to address the current situation.

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OMB M-20-11: UG Administrative Relief when Directly Impacted by COVID-19

OMB M-20-11: UG Administrative Relief when Directly Impacted by COVID-19

Mar 19, 2020

OMB has issued administrative relief for those who receive federal financial assistance that is DIRECTLY RELATED to COVID-19. The GAQC has provided clarifying guidance on who the relief is directed to. We expect additional guidance for a broader subset of nonfederal entities due to operational issues in the near future. Universities are also impacted significantly by COVID-19 due to instructional disruption. The Department of ED has also provided guidance on the impact on student financial assistance. This blog reviews the major impacts of this OMB alert.

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Presentation & Disclosures by Not for Profit Entities for Contributed Nonfinancial Assets

Presentation & Disclosures by Not for Profit Entities for Contributed Nonfinancial Assets

Feb 13, 2020

FASB has issued a proposed ASU titled Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Gifts in kind have received a lot of attention for pharmaceutical donations but the proposal addresses all contributions on nonfinancial assets. The proposal includes unique presentation for these contributions as well as additional disclosures. Comments are due by April 10th.

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Proposed SAS: Amendments to AU-C Sections 725, 730, 930, 935, and 940

Proposed SAS: Amendments to AU-C Sections 725, 730, 930, 935, and 940

Jan 16, 2020

In December, the AICPA Auditing Standards Board proposed amendments to conform sections of its codification to standards issued earlier in the year on auditor reporting (SAS 134) and the auditor’s responsibilities relating to other information included in annual reports (SAS 137). The ASB also proposed amending certain AU-C sections (particularly AU-C Section 935 – Compliance Audits) to address practice issues that have arisen since they were revised. This proposal represents a continuation of the efforts to improve transparency into the basis for the auditor’s opinion and to further clarify the responsibilities of both management and auditors. Comments are due February 10th.

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Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.

Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.