Around the world people are wearing purple to show their support of epilepsy awareness. Annually, March 26th represents a global show of support of epilepsy awareness.
Did you know that 50 million people world wide live with epilepsy and that 50% of those affected don't know the cause? Did you also know that that 2.2 million Americans are living with epilepsy? The facts are scary, but true.
We are proud to raise awareness of such an important cause and invite each and every person to join us in wearing purple next year.
Want to learn more about epilepsy? Or want to know how you can help make a difference? Click on any of the links below for more information.
http://epilepsyinfo.org/
http://www.purpleday.org/aboutepilepsy
Thursday, March 26, 2015
The HW Group Goes Purple!
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Tuesday, March 10, 2015
First Major Changes to Not-For-Profit Accounting
Anthony S. LaNasa, CPA, CFE
Principal at HW&Co.
On March 4th, 2015 the Financial Accounting
Standards Board voted to release a proposal that will overhaul how
universities, charities, foundations, and other not-for-profit organizations
convey how they spend their time and how they invest their money. With this decision came some dissatisfaction
with this standard. The uneasiness that came from the decision is even stronger
than anyone had initially thought. This
was especially conveyed by the dissenting votes of FASB Chairman Russell Golden
and Vice Chairman James Kroeker. It should also be mentioned that two of the
five board members who voted in favor of the proposal did so with reservations.
The chief concern that Golden has concerning this
decision was his belief that the proposal would create too many reporting
differences between not-for-profit organizations and for-profit business. He also believes that the projected changes
would go too far. Kroeker, who was
unable to attend the meeting and voted by proxy, said in a prepared statement
that he didn’t agree with the changes that would be made to the not-for-profit
groups cash flow statements.
Although there was concern about the changes to the cash
flow statements for members like, Lawrence Smith, the benefits of changing to
the proposal weren’t enough to make him vote against it.
“I didn’t object to it and I voted for the changes made
because I think when you look at the two cash flow statements side by side, one
under direct and one under indirect, it’s pretty obvious the direct method
conveys more easily understood information than indirect,” he stated. He further commented on his decision to vote
in favor of the proposal by praising the changes made to the basic performance
statement.
"Is there flexibility?
Yes. There's flexibility up the wazoo in terms of how management designates
things, but it's clearly laid out and that's the important thing," he
said. "It clearly lays out what funds are available to an entity in terms
of furthering its mission."
The FASB also would like to improve the statement of
activities by including the presentation of an operating measure with the
information about expenditures related to the organization’s mission and
donated funds available to be spent.
The changes in the proposal will be the first major
changes to not-for-profit accounting and reporting in over 20 years. My
opinion is that the proposal is long overdue and the changes will enhance
not-for-profit financial statements and provide the users of the financial
statements, like donors, an increased understanding of the financial
performance of Organizations.
This blog is published periodically by HW&Co. as an information service to our clients, business associates and friends. It is general information and professional advice should be obtained before acting on any comments contained in this document.
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