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Not-For-Profit Financial Statement Changes: Expense Allocations

Not-For-Profit Financial Statement Changes: Expense Allocations

Information supplied by: Jessica Kuhn

Financial Statement changes are quickly approaching for Not-For-Profit organizations. Effective for fiscal years beginning after December 15, 2017, not-for-profits will now be required to report all expenses on both a natural and functional classification basis. This is a significant departure from the current requirement, so, we’ve put together this quick video to walk through how the new method of reporting expenses differs from the old way.

Jessica Kuhn HeadshotJESSICA KUHN, CPA is a member of the Audit, Accounting and Consulting Department of Ellin & Tucker. As a Manager, Jessica performs high-quality audit, financial reporting and advisory services for several of the firm’s prominent not-for-profit clients. Her knowledge of not-for-profit audit and accounting standards makes her an instrumental part of the firm’s Not-for-Profit Services Group. She may be reached at jkuhn@ellinandtucker.com.

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