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Events

Lorman National Teleconference: Barry Hawkins Presents on the topic of Uniform Prudent Management of Institutional Funds Act (UPMIFA)

October 26, 2009

When:
October 26, 2009

In response to the enactment of the Uniform Prudent Management of Institutional Funds Act in most of the United States, the Financial Accounting Standards Board last year promulgated FASB Staff Position No. FAS 117-1. FSP FAS 117-1 provides guidance for nonprofits as to the proper classification of endowment funds when UPMIFA has been enacted and expands the required disclosure about endowment funds.

The replacement of the prior legal restrictions of historic dollar value with the seven articulated standards of prudence set forth in UPMIFA has thrown into some turmoil the rules governing how a nonprofit organization should present its financial condition. It would appear that the requirements of UPMIFA as a state statute and FSP FAS 117-1 as an accounting requirement are in conflict. This program will review these requirements and attempt to provide useful guidance in reconciling the accounting standards and the law, with a particular emphasis on how to report expenditures from so called underwater funds. The program will review the two sets of requirements and help you better understand the similarities and the critical conflicts between UPMIFA and FSP FAS 117-1.

For more information, please click here.

Teleconference ID: 385353

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