This archived Governmental Audit Quality Center (GAQC) member-only conference call is intended for our member firms that perform not-for-profit organization (NPO) financial statement audits. States are quickly adopting the Uniform Prudent Management of Institutional Funds Act (UPMIFA). In August 2008, the Financial Accounting Standards Board (FASB) issued FASB Staff Position (FSP) 117-1, Endowments of Not-For-Profit Organizations: Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds. Some NPOs and their auditors continue to struggle in implementing FSP 117-1, particularly in the context of UPMIFA.
This call is intended to help our members separate the myth from reality pertaining to FSP 117-1 and UPMIFA and will provide you with practical implementation guidance.
About the Presenters
Jeffrey Mechanick, CPA is an Assistant Director at the FASB. In that role, he serves as the staff specialist for NPOs, provides strategic and technical oversight of all activities involving nonpublic entities (NPOs and private companies), and functions as the technical liaison for FASB-related government affairs work of the Financial Accounting Foundation. His staff work has included managing the FSP 117-1 project and numerous other NPO-specific FASB projects. Prior to joining the FASB, Jeff spent a combined 20 years working in and with the not-for-profit sector.
John Mattie, CPA is PricewaterhouseCoopers’ National Education & Nonprofit Practice Leader. He has approximately 30 years of diversified audit and consulting experience with particular expertise serving public and private research universities with academic medical centers and other NPOs. In that role, he has worked with many of the country's complex and prestigious colleges and universities, academic medical centers and related health systems, and NPOs.
Archived Call Listening Instructions
You should print out and have available the following attached presentation materials for reference during the archived call:
· FSP 117-1 and UPMIFA: Separating Myth from Reality Call Slides (PDF or PowerPoint)
Thank you for your interest in this GAQC conference call.
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