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Gross Mendelsohn Blog

A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.

Jocelyn Diaz

Blog Feature

Nonprofit

What Nonprofits Need to Know About Functional Expenses

The issuance and implementation of the FASB not-for-profit financial presentation standard, Accounting Standards Update (ASU) 2016-14, back in 2016 resulted in changes to the presentation of GAAP-based financial statements for nonprofits. These changes were meant to provide financial statement reviewers, such as donors and lenders, with more relevant information about the status of an organization's current and future resources. One key change brought about by this ASU relates to the presentation of a nonprofit’s expenses. Let’s take a deeper look at these changes and what they mean for nonprofits.

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