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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.

Nick Peppe

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7 Tips for Nonprofits Implementing the New Lease Standard

After numerous delays, the new lease standard has arrived. Any nonprofit organization with at least one lease will be impacted for years beginning after December 15, 2021, which will generally be your nonprofit organization's accounting year end for the 2022 calendar year or possibly your fiscal year ending June 30, 2023. With some calling this the biggest accounting change of this generation, it's crucial that nonprofits be prepared for the new standard. That’s why we created a list of seven tips to help ensure your nonprofit is set up for success when implementing the new lease standard, also known as Accounting Standards Codification (ASC) 842, Leases.

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