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Several FASB accounting standards have gone into effect over the past two years that require new or significantly more complex disclosures on nonprofit financial statements. The standards covering liquidity, functional expenses by nature, grants and contributions, revenue recognition, and gifts-in-kind are all opportunities for innovation. Instead of seeing these new standards as merely compliance requirements, this session explores how to use them to develop better financial strategies and practice for nonprofits. Join us to learn how to use FASB guidelines to tell your financial story in the most creative, sophisticated way. Learn enough about accounting to avoid being a victim of the accounting.

Topics Include Nonprofit Financial Statement Disclosure Of:

  • liquidity
  • functional expenses by nature
  • grants and contributions
  • revenue recognition
  • gifts-in-kind


Cathy Clarke is the Chief Assurance Officer for CLA with over 20 years of public accounting experience. At CLA, her primary responsibilities include overseeing the quality control and training for the assurance and accounting practice for the firm. Cathy has specialized in providing consulting, accounting and auditing services to a variety of clients, with a focus on the not-for-profit, health care, HUD organizations. She also has significant experience in dealing with audit compliance issues and the wide variety of challenges faced by these industries. Cathy is a member of the FASB Not for Profit Advisory Council (also Prior Chair), the AICPA Not for Profit Expert Panel Member, and the AICPA Not for Profit Advisory Committee

Curtis Klotz serves as Director of Nonprofit Innovation at CLA. This role is grounded in CLA’s nonprofit consulting and business operations practice, which inspires Curt’s writing and thought leadership in the industry. He is a primary contributor to CLA’s Innovation in Nonprofit Finance blog. Curt shares inventive strategies for nonprofits that have emerged from more than 35 years of direct work in nonprofit organizations, including his former role as VP of Finance & CFO at Propel Nonprofits. Along with other stints as a nonprofit CFO, he is also past Chairperson of the Montana Nonprofit Association. Curt was honored as Minneapolis/St. Paul Business Journal’s Nonprofit CFO of the Year in 2017.