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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement by John H. McCarthy, Nancy E. Shelmon, John A. Mattie

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*CHAPTER 6

Investment Income, Gains and Losses, and Endowment Funds

6.1 Accounting Principles

(f) Underwater Endowment Funds

(h) Display of Investment Income When a “Spending Formula” Is Used

(i) Expanded Disclosure Requirements for All Endowments

(j) Presentation of Gains or Losses in the Financial Statements

(ii) Restricted Realized Gains or Losses

(iv) Embedded Derivatives in Split-Interest Agreements

6.2 Total Return Concept

p. 57, second paragraph, second to last sentence. Replace with:

Every state except Pennsylvania and Puerto Rico has adopted a version of UPMIFA.

6.1 Accounting Principles

(f) Underwater Endowment Funds

p. 60, n. 1, sixth line. Replace reference to “UMIFA” with reference to “UPMIFA.”

(h) Display of Investment Income When a “Spending Formula” Is Used

p. 62, second paragraph, last sentence. Replace with:

This proposal has been adopted by most states and territorial legislatures, and has had widespread implications for not-for-profit organizations, including:

p. 62, third full paragraph (first paragraph after bullet list), beginning “UPMIFA was approved.” Delete this paragraph.

p. 62, new third paragraph, first sentence, beginning “UPMIFA adds.” Replace “would be” with “was.” Delete the last sentence of this paragraph.

p. 62, italicized extract, first line. Replace “if” with “of.”

p. 63, second complete text paragraph. Replace “U.S. accounting rules provide” with “ASC 958-205-50-1 provides.”

(i) Expanded Disclosure Requirements for All Endowments

p. 63, text ...

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