July 2017
Intermediate to advanced
560 pages
19h 46m
English
Content preview from Wiley Not-for-Profit GAAP 2017
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12Split-Interest Agreements
Perspective and Issues
Split-interest agreements are a special type of contribution that result from sharing of legal rights to certain assets by the not-for-profit organization and other beneficiaries. Some donors find it beneficial to enter into trust or other arrangements under which the not-for-profit organization receives benefits that are shared with other beneficiaries. Chapter 6 of the AICPA Audit & Accounting Guide Not-for-Profit Entities (the AICPA Guide) provides significant guidance and background on split-interest agreements that is incorporated in this chapter. Applicable GAAP requirements have been incorporated into the FASB Codification primarily at FASB ASC 958-325.
In August 2016 the FASB issued Accounting Standards Update 2016-14 entitled Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities. Upon implementation of ASU 2016-14, net assets will be reported in two classes—net assets with donor restrictions and net assets without donor restrictions, rather than for the currently required three classes. ASU 2016-14 is effective for annual financial statements issued for fiscal years beginning after December ...
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