Proposed delay in effective date for two accounting changes affecting charities.

August 17, 2019, 9:29 am

Image courtesy of Adobe Stock.

FASB officially issued an exposure draft on August 15, 2019 which proposes a one year delay for implementing three new accounting standards. Two of these proposed delays will affect many charities.

Effective date for SEC filers would not be changed.

I won’t discuss any changes for public business entities (PBE). Readers of my blog who fall into that category would be non-profits that are considered to be conduit bond obligors and EBPs that file their financials with the SEC.

You can find the exposure draft here.

The proposed delays for not-for-profit entities and private companies:

Leases

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Minor change to AB 1181 on 8/12/19

August 13, 2019, 6:48 am

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Subtle changes were made to AB 1181 on August 12, 2019 by Assembly member Limón (the bill’s author) and the chair of the Senate Judiciary Committee. The bill was re-referred to the Appropriations Committee, which is still scheduled to hold hearings on August 19.

Two changes were made yesterday.

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Looks like the scope of the guardianship-transfer-for-financial-aid fiasco is growing

August 12, 2019, 1:11 pm

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The first reports of a new college admissions scandal indicated the scheme was in play in Illinois. A small number of minutes research on the ol’ net shows the scandal is now open in Missouri.

With a sinking feeling, I am wondering where else this will show itself.

Scheme reportedly exists in Missouri

Kansas City Star – 8/5/19 – Did rich Missouri families give up custody of kids to get college aid? How’s that legal? Cases have been found of families in Missouri transferring guardianship of children in order to get financial aid.

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Senate Appropriations committee to hold hearing on AB 1181 on August 19.

August 9, 2019, 5:00 am

Sacramento Capitol Building in California. Image courtesy of Adobe Stock.

Information posted yesterday on the California Legislature’s web site shows the Appropriations Committee will hold hearings on AB 1181 next month, on August 19, 2019.

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College admissions scandal update and freshly reported financial-aid scheme remind me of a verse from Jeremiah about the deceitfulness of the human heart.

July 30, 2019, 6:30 am

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At a status conference update for the college admissions scandal, the prosecutors said they have turned over about 3 million pages of documents to the attorneys for the 19 defendants still fighting the charges. This includes around a million pages of emails and 4,500 phone conversations which were wiretapped.

Several attorneys claim they want to see all the FBI interview forms (those infamous 302s, which are subsequently prepared notes of interviews documented at some various time after the interview) for all of the people *not* charged in the investigation. The claim is there is exculpatory evidence somewhere in the 302s. The judge denied that request for the moment.

For more info, check out USA Today on 6/3/19: College admissions scandal:  Parents say payments to ringleader weren’t bribes. Next status conference is on October 1.

Another scheme

Financial aid calculations are based on family income and assets.  If a student is assessed as ‘independent’ only the student’s income and assets enter the calculation.

So, how do you get mom’s and dad’s high income and very expensive house removed from the calculation so the student gets a bunch more assistance?

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Sad as it is to read about, leaders in the Christian community need to be aware of what happened at Willow Creek Community Church.

July 25, 2019, 9:16 am

What can we learn from this mess? Image courtesy of Adobe Stock.

Anyone who has been an adult a few years or has read news for more than , oh a few weeks, knows there is massive ugliness in the world.

Anyone who has been in leadership of a church or ministry for more than a few months knows the ugliness we see in the world is also present in the community of believers.

Why read about and then study messiness?

There are several disasters in the Christian community at the moment which leaders should pay attention to.

Why?

So we can learn. By observing we can be better prepared for dealing with horrible things if (or rather when) they appear in our area of responsibility.

In my professional role as auditor over the last few decades I have observed moral failure of leaders, embezzlement, fraudulent financial misstatements, tax fraud, and sundry other unpleasantness. (Okay, okay, sin is the correct description of those things.)

Because of confidentiality requirements, I cannot discuss anything about any of those issues.

Current, public issues are a different story. Having no connection to those incidents frees me to discuss them.

Willow Creek Community Church

A major scandal has been in the news at Willow Creek for over a year. Here is a tour of some articles which can fill you in.

What can you learn as a leader from this fiasco?

3/22/18 – Christianity Today – Bill Hybels Accused of Sexual Misconduct by Former Willow Creek Leaders. Article summarizes a range of allegations that had surfaced over the previous five years, including stories of decades old misbehaviors.

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Fifty years ago today….

July 20, 2019, 7:46 am