How to know if your non profit (form 990) follows SFAS 117 (ASC 958)

[codeblue123]

How do you know if your 990 client checks box that they follow SFAS 117 (ASC 958)?  This on form 990 part X lines 27-33.  The non profit is not audited.

[qbteachmt · Accepted solution]

A few things would reveal this to you.

Examine the prior 990.

The Board should know.

There might be grants or other contracts where they signed off that they would do this.

There might not be audits, but what about financial statements? "Agreed upon procedures?" Who else do they report to for financial purposes?

Do they have Fund Accounting or are they a single-purpose entity?