Nonprofit Alert: Changes to New York State June 30, 2017 CFR FilingBy Joseph J. Kanjamala | John D'Amico
July 31, 2017
The New York State Consolidated Fiscal Reporting (CFR) and Claiming Manual for the reporting period from July 1, 2016 to June 30, 2017 is now available. Some of the significant changes include:
- Section 8.0 of the CFR Manual was revised to provide guidance on whether the cost of food and beverages of the agency's employees and/or board or directors is allowable on the CFR.
- Section 10.0 of the CFR Manual and Schedule CFR-i were revised. The contact information for the agency's President/Chair of the Board of Directors is now required to be included on Schedule CFR-i.
- Section 14.0 of the CFR Manual and Schedule CFR-2A were revised. A note was added regarding the release of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958). This will allow early adopters to report two classes of net assets – Net assets without donor restrictions (previously Unrestricted) and Net assets with donor restrictions (previously Temporarily and Permanently).
- Section 19.0 of the CFR Manual and CFR-6 were revised. There are new reporting requirements for Section 3. The most important of these changes is that it is required that all employees’ compensation be reported under Position Title Codes 601 (Executive Director), 602 (Assistant Executive Director) and 603 (Comptroller) (regardless of their total annualized salary).
- The State Education Department (SED) is now accepting copies of the signed certification schedules via email for CFR submissions.
The CFR Manual and forms are available here.
For more information:
If you have any questions about these changes and how they may affect your 2017 CFR filing, please contact Joseph Kanjamala, CPA, CGMA, Partner with our Nonprofit, Government & Healthcare Group, at 212.503.8952 or via email; John D’Amico, CPA, Director with our Professional Standards Group, at 212.710.1808 or via email; or any of our nonprofit professionals.
About Joseph J. Kanjamala
Joseph J. Kanjamala, CPA, CGMA, is a Partner in the Nonprofit, Government & Healthcare Group at Marks Paneth LLP. His responsibilities in this role include designing audit strategies, supervising and training staff, liaising with clients, and providing oversight so that audits are conducted in a timely and cost-effective fashion. During his more than 20 years of public accounting experience, Mr. Kanjamala has developed deep skills in serving nonprofit organizations and has served numerous charitable organizations,... READ MORE +
About John D'Amico
John D'Amico, CPA, is a Director with the Professional Standards Group at Marks Paneth LLP and provides quality control services to the firm's Nonprofit, Government & Healthcare Group. He specializes in quality reviews of nonprofit organizations' audits and is part of a team that reviews all attest engagements, provides consultation on accounting and attestation matters, tests and monitors the firm's quality review policies and procedures. He also develops and delivers training material related to accounting... READ MORE +