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Advisor's Corner at Arkansas Community Foundation
/ February 2, 2016

Client Conversations, FASB Not-For-Profit ASU Project and Family Philanthropy

Client Conversations 

by Kim Evans,  Legal Affairs and Planned Giving Director

As a new year has begun, so too will a new round of client conversations. Whether you're meeting with a new client or you're reviewing a multi-year plan, these conversations allow you the opportunity to get to know and have a broader understanding of your client "off paper". All topics pertinent to your client's goals, including philanthropy, should be addressed.    Whether it is a new client meeting or a multi-year plan review, these conversations allow you the opportunity to get to know and have a broader understanding of your client “off paper”.  All topics pertinent to your client’s goals, including philanthropy, should be addressed.  Here are two interesting articles from Investopedia on approaching the topic with every client in a professional and ethical manner:  

FASB Not-For-Profit ASU Project

by Corey Moline, CPA, Chief Financial Officer, Arkansas Community Foundation 

In April 2015, the Financial Accounting Standards Board (FASB) issued a proposed accounting standards update (ASU) that when implemented will require significant changes in the way information is presented in a non-profit organization’s financial statements.  This project will be completed in several work streams, the first of which will conclude sometime during the second quarter of 2016.  There has been no indication of an effective date for the resulting ASU.  It is likely, based on the past history of the FASB, for an adequate period of time to be given between the issuance of the final standard and its effective date so that affected organizations will have time to implement the changes into their financial accounting and reporting systems.  Here's a video that provides more information. 

Did You Know This About Family Philanthropy?

by Jennifer Junker, JD, Managing Director of Trust and Wealth Management, Bank of the Ozarks

Does money buy happiness?  Actually, yes, but only to a certain dollar amount estimated at around $75,000 a year.  We all have basic needs and some income is, of course, necessary to provide for them.  Studies have shown, however, that individuals do not have increased happiness with increased bank accounts.  With adults and children of affluence experiencing higher than average levels of depression, anxiety, and substance abuse problems, the opposite is true in fact.  

Why is this?  In a nutshell, wealth can be isolating.  In fact, it is not our wealth, but instead our connection with one another and our status with our social groups that have been shown to be critical factors in physical and mental health.  So what are affluent families to do? One option is to consider charitable giving as a family.  By its very nature, Family Philanthropy fosters connections between family members and with their communities, resulting in benefits for both. 

Read more about how Arkansas Community Foundation partners with families to help them achieve their giving goals. 

Maintain Management of Client Funds 

You can continue to manage your clients' charitable funds at the Community Foundation. We have charitable giving options that are good for your clients and good for your business.

 

We're here to help. Contact me if there are any questions I can help you answer.

Kim Evans, JD
Legal Affairs & Planned Giving Director
kevans@arcf.org, 501-372-1116

 

 

 

 



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