Recent Developments

Volunteering Drops in 2013

According to the U.S. Bureau of Labor Statistics, the volunteer rate in 2013 was 1.1 percentage points lower than the 2012 rate.  The number of people who volunteered for or through an organization at least once between September 2012 and September 2013 was 62.6 million — the lowest volunteer rate since the first data were gathered in 2002.

Although volunteer rates for the year for both men and women dropped, women volunteered at a higher rate than men in 2013 (28.4%) and 22.2% respectively). Individuals in the 35-to-44 age group were most likely to volunteer, while rates were lowest for those in the 20-to-24 age bracket.  The median amount of time spent on volunteer activities for the year was 50 hour, and the majority of volunteers (71.3%) were involved with only one organization.

Changes Coming to Financial Reporting 

Screen Shot 2014-06-27 at 10.46.44 AMThe Financial Accounting Standards Board (FASB) formed the Not-for-Profit Advisory Committee (NAC) in 2009.  The NAC’s job is to ensure that nonprofit sector perspectives regarding financial accounting and reporting standards are well represented and timely communicated to the FASB.

A project is currently underway to reexamine existing standards for financial statement presentation.  The standard-stters are focusing on the requirements for net asset classification and the information that is provided in the financial statements and the accompanying notes concerning liquidity, financial performance, and cash flows.  The FASB intends to issue an exposure draft outlining proposed changes later this year.

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