CohnReznick 2017 Not-for-Profit Governance and Financial Management Survey
Optimism Amid Uncertainty: Addressing Revenue, Risk, and the New Accounting Standards
The 2017 CohnReznick Not-for-Profit Governance and Financial Management Survey finds that not-for-profit industry leaders are feeling much more confident about their organizations' governance practices. 65% of respondents reported being “very confident” in their organizations’ governance policies and procedures—the highest confidence level in three years.
Just 3% reported that they are “not confident.” Much of this growing sense of security in governance lies in the action steps the organizations have taken. From IT-related measures, such as cybersecurity breach response planning to non-IT-related actions, like record recovery and disaster recovery plans, organizations are increasingly implementing governance and risk management policies to protect themselves.
Report highlights include:
- IT and Cybersecurity appear to be a greater concern for NFPs in 2017 versus 2016
- More organizations are reporting that they are conducting self-assessments and training programs
- Diversity & Inclusion: 57% of respondents believe that their organizations are at least “fairly diverse,” just 31% have the same feeling about their board
- Only one quarter of respondents said that they either have a good understanding of, or feel comfortable implementing, ASU 2016-14 – the new financial reporting standard for not-for profit organizations
Subject matter expertise
CPA, CGMA, Partner - Not-for-Profit & Education Industry Leader
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