SOURCE: Accounting Management Solutions

Accounting Management Solutions

September 22, 2010 14:55 ET

New York Governor Signs Nonprofit Legislation; Accounting Management Solutions Offers Guidance

New White Paper Addresses UPMIFA/NYPMIFA Rules on Endowments and Institutional Funds

NEW YORK, NY--(Marketwire - September 22, 2010) -  Accounting Management Solutions, Inc. (AMS), a leading provider of outsourced accounting, financial management and consulting services, today released a series of new resources in response to the passing of the New York Prudent Management of Institutional Funds Act (NYPMIFA), signed into law on Friday, September 17th by New York Governor David Paterson.

NYPMIFA supports the Uniform Prudent Management of Institutional Funds (UPMIFA) legislation that guides nonprofits' investment decisions and endowment expenditures. While UPMIFA provides important guidance to nonprofit directors and their boards, NYPMIFA differs significantly from other states' UPMIFA legislation.

Free Resources Include UPMIFA/NYPMIFA Comparisons, a White Paper and Webinars

In addition to a detailed article on the difference between UPMIFA and NYPMIFA, AMS is offering a free download of the white paper "Talking to Your Board about UPMIFA." This white paper, written by AMS regional director Rebeka Mazzone, CPA, details what nonprofit executives need to know about the general requirements of UPMIFA as well as the specific changes in New York with the recent adoption of NYPMIFA. The resource helps directors prepare board members for their role in determining a prudent course of action with regard to their organization's endowments.

"The New York legislation takes effect immediately and has additional requirements regarding the creation of written financial policies and proper donor communication," stated Mazzone. "New York nonprofit directors and board members, particularly those whose organizations have a fiscal year end of September 30th, need to act now to be in compliance with NYPMIFA."

Mazzone is a leading speaker on UPMIFA and has been featured on this and related topics at several conferences, including the New York Council on Nonprofits' Camp Finance, the annual Massachusetts Society of CPAs' Nonprofit Conference, the Mass Council of Human Service Providers Conference, and the Blackbaud annual user conference. Mazzone will be the featured speaker for a free September 29th webinar "Diagnosing Financial Issues and Seizing Opportunities" created exclusively for the nonprofit finance audience. 

AMS also offers UPMIFA and NYPMIFA support and training packages. Clients can retain AMS experts for board member training programs and policy development services, as well as direct consultation with regard to NYPMIFA and other aspects of endowment accounting and financial management.

About Accounting Management Solutions
Accounting Management Solutions, Inc. (AMS) headquartered in the Boston area, with offices in Providence, RI and New York City, is a leading provider of financial management, accounting and consulting services to private, public, and nonprofit organizations. As a long-term partner or a short-term solution, AMS provides senior level support including chief financial officers, vice presidents of finance, controllers, directors of finance and senior accountants for interim, project-based or part-time assignments. Exclusive providers of the AMS Rapid Diagnostic™, our work includes permanent, part-time and temporary engagements, broad-based financial assessments, managing the entire finance function, fulfilling specific technical or event-driven needs and much more. For additional information, visit http://www.amsolutions.net. For finance news and information, sign up for The AMS Report, the company's free finance industry newsletter or visit The AMS Online Resource Center.

Contact Information