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FSP FAS 117-1: Net Asset Classification and Enhanced Disclosures for All Endowment Funds
Jeffrey D. Mechanick
Project Manager, Not-for-Profit Organizations
Financial Accounting Standards Board
Jeff Mechanick is the staff specialist for not-for-profit organizations (NPOs) at the Financial Accounting Standards Board (FASB). In his role, Mr. Mechanick manages projects specific to NPOs, consults on the implications for NPOs of more general projects, and communicates extensively with members of the not-for-profit sector.
Since joining the FASB in 2006, Mr. Mechanick has managed the FASB Staff Position (FSP) projects on Not-for-Profit Endowments and UPMIFA (FSP FAS 117-1) and on Omnibus Changes to Consolidation and Equity Method Guidance for NPOs (FSP SOP 94-3-1 and AAG HCO-1); has been a core team member on the Mergers & Acquisitions by NPOs project; and has consulted on various other projects, including those on Fair Value Measurements (Statement 157) and on Postretirement Benefit Obligations (Statement 158). He has also spoken at numerous conferences, sponsored by the American Institute of Certified Public Accountants (AICPA), the National Association of College and University Business Officers, several state CPA societies, and various other organizations.
Prior to joining the FASB, Mr. Mechanick spent a combined twenty years working in and with the not-for-profit sector. He was the chief financial officer of Planned Parenthood Federation of America, Inc., and before that, a senior audit manager with KPMG, LLP, where he specialized in serving NPOs. As the National Technical Senior Manager for KPMG’s Higher Education, Research, and Other NPOs Practice, Mr. Mechanick also provided audit, accounting, and reporting guidance to KPMG professionals throughout the United States.
Mr. Mechanick earned a Bachelor of Arts degree in biological sciences from The University of Chicago and an MBA in professional accounting from Rutgers – The State University of New Jersey. He is a member of the AICPA and the New York State Society of CPAs, and has served on the AICPA’s NPO Expert Panel.
Barry C. Hawkins
Partner
Chair, UPMIFA Drafting Committee
Shipman & Goodwin, LLP
Barry C. Hawkins is a partner in Shipman & Goodwin LLP’s Stamford office. Barry is a member of the Real Estate and Litigation practices. He received his B.A., with honors, from Bowdoin College and his J.D. from the University of Virginia School of Law. Barry is the author of numerous papers on real estate issues and has taught and lectured extensively on real estate, environmental issues, and alternative dispute resolution. Since 1983, Barry has been active in the American College of Real Estate Lawyers, and served three years on its national Board and as chair of its Alternative Dispute Resolution Committee. He is a National Uniform Law Commissioner for the State of Connecticut and a member of the National Conference of Commissioners on Uniform State Laws (NCCUSL). Barry is currently Chairman of the national drafting committee for the Uniform Prudent Management of Institutional Funds Act and the national enactment coordinator for the Uniform Assignment of Rents Act.
Ian J. Benjamin
Partner
McGladrey & Pullen, LLP
Ian J. Benjamin, CPA is a Partner at McGladrey & Pullen, LLP and leader of the New York Not-for-Profit Services Group. He has more than 25 years of experience serving not-for-profit organizations including foundations, international, membership and cultural organizations, colleges and universities, K-12 schools and trade and professional associations.
Mr. Benjamin is a member of the Not-for-Profit Organizations Committee of the New York State Society of CPAs and of the Technical Standards Subcommittee of the American Institute of CPAs’ Professional Ethics Executive Committee. He has previously served as Chair of the Professional Ethics Committee of the NYSSCPA and was a member of the FASB working group on combinations of not-for-profit organizations, and of the AICPA Not-for-Profit Organizations Committee.
Mr. Benjamin is a member of the Board of Directors of the New York Nonprofit Coordinating Committee, and a member of that organization’s Government Relations Committee. He has served as a member of other nonprofit boards and is immediate past president of Stephen Wise Free Synagogue.
Mr. Benjamin is a regular speaker on issues affecting the not-for-profit community including not-for-profit accounting, GAO Independence Rules and the impact on recipients of Federal funds, the impact of Sarbanes-Oxley on not-for-profit organizations.
A native of the United Kingdom, Mr. Benjamin is a Fellow of the Institute of Chartered Accountants in England and Wales, and earned his Bachelor of Arts degree in law from the University of Kent, England.
Mr. Benjamin is a licensed certified public accountant in the states of New York, New Jersey and Connecticut and in the District of Columbia.
Cynthia A. Pierce, CPA
Audit Executive, Public Sector Services Business Unit
Crowe Horwath LLP
Cynthia Pierce, a graduate of Valparaiso University, is the executive in charge of Crowe Horwath LLP’s higher education services. A certified public accountant, she started with Crowe as an intern and has more than 25 years of audit, tax, and consulting experience in the public sector industry. In her current role, Pierce specializes in higher education, membership organizations, community development entities, and other nonprofit organizations. She is based out of Crowe’s Chicago office. Pierce was the first woman Partner at Crowe. Her leadership positions with the firm include past service on the Executive Committee, Chair of the Audit Committee, in addition to many firmwide roles in recruiting, career coaching, and strategic planning. She has served on a number of not-for-profit boards, including her current position on the Lincoln Park Zoo planned giving advisory council. Cindi’s husband Doug is a retired architect, and they have two children, Catherine (20) and Andrew (16).
FSP FAS 117-1
Speaker Organization and Firms:
Financial Accounting Standards Board
Upcoming events.