2026 Nonprofit Finance and Accounting Updates for Virginia Organizations
On March 25, 2026, the Greater Washington Society of CPAs hosted the Nonprofit Finance & Accounting Academy in Vienna, Virginia, a focused program for professionals new to the nonprofit sector or looking to strengthen their knowledge of nonprofit accounting, reporting, and compliance . The event covered core topics including revenue recognition, financial reporting, auditing, and tax issues .
Key Topics for Nonprofit Finance Professionals
The Academy addressed several critical areas for nonprofit finance professionals :
Revenue Recognition – The implementation of ASU 2018-08 continues to be a focus area for many nonprofits. The standard clarified when contributions and grants should be treated as conditional versus unconditional, which has significant implications for revenue reporting and donor restriction tracking.
Financial Reporting – Nonprofits continue to refine their financial statement presentations, particularly regarding the classification of net assets with donor restrictions and the allocation of functional expenses.
Auditing Issues – The Academy addressed emerging auditing issues, including the increased scrutiny of internal controls and the importance of maintaining audit-ready financial records year-round.
Tax Issues – Participants explored the latest tax developments affecting tax-exempt organizations.
Ask the Experts Panel
The Academy featured an “Ask the Experts” panel with seasoned professionals including Tracy Bowers, Managing Director of Outsourced Accounting Services, Not-for-Profit Industry at Cherry Bekaert, and Karl Spanbauer, Controller at Capital Area Food Bank . The panel addressed attendees’ questions on the day’s most pressing topics .
Virginia Nonprofit Finance Resources
Virginia nonprofits can access additional resources through the Virginia Society of Certified Public Accountants and the Greater Washington Society of CPAs .
Best Practices for Nonprofit Finance in 2026
Based on the Academy discussions, nonprofit finance professionals should focus on:
Strengthening internal controls – Regular reviews of financial processes and segregation of duties
Improving revenue recognition – Properly distinguishing between conditional and unconditional contributions
Maintaining audit readiness – Keeping financial records organized and reconciled throughout the year
Staying current with tax developments – Monitoring changes that affect tax-exempt organizations
Investing in staff training – Ensuring finance staff have current knowledge of accounting standards
At Nova Tax & Accounting Services , we provide audit and assurance services and accounting and bookkeeping for nonprofit organizations across Virginia and Washington DC. Schedule your free consultation to discuss your organization’s finance and accounting needs.