Richard Cole

Supervising Project Manager, Financial Accounting Standards Board

Rick Cole is a Supervising Project Manager at the Financial Accounting Standards Board (FASB). In that role, he provides oversight to projects involving not-for-profit organizations (NFPs), consults on other projects affecting NFPs (e.g., Restricted Cash), and participates in some of the FASB's broader outreach activities. He was the Supervising Project Manager on the FASB's recently issued Financial Statements of Not-for-Profit Entities Accounting Standards Update. He is currently on the Revenue Recognition of Grants and Contracts by Not-for-Profit Entities project team as well as the Financial Performance Reporting for business entities project team. Mr. Cole also provides staff support for the FASB's Not-for-Profit Advisory Committee. Prior to joining the FASB, Mr. Cole was the Vice President and Controller at the American Museum of Natural History in New York, where he worked for over seven years, and before that was a senior manager with KPMG LLP, where he worked for over fourteen years and specialized in audits of higher education institutions and other NFPs. Mr. Cole is a lecturer at Columbia University's School of Professional Studies in their Non-Profit Management program. Mr. Cole earned a BS and an MBA from Montclair State University. He is a CPA in New York and New Jersey, and is a member of the AICPA and the New York State Society of CPAs.


This session will provide an overview update on: recent Accounting Standards Updates (ASUs), especially the final ASU on Grants & Contracts to NFPs; implementation matters concerning ASUs that More

This session will take a deep dive into specific NFP revenue streams impacted by Topic 606, ASU 2014-09 – Revenue from Contracts with Customers, and other related revenue ASUs. It will focus on More

This session will walk through a transformation of a set of NFP financial statements. Showing the statements prior to the implementation of ASU 2016-14 and a step-by-step review covering the More