Download Financial and Accounting Guide for Not-for-Profit by Malvern J. Gross Jr., John H. McCarthy, Nancy E. Shelmon PDF

By Malvern J. Gross Jr., John H. McCarthy, Nancy E. Shelmon

This 7th variation is stuffed with authoritative suggestion at the monetary reporting, accounting, and regulate events specified to not-for-profit companies. It comprises discussions of the accounting and reporting guidance for various kinds of corporations, entire suggestions on tax and compliance reporting standards, illustrated motives of assorted different types of appropriate monetary statements, and lots more and plenty extra!

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Read or Download Financial and Accounting Guide for Not-for-Profit Organizations, Seventh Edition PDF

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Additional resources for Financial and Accounting Guide for Not-for-Profit Organizations, Seventh Edition

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This is a basic example of cash-basis accounting. A nonaccountant can learn to keep a checkbook; but she or he is not likely to comprehend readily how to keep a double-entry set of books on the accrual basis. Furthermore, the cash basis is often used when the nature of the organization’s activities is such that there is no material amounts owed to others, or vice versa, and so there is little significant difference between the cash and accrual basis. 2 PRINCIPAL AREAS OF ACCOUNTING DIFFERENCES Sometimes not-for-profit organizations follow a modified form of cash-basis accounting, where certain items are recorded on an accrual basis and certain items on a cash basis.

Everyone has had experience keeping a checkbook. This is a basic example of cash-basis accounting. A nonaccountant can learn to keep a checkbook; but she or he is not likely to comprehend readily how to keep a double-entry set of books on the accrual basis. Furthermore, the cash basis is often used when the nature of the organization’s activities is such that there is no material amounts owed to others, or vice versa, and so there is little significant difference between the cash and accrual basis.

6 COMMUNICATING FISCAL INFORMATION TO THE BOARD OF DIRECTORS AND THE AUDIT COMMITTEE The articles of incorporation and bylaws describe how the board of directors of a not-for-profit organization is composed and the legal obligations of its membership. Every board member has a fiduciary responsibility for the affairs of the organization. For some organizations, the board or selected members of the board may act in the role of the audit committee. In fact, as a result of the dramatic changes in corporate America precipitated by the Enron scandal and other accounting fraud crimes and investigations in recent years, all SEC registrants are required to have audit 5 6 For additional information on reporting and filing tax information, see Chapter 28.

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