Download The Simplified Guide to Not-for-Profit Accounting, by Laurence Scot PDF

By Laurence Scot

An entire and straightforward to appreciate advisor to the basics of ways not-for-profit companies are shaped and run, in addition to their constitution and the original accounting and reporting concerns they face.

supplying you with a complete realizing of ways to take care of the "books" of a customary nonprofit entity and conform to a variety of reporting specifications, The Simplified consultant to Not-for-Profit Accounting, Formation & Reporting equips you with every thing you must understand to shape a Not-For-Profit, setup an accounting method, list monetary transactions and report back to donors and regulatory our bodies.

issues contain:

  • Step-by-step consultant to forming a Not-For-Profit and employing for tax exemptionContent:
    Chapter 1 advent (pages 1–5):
    Chapter 2 NFP association Formation (pages 7–27):
    Chapter three NFP Organizational constitution (pages 29–39):
    Chapter four advent to NFP Accounting and Reporting (pages 41–61):
    Chapter five NFP Accounting procedure and fiscal Statements (pages 63–86):
    Chapter 6 Assets—Concepts and knowledge move (pages 87–121):
    Chapter 7 Liabilities and internet Assets—Concepts and information circulation (pages 123–137):
    Chapter eight Accounting for help and profit (pages 139–154):
    Chapter nine Accounting for body of workers expenses and different expenditures (pages 155–171):
    Chapter 10 Investments, Pooling, and Split?Interest Agreements (pages 173–182):
    Chapter eleven Subsidiaries and Interrelated Entities (pages 183–187):
    Chapter 12 finances improvement and functions (pages 189–198):
    Chapter thirteen designated sorts of NFP corporations (pages 199–204):
    Chapter 14 Regulatory Reporting (990, 990?T, and 990?PF) (pages 205–225):
    Chapter 15 Contribution/Grant functions and Reporting (pages 227–234):
    Chapter sixteen Audits—Preparation and reaction (pages 235–242):
    Chapter 17 end (pages 243–244):

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Extra resources for The Simplified Guide to Not-for-Profit Accounting, Formation, and Reporting

Example text

AICPA, OMB). NFPs follow GAAP just like every other entity. However, because of their unique not-for-profit characteristics, NFPs must adhere to general GAAP accounting rules as well as GAAP that are specific to the operations of NFP organizations. The following is a brief history of the rule-making bodies and related pronouncements and documents that relate specifically to NFP organizations. Up until 1973 the accounting rule-making body in the United States was the American Institute of CPAs (AICPA), its predecessor, the American Institute of Accountants (AIA), and various other committees or subgroups that included the following:  The Committee on Accounting Procedure (AIA): Published 51 Accounting Research Bulletins (ARBs) between 1938 to 1959.

50 The Simplified Guide to Not-for-Profit Accounting It is also important to mention that even though NFP organizations are not profit motivated, they are not immune from pressures to misrepresent their financial activities in the form of inaccurate or misleading financial statements. As with commercial entities, CFOs, controllers, accounting staff, and even auditors sometimes face pressure from management, officers, and board members to present financial activities in a biased way for a predetermined reason.

For this reason, you will find more part-time staff or interns, outside contractors, or volunteers performing higher level accounting functions at many NFP organizations. Unfortunately, when qualified staff is lacking, the accounting department’s ability to complete all necessary tasks on a timely and accurate basis is hampered. In these situations, the organization has to rely to a much larger extent on the technical skills of the treasurer or other board members with financial expertise or the organization’s outside CPA firm.

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