A complete and easy to understand guide to the fundamentals of how not-for-profit organizations are formed and run, as well as their structure and the unique accounting and reporting issues they face.
Providing you with a comprehensive understanding of how to maintain the ’books’ of a typical nonprofit entity and comply with numerous reporting requirements, The Simplified Guide to Not-for-Profit Accounting, Formation & Reporting equips you with everything you need to know to form a Not-For-Profit, setup an accounting system, record financial transactions and report to donors and regulatory bodies.
Topics include:
- Step-by-step guide to forming a Not-For-Profit and applying for tax exemption
- Becoming familiar with unique Not-For-Profit accounting rules such as classifying contributions/grants and recording restrictions, allocation of expenses to programs and supporting services and investment classification and reporting
- Budget development, payroll processing and accounting for personnel costs
- Shows how to prepare and understand required Not-For-Profit financial statement and their components
- Provides you with a broad understanding of the numerous filing requirement required by donors, grantors and government regulatory agencies
Practical and comprehensive in scope, The Simplified Guide to Not-for-Profit Accounting, Formation & Reporting offers a wealth of practical information to accountants and non-accountants alike for understanding Not-For-Profit financial transactions, financial statements and the many internal and external reports they must prepare.
Innehållsförteckning
Preface vii
Chapter 1 Introduction 1
Chapter 2 Nfp Organization Formation 7
Chapter 3 Nfp Organizational Structure 29
Chapter 4 Introduction to Nfp Accounting and Reporting 41
Chapter 5 Nfp Accounting System and Financial Statements 63
Chapter 6 Assets—concepts and Data Flow 87
Chapter 7 Liabilities and Net Assets—Concepts and Data Flow 123
Chapter 8 Accounting for Support and Revenue 139
Chapter 9 Accounting for Personnel Costs, and other Expenses 155
Chapter 10 Investments, Pooling, and Split-interest Agreements 173
Chapter 11 Subsidiaries and Interrelated Entities 183
Chapter 12 Budget Development and Applications 189
Chapter 13 Special Types of Nfp Organizations 199
Chapter 14 Regulatory Reporting (990, 990-T, and 990-PF) 205
Chapter 15 Contribution/grant Applications and Reporting 227
Chapter 16 Audits—preparation and Response 235
Chapter 17 Conclusion 243
Appendix A Tax-exempt Organization Reference Chart 245
Appendix B Sample Nfp Chart of Accounts 253
Appendix C Abbreviations 257
Glossary 259
About the Author 269
Index 271
Om författaren
LAURENCE SCOT is the cofounder and comanaging partner of Skody Scot & Company, a midtown CPA firm formed in 1990 that specializes in servicing the Not-for-Profit community. Scot has taught undergraduate and graduate classes at several colleges; been lecturing and giving seminars to CPAs, bankers, NFP D&Os (directors and officers), managers, and entrepreneurs for over twenty years on a variety of subjects; and is the creator of the first in-class certificate program in Not-for-Profit accounting and governmental reporting.
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