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Contents Chapter 1 Responsibilities for Fiscal Management 1.1 Keep financial records for the organization. 1.2 Prepare accurate and meaningful financial statements 1.3 Implement a budget and anticipate financial problems 1.4 Safeguard financial assets and provide effective internal controls 1.5 Comply with federal and state reporting and regulatory requirements 1.6 Communicate fiscal information with the board of directors and audit committee 1.7 Ten key points to consider in not-for-profit fiscal management 1.8 Conclusion PART ONE KEY FINANCIAL CONCEPTS Chapter 2 Accounting Distinctions Between Not-for-Profit and Commercial Organizations 2.1 Stewardship versus Profitability 2.2 Principal Areas of Accounting Differences 2.3 Conclusion Chapter 3 Cash Versus Accrual Basis Accounting 3.1 Cash and Accrual Statements Illustrated 3.2 Combination Cash Accounting and Accrual Statements 3.3 Modified Cash Basis 3.4 Legal Requirements 3.5 Conclusion Chapter 4 Fund Accounting and Internal Financial Reporting 4.1 Fund Accounting Defined 4.2 Categories of Funds 4.3 Alternative Fund Groupings 4.4 A Typical Set of "Fund" Financial Statements 4.5 Transfers Between Funds 4.6 Elimination of Funds for Reporting Purposes 4.7 Conclusion Chapter 5 Fixed Assets and Depreciation 5.1 General Principles - Working Definitions 5.2 Property and Equipment - Classes and Kinds of Assets 5.3 Fixed Assets Where Title May Revert to Grantors 5.4 Collections 5.5 Fair Value Measurement 5.6 Contributions Restricted for Purchase of Fixed Assets 5.7 Impairment or Disposal of Long-lived Assets 5.8 Conclusion and Recommendations Chapter 6 Investment Income, Gains and Losses, and Endowment Funds 6.1 Accounting Principles 6.2 Total Return Concept Chapter 7 Affiliated Organizations, "Pass-Through" Transactions, and Mergers 7.1 Types of Relationships Often Found 7.2 Definition of the Reporting Entity 7.3 Mergers of Not-for-Profit Organizations Appendix 7-A Factors to Be Considered in Deciding Whether a "Pass-Through" Gift Is Truly Revenue and Expense to a Pass-Through Entity Appendix 7-B SFAS 136-Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions of Others Appendix 7-C Factors Related to Control That May Indicate That an Affiliated Organization (A) Should Be Combined with the Reporting Organization (R), if Other Criteria for Combination Are Met (Per AICPA SOP 94-3) Chapter 8 Contributions, Pledges, and Non-cash Contributions 8.1 Expendable Current Support 8.2 Gifts-in-Kind 8.3 Support Not Currently Expendable Appendix 8-A Checklist: Factors to Be Considered in Deciding Whether a Particular Gift (for Operating Purposes) Should Be Classified as Purpose-Restricted or Not Appendix 8-B Checklist: Factors to Be Considered in Distinguishing Contracts for the Purchase of Goods or Services from Restricted Grants Appendix 8-C Checklist: Factors to Be Considered in Assessing Whether Contributed Services Are Considered to Require Specialized Skills Appendix 8-D Checklist: Factors to Be Considered in Determining Whether or Not an Organization Would Typically Need to Purchase Services if Not Provided by Donation Appendix 8-E Checklist: Factors to Be Considered in Assessing Whether a Donor Has Made a Bona Fide Pledge to a Donee Appendix 8-F Checklist: Factors to Be Considered in Deciding Whether a Gift or Pledge Subject to Donor Stipulations Is Conditional or Restricted Chapter 9 Accounting Issues Relating to Fundraising* 9.1 Accounting for Gifts 9.2 Accounting for Fundraising Expenses 9.3 Other Tax Considerations PART TWO FINANCIAL STATEMENT PRESENTATION Chapter 10 Cash Basis Financial Statements 10.1 Simple Cash Basis Statement 10.2 Simple Statement with Last Year 's Figures and Budget 10.3 Combined Cash Basis Income Statement and Balance Sheet 10.4 Separate Statement of Receipts and Disbursements and Statement of Net Assets 10.5 Statement of Income with Certain Cash Transactions Omitted 10.6 Modified Cash Basis Statements 10.7 Conclusion Chapter 11 Accrual Basis Financial Statements 11.1 Simple Accrual Basis Statements 11.2 Accrual Basis Statements-Fundraising Organization 13.3 Accrual Basis Statements-International Organization 11.4 Conclusion Chapter 12 Multiclass Financial Statements 12.1 Statement of Financial Accounting Standards No. 117-Financial 12.2 Preparation of Statement of Cash Flows 12.3 "Class" Financial Statements Explained 12.4 Columnar Format Presentation 12.5 A Complicated Set of Class Financial Statements 12.6 Summary or Condensed Statements 12.7 Conclusion Appendix 12-A Financial Statements of Not-for-Profit Organizations- Review Points PART THREE ACCOUNTING AND REPORTING GUIDELINES Chapter 13 Voluntary Health and Welfare Organizations 13.1 Accounting Principles 13.2 Accounting for Contributions 13.3 Accounting for Other Income 13.4 Accounting for Expenses 13.5 Accounting for Assets 13.6 Net Assets 13.7 Financial Statements Appendix 13-A Checklist: Factors to Be Considered in Deciding Whether Allocation of Joint Costs of Multipurpose Activities (Under AICPA SOP 98-2) Is Appropriate Appendix 13-B Checklist: Consideration of Whether Items Might Be Reported as Operating or Non-operating (Within the Context of 23 of SFAS No. 117) Chapter 14 Colleges and Universities 14.1 Authoritative Pronouncements 14.2 The Principal Financial Statements 14.3 Accounting Principles Chapter 15 The External Financial Statement Reporting Model for Public Colleges and Universities and Other Not-for-Profit Organizations Reporting Under GASB 15.1 Introduction 15.2 Background 15.3 Accounting and Financial Reporting for Nonexchange Transactions 15.4 External Financial Reporting for Public Colleges and Universities 15.5 An Overview of GASB Statement No. 35: The Reporting Model for Public Colleges and Universities 15.6 Basic Financial Statements 15.7 Footnote Disclosures 15.8 Management's Discussion and Analysis 15.9 Other Not-for-Profit Organizations Reporting under GASB Chapter 16 HEALTH CARE PROVIDERS 16.1 Introduction 16.2 Authoritative Pronouncements 16.3 Financial Statements 16.4 Accounting Principles 16.5 Additional Considerations for Tax-Exempt Debt Issuers Chapter 17 Accounting Standards for Other Not-for-Profit Organizations 17.1 Accounting Principles 17.2 Financial Statements 17.3 Combined Financial Statements Appendix 17-A Checklist: Factors to Be Considered in Deciding Whether a Payment Described as Membership Dues Is Properly Recorded by the Recipient as Dues or as a Contribution Chapter 18 Special Accounting Issues for Specific Organizations 18.1 Associations and Professional Societies 18.2 Churches 18.3 Clubs 18.4 Libraries 18.5 Museums 18.6 Performing Arts Organizations 18.7 Private Foundations 18.8 Religious Organizations Other Than Churches 18.9 Research and Scientific Organizations 18.10 Private Elementary and Secondary Schools 18.11 Public Broadcasting Stations Chapter 19 The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting 19.1 Financial Accounting Standards Board 19.2 Trends in Not-for-Profit Accounting 19.3 New Pronouncements that Affect Not-for-Profit Organizations 19.4 Other FASB Pronouncements and Projects 19.5 Conclusion PART FOUR CONTROLLING THE NOT-FOR-PROFIT ORGANIZATIONS Chapter 20 The Importance of Budgeting 20.1 The Budget: A Plan of Action 20.2 Monthly and Quarterly Budgets 20.3 Timely Interim Statements 20.4 A Five-Year Master Plan 20.5 Conclusion Chapter 21 Avoiding Bankruptcy 21.1 Early Recognition of Problems 21.2 Remedial Action 21.3 Confronting Bankruptcy 21.4 Conclusion Chapter 22 Small Organizations-Obtaining the Right Accountant 22.1 Level of Accounting Services Needed 22.2 Personality Characteristics 22.3 Alternatives to Accountants 22.4 Timing in Hiring a Replacement 22.5 Conclusion Chapter 23 Small Organizations-Providing Internal Control 23.1 Reasons for Internal Control 23.2 Fundamentals of Internal Control 23.3 Some Basic Controls 23.4 Fidelity Insurance 23.5 Conclusion Chapter 24 Effective Internal Accounting Control for Not-for-Profit Organizations 24.1 Introduction to Internal Accounting Control 24.2 Elements of an Effective Internal Accounting Control System 24.3 Basic Internal Accounting Control System 24.4 Specific Nonprofit Internal Accounting Controls Chapter 25 Independent Audits 25.1 Functions and Limitations 25.2 Benefits of an Independent Audit 25.3 Selecting a Certified Public Accountant 25.4 Public Accountants 25.5 Audit Committees 25.6 Conclusion Appendix 25-A Checklist: Criteria for Selection of a CPA Appendix 25-B A Changing Role for the Audit Committee Appendix 25-C A Basic Template for an Audit Committee Charter Chapter 26 Investments 26.1 Valuing Investments 26.2 Pooling Versus Individual Investments 26.3 Calculating Share Values in Pooled Investments 26.4 Allocation of Pooled Income 26.5 Professional Investment Advice 26.6 Safeguarding Investment Securities 26.7 Conclusion PART FIVE PRINCIPAL FEDERAL TAX AND COMPLIANCE REQUIREMENTS Chapter 27 E-Business for Not-for-Profit Organizations: How Can Not-for-Profits Manage the Risks to Maximize E-Business Opportunities? 27.1 Whether You Call It E-Business or Technology-Enabled Business, It Still Matters 27.2 Ask Yourself These Questions 27.3 Objectives 27.4 How Did We Get to the Internet Economy? 27.5 Where Are We Today? 27.6 What Is Risk Management? 27.7 How Are Not-for-Profit Organizations Using E-Business Today? 27.8 How Are Academic Institutions Using E-Business? 27.9 What Is the Path to E-Business Success? Appendix 27-A What E-Business Models Exist? Chapter 28 Principal Tax Requirements 28.1 Organizations Exempt from Tax 28.2 Charitable Organizations 28.3 Tax Status of Charitable Organizations: Public Charity or Private Foundation 28.4 Other Concerns for Charities 28.5 Private Foundations 28.6 Private Operating Foundations 28.7 Noncharitable Exempt Organizations 28.8 Registration and Reporting 28.9 Federal Information and Tax Return Filing Requirements 28.10 State Information and Tax Return Filing Requirements Chapter 29 Audits of Federally Funded Programs 29.1 Basic Requirements 29.2 Requirements and Definitions 29.3 Responsibilities of the Receiving Organization 29.4 What to Expect from the Audit 29.5 Conclusion PART SIX SETTING UP AND KEEPING THE BOOKS Chapter 30 Cash Basis Bookkeeping 30.1 Three Steps in a Bookkeeping System 30.2 Checkbook System 30.3 Cash Basis System 30.4 Conclusion Chapter 31 Simplified Accrual Basis Bookkeeping 31.1 Books and Records 31.2 Chart of Accounts 31.3 Monthly Accrual Entries 31.4 Payroll Taxes 31.5 Fixed Asset Register and Depreciation Schedule 31.6 Investment Ledger 31.7 Conclusion Chapter 32 Full Accrual Basis Bookkeeping 32.1 Books and Records 32.2 Chart of Accounts 32.3 Sales Register 32.4 Accounts Receivable Subsidiary Ledger 32.5 Cash Receipts Book 32.6 Accounts Payable Register 32.7 Cash Disbursements Book 32.8 Monthly Accrual Entries 32.9 Conclusion Chapter 33 Fund Accounting Bookkeeping 33.1 Chart of Accounts 33.2 Books and Records 33.3 Interfund Transactions 33.4 Trial Balance 33.5 Conclusion Chapter 34 Automating the Accounting Records 34.1 When to Consider Automating or Upgrading 34.2 What to Automate 34.3 Selecting the Right Software 34.4 Implementing the New System 34.5 Common Pitfalls to Successful Automation 34.6 Conclusion Appendix A Accounting and Disclosure Guide for Not-for-Profit Organizations Appendix B Code of Conduct Appendix C A Basic Template for an Audit Committee Charter
Library of Congress Subject Headings for this publication:
Nonprofit organizations -- Accounting.