Financial and Accounting Guide for Not-for-Profit Organizations

ISBN-10: 0471724459

ISBN-13: 9780471724452

Edition: 7th 2005 (Revised)

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Description:

This Seventh Edition is filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations. It contains discussions of the accounting and reporting guidelines for different types of organizations, complete guidance on tax and compliance reporting requirements, illustrated explanations of various types of acceptable financial statements, and much more!
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Book details

List price: $225.00
Edition: 7th
Copyright year: 2005
Publisher: John Wiley & Sons, Incorporated
Publication date: 4/6/2005
Binding: Hardcover
Pages: 792
Size: 7.25" wide x 10.25" long x 1.25" tall
Weight: 3.036
Language: English

Responsibilities of Treasurers and Chief Executive Officers
Keeping Financial Records
Preparing Accurate and Meaningful Financial Statements
Budgeting and Anticipating Financial Problems
Safeguarding and Managing Financial Assets
Complying with Federal and State Reporting Requirements
25 Myths about Not-for-Profit Financial Management
Conclusion
Key Financial Concepts
Accounting Distinctions between Not-for-Profit and Commercial Organizations
Stewardship versus Profitability
Principal Areas of Accounting Differences
Conclusion
Cash versus Accrual Basis Accounting
Cash and Accrual Statements Illustrated
Combination Cash Accounting and Accrual Statements
Modified Cash Basis
Legal Requirements
Conclusion
Fund Accounting and Internal Financial Reporting
Fund Accounting Defined
Categories of Funds
Alternative Fund Groupings
A Typical Set of "Fund" Financial Statements
Elimination of Funds for Reporting Purposes
Conclusion
Interfund Transfers and Appropriations
Transfers between Funds
Appropriations
Conclusion
Fixed Assets--Some Accounting Problems
Nature of the Problem
Alternatives for Handling Fixed Assets
Fixed Assets Where Title May Revert to Grantors
Separate Building Fund
Conclusion and Recommendations
Fixed Assets--Depreciation
Arguments against Taking Depreciation
Why Depreciation Should Be Recorded
Presentation in the Financial Statements
Funding Depreciation
Transfers of Replacement Funds to the Plant Fund
Conclusion
Investment Income, Gains and Losses, and Endowment Funds
Accounting Principles
Fixed Rate of Return Concept
Accounting for Investments by Not-for-Profit Organizations, Summary of FASB Statement 124
Affiliated Organizations, "Pass-Through" Transactions, and Mergers
Types of Relationships Often Found
Definition of the Reporting Entity
Mergers of Not-for-Profit Organizations
Factors to Be Considered in Deciding Whether a "Pass-Through" Gift Is Truly Revenue and Expense to a Pass-Through Entity
SFAS 136--Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions of Others
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)
Contributions, Pledges, and Noncash Contributions
Expendable Current Support
Gifts-in-Kind
Support Not Currently Expendable
Checklist: Factors to Be Considered in Deciding Whether a Particular Gift (for Operating Purposes) Should Be Classified as Purpose-Restricted or Not
Checklist: Factors to Be Considered in Distinguishing Contracts for the Purchase of Goods or Services from Restricted Grants
Checklist: Factors to Be Considered in Assessing Whether Contributed Services Are Considered to Require Specialized Skills
Checklist: Factors to Be Considered in Determining Whether or Not an Organization Would Typically Need to Purchase Services if Not Provided by Donation
Checklist: Factors to Be Considered in Assessing Whether a Donor Has Made a Bona Fide Pledge to a Donee
Checklist: Factors to Be Considered in Deciding Whether a Gift or Pledge Subject to Donor Stipulations Is Conditional or Restricted
Accounting Issues Relating to Fundraising
Accounting for Gifts
Accounting for Fundraising Expenses
Other Tax Considerations
Financial Statement Presentation
Cash Basis Financial Statements
Simple Cash Basis Statement
Simple Statement with Last Year's Figures and Budget
Combined Cash Basis Income Statement and Balance Sheet
Separate Statement of Receipts and Disbursements and Statement of Net Assets
Statement of Income with Certain Cash Transactions Omitted
Modified Cash Basis Statements
Conclusion
Accrual Basis Financial Statements
Simple Accrual Basis Statements
Accrual Basis Statements--Fundraising Organization
Accrual Basis Statements--International Organization
Conclusion
Multiclass Financial Statements
Statement of Financial Accounting Standards No. 117--Financial Statements of Not-for-Profit Organizations
Preparation of Statement of Cash Flows
"Class" Financial Statements Explained
Columnar Format Presentation
A Complicated Set of Class Financial Statements
Summary or Condensed Statements
Conclusion
Financial Statements of Not-for-Profit Organizations--Review Points
Accounting and Reporting Guidelines
Voluntary Health and Welfare Organizations
Fund Accounting
Accounting Principles
Accounting for Contributions
Accounting for Other Income
Accounting for Expenses
Accounting for Assets
Net Assets
Financial Statements
Recommended Simplified Presentation
The Evolution of Standards
Checklist: Factors to Be Considered in Deciding Whether Allocation of Joint Costs of Multipurpose Activities (Under AICPA SOP 98-2) Is Appropriate
Checklist: Consideration of Whether Items Might Be Reported as Operating or Nonoperating (Within the Context of [paragraph]23 of SFAS No. 117)
Colleges and Universities
Authoritative Pronouncements
Fund Accounting
The Principal Financial Statements
Accounting Principles
Simplified Format for Financial Statements
Health Care Providers
Introduction
Authoritative Pronouncements
Financial Statements
Accounting Principles
Additional Considerations for Tax-Exempt Debt Issuers
Accounting Standards for Other Not-for-Profit Organizations
Accounting Principles
Financial Statements
Combined Financial Statements
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
Special Accounting Issues for Specific Organizations
Associations and Professional Societies
Churches
Clubs
Libraries
Museums
Performing Arts Organizations
Private Foundations
Religious Organizations Other Than Churches
Research and Scientific Organizations
Private Elementary and Secondary Schools
Public Broadcasting Stations
The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting
Financial Accounting Standards Board
Trends in Not-for-Profit Accounting
Conclusion
Controlling the Not-for-Profit Organization
The Importance of Budgeting
The Budget: A Plan of Action
Monthly and Quarterly Budgets
Timely Interim Statements
A Five-Year Master Plan
Conclusion
Avoiding Bankruptcy
Early Recognition of Problems
Remedial Action
Confronting Bankruptcy
Conclusion
Small Organizations--Obtaining the Right Bookkeeper
Level of Bookkeeping Services Needed
Personality Characteristics
Alternatives to Bookkeepers
Timing in Hiring a Replacement
Conclusion
Small Organizations--Providing Internal Control
Reasons for Internal Control
Fundamentals of Internal Control
Some Basic Controls
Fidelity Insurance
Conclusion
Effective Internal Accounting Control for Not-for-Profit Organizations
Introduction to Internal Accounting Control
Elements of an Effective Internal Accounting Control System
Basic Internal Accounting Control System
Specific Nonprofit Internal Accounting Controls
Independent Audits
Functions and Limitations
Benefits of an Independent Audit
Selecting a Certified Public Accountant
Public Accountants
Audit Committees
Conclusion
Checklist: Criteria for Selection of a CPA
Investments
Pooling versus Individual Investments
Calculating Share Values in Pooled Investments
Allocation of Pooled Income
Professional Investment Advice
Safeguarding Investment Securities
Conclusion
Principal Federal Tax and Compliance Requirements
Principal Federal Tax Requirements
Organizations Exempt from Tax
Charitable Organizations
Private Foundations
Private Operating Foundations
Other Concerns for Charities
Noncharitable Exempt Organizations
Unrelated Business Income
Registration and Reporting
Principal Federal Tax Forms Filed
Form 990: Return of Organization Exempt from Income Tax
Form 990-PF: Return of Private Foundation
Form 990-T: Exempt Organization Business Income Tax Return
Conclusion
State Compliance Requirements
Registration for Organizations Soliciting Funds
Registration for Organizations Having Assets within the State
Individual State Requirements
Audits of Federally Funded Programs
Basic Requirements
Requirements and Definitions
Responsibilities of the Receiving Organization
What to Expect from the Audit
Conclusion
Setting Up and Keeping the Books
Cash Basis Bookkeeping
Three Steps in a Bookkeeping System
Checkbook System
Cash Basis System
Conclusion
Simplified Accrual Basis Bookkeeping
Books and Records
Chart of Accounts
Monthly Accrual Entries
Payroll Taxes
Fixed Asset Register and Depreciation Schedule
Investment Ledger
Conclusion
Full Accrual Basis Bookkeeping
Books and Records
Chart of Accounts
Sales Register
Accounts Receivable Subsidiary Ledger
Cash Receipts Book
Accounts Payable Register
Cash Disbursements Book
Monthly Accrual Entries
Conclusion
Fund Accounting Bookkeeping
Chart of Accounts
Books and Records
Interfund Transactions
Trial Balance
Conclusion
Automating the Accounting Records
When to Consider Automating or Upgrading
What to Automate
Selecting the Right Software
Implementing the New System
Common Pitfalls to Successful Automation
Conclusion
Use of Rulings and Underscorings
Accounting and Disclosure Guide for Not-for-Profit Organizations
Implementation of SFAS No. 116 and No. 117
New AICPA Audit and Accounting Guide: Not-for-Profit Organizations
Bibliography
Index
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