The Simplified Guide to Not–for–Profit Accounting, Formation, and Reporting

Praise for The Simplified Guide to Not–for–Profit Accounting, Formation & Reporting
"There are numerous publications about the NFP industry, but not many that give a good fundamental understanding of the accounting principles. The material in this book will be of great help to new employees as well as a good commonsense reference for those with experience. It clearly explains some of the more difficult accounting concepts particular to Not–for–Profits." –Richard Tierney, Director of Finance, North Shore Animal League America
"This book is a concise, complete review of the fundamentals of Not–for–Profit accounting and governance. Every topic is covered with a directness and honesty that builds confidence in those who need to learn how to do their jobs well. This is just what we need in today′s choppy Not–for–Profit waters." –Rev. Luke L. Travers, OSB, Business Officer, Delbarton School/St. Mary′s Abbey
"Larry Scot′s book is a clearly written step–by–step guide on how to set up and maintain accounting records. Every Not–for–Profit financial executive should have this book on their shelf for reference. I highly recommend this book." –Gail Rizick, CPA/ABV/CFF, CVA, Cr.FA, ASA
Your A–to–Z guide to Not–For–Profit formation, accounting, and reporting
If you need basic, easy–to–understand information on how Not–for–Profit organizations are formed, how they′re structured, and the unique accounting and reporting issues they face, The Simplified Guide to Not–for–Profit Accounting, Formation, and Reporting is the only resource you need.
This comprehensive guide provides you with expert advice on how to maintain the financial "books" of a typical Not–for–Profit entity and what is needed to comply with most reporting requirements. Plus, it lays out what a Not–for& #8211;Profit organization is, the rules it must follow, the role and responsibilities of its board of directors, and the various regulatory agencies that Not–for–Profits must report to.
Straightforward and hands–on, this effective reference will help you navigate through all of the key accounting and reporting issues unique to the Not–for–Profit world, including:
Step–by–step instructions for forming a Not–for–Profit
Not–for–Profit internal controls and financial statements
Developing a "chart of accounts" and operating budgets
Not–for–Profit accounting rules and GAAP
Everything you need to know about the new Form 990
Accounting for unrestricted and restricted contributions, grants, and other revenue
Plus much more!
Whether you are performing accounting functions, responsible for financial management, or simply want to understand Not–for–Profit accounting, operations, and reporting, The Simplified Guide to Not–for–Profit Accounting, Formation, and Reporting is a great and handy book to have around for easy reference.

Spis treści:
Preface.
Accounting is More Than Numbers.
About the Author.
Chapter 1 INTRODUCTION.
Definitions.
Unique Characteristics and Types of NFPs.
Chapter 2 NFP ORGANIZATION FORMATION.
How Does One Start a NFP?
Exemption Applications and Other Registrations.
Who Regulates Not–for–Profits?
Chapter 3 NFP ORGANIZATIONAL STRUCTURE.
Typical Reporting and Responsibility Structure.
Role of Board of Directors and Committees.
Role of Management and Staff.
Role of Accounting Department.
Chapter 4 INTRODUCTION TO NFP ACCOUNTING AND REPORTING.
Basic Tenets/Principals of Internal Controls Systems.
NFP Accounting Rules and GAAP.
Basic Tenets/Principl es Underlying Accounting.
Chapter 5 NFP ACCOUNTING SYSTEM AND FINANCIAL STATEMENTS.
Automated Bookkeeping.
Accounting Software.
General Ledger & Chart of Accounts.
Introduction to NFP Financial Statements.
Statement of Financial Position.
Statement of Activities.
Statement of Cash Flows.
Statement of Functional Expenses.
Notes to Financial Statements.
Chapter 6 ASSETS — CONCEPTS AND DATA FLOW.
Computerized Data Flow: An Illustration.
Assets – General.
Cash and Receivables.
Prepaid Expenses, Inventory, and Collections.
Investments.
Property and Equipment, depreciation, and Other Assets.
Reconciliations.
Chapter 7 LIABILITIES AND NET ASSETS —CONCEPTS AND DATA FLOW.
Accounts Payable and Accrued Expenses.
Loans & Notes Payable.
Deferred Revenue And Other Liabilities.
Contingencies And Commitments.
Net Assets.
Chapter 8 ACCOUNTING FOR SUPPORT AND REVENUE.
Contributions and Release of Restricted Funds.
Contributed Goods, Facilities, and Services.
Government Grants.
Program Service Revenue and Membership Dues.
Fundraising (Special) Events.
Investment and Other Income.
Chapter 9 ACCOUNTING FOR PERSONNEL COSTS AND OTHER EXPENSES.
Employee Classification.
Payroll and Payroll Tax Processing and Reporting.
Accounting for Payroll and Related Expenses.
Expense Allocations, Fundraising Activities, and Joint Costs.
Rental Expenses Related to Operating Leases.
Pension and Retirement Plans.
Chapter 10 INVESTMENTS, POOLING AND SPLIT–INTEREST AGREEMENTS.
Restricted Investments.
Allocation of Pooled Funds and Donor Advised Funds.
Split Interest Agreements.
Chapter 11 SUBSIDIARIES AND INTER–RELATED ENTITIES.
Accounting for Investments in For–Profit Entities.
Accounting for Inter–Related NFP Entities.
Chapter 12 BUDGET DEVELOPMENT AND APPLICATIONS.
Budget Preparation.
Budget Format.
Chapter 13 SPECIAL TYPES OF NFP ORGANIZATIONS.
Chapter 14 REGULATORY REPORTING (990, 990–T AND 990–PF)Regulatory Reporting Requirements.
Unrelated Business Income and Reporting (IRS Form 990–T).
History of Federal Form 990 (Return of Organization Exempt from Income Tax).
The New Form 990.
990 Sections (Part I–XI) and Schedules (A–R).
Private Foundation Returns (IRS Form 990–PF).
Chapter 15 CONTRIBUTION/GRANT APPLICATIONS AND REPORTING.
Obtaining Support from Individuals, Foundations, Government, and Others.
Reporting to Donors and Government Agencies.
Federal Grants and Reporting.
Chapter 16 AUDITS – PREPARATION AND RESPONSE.
Certified Financial Audits.
Local and State Agency Audits.
IRS Audits.
Chapter 17 CONCLUSION.
Appendix A Tax–Exempt Organization Reference Chart.
Selected IRS Forms.
Appendix B Sample NFP Chart of Accounts.
Appendix C.
Abbreviations.
Glossary.
Index.

Nota biograficzna:

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.

Okładka tylna:

Praise for The Simplified Guide to Not–for–Profit Accounting, Formation & Reporting
"There are numerous publications about the NFP industry, but not many that give a good fundamental understanding of the accounting principles. The material in t his book will be of great help to new employees as well as a good commonsense reference for those with experience. It clearly explains some of the more difficult accounting concepts particular to Not–for–Profits." –Richard Tierney, Director of Finance, North Shore Animal League America
"This book is a concise, complete review of the fundamentals of Not–for–Profit accounting and governance. Every topic is covered with a directness and honesty that builds confidence in those who need to learn how to do their jobs well. This is just what we need in today′s choppy Not–for–Profit waters." –Rev. Luke L. Travers, OSB, Business Officer, Delbarton School/St. Mary′s Abbey
"Larry Scot′s book is a clearly written step–by–step guide on how to set up and maintain accounting records. Every Not–for–Profit financial executive should have this book on their shelf for reference. I highly recommend this book." –Gail Rizick, CPA/ABV/CFF, CVA, Cr.FA, ASA
Your A–to–Z guide to Not–For–Profit formation, accounting, and reporting
If you need basic, easy–to–understand information on how Not–for–Profit organizations are formed, how they′re structured, and the unique accounting and reporting issues they face, The Simplified Guide to Not–for–Profit Accounting, Formation, and Reporting is the only resource you need.
This comprehensive guide provides you with expert advice on how to maintain the financial "books" of a typical Not–for–Profit entity and what is needed to comply with most reporting requirements. Plus, it lays out what a Not–for–Profit organization is, the rules it must follow, the role and responsibilities of its board of directors, and the various regulatory agencies that Not–for–Profits must report to.
Straightforward and hands–on, this effective reference will help you navigate through all of the key accounting and reporting issues unique to the Not–for–Profit world, including:
Step–by–step instructions for forming a Not–for–Profit
Not–for–Profit internal controls and financial statements
Developing a "chart of accounts" and operating budgets
Not–for–Profit accounting rules and GAAP
Everything you need to know about the new Form 990
Accounting for unrestricted and restricted contributions, grants, and other revenue
Plus much more!
Whether you are performing accounting functions, responsible for financial management, or simply want to understand Not–for–Profit accounting, operations, and reporting, The Simplified Guide to Not–for–Profit Accounting, Formation, and Reporting is a great and handy book to have around for easy reference.