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

ISBN: 978-0-470-57544-4
288 pages
June 2010
The Simplified Guide to Not-for-Profit Accounting, Formation and Reporting (0470575441) cover image
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.

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Preface.

CHAPTER 1 INTRODUCTION.

CHAPTER 2 NFP ORGANIZATION FORMATION.

CHAPTER3 NFP ORGANIZATIONAL STRUCTURE.

CHAPTER 4 INTRODUCTION TO NFP ACCOUNTING AND REPORTING.

CHAPTER 5 NFP ACCOUNTING SYSTEM AND FINANCIAL STATEMENTS.

CHAPTER 6 ASSETS — CONCEPTS AND DATA FLOW.

CHAPTER 7 LIABILITIES AND NET ASSETS —CONCEPTS AND DATA FLOW.

CHAPTER 8 ACCOUNTING FOR SUPPORT AND REVENUE.

CHAPTER 9 ACCOUNTING FOR PERSONNEL COSTS AND OTHER EXPENSES.

CHAPTER 10 INVESTMENTS, POOLING AND SPLIT-INTEREST AGREEMENTS.

CHAPTER 11 SUBSIDIARIES AND INTERRELATED ENTITIES.

CHAPTER 12 BUDGET DEVELOPMENT AND APPLICATIONS.

CHAPTER 13 SPECIAL TYPES OF NFP ORGANIZATIONS.

CHAPTER 14 REGULATORY REPORTING (990, 990-T AND 990-PF).

CHAPTER 15 CONTRIBUTION/GRANT APPLICATIONS AND REPORTING.

CHAPTER 16 AUDITS – PREPARATION AND RESPONSE.

CHAPTER 17 CONCLUSION.

APPENDIX A TAX-EXEMPT ORGANIZATION REFERENCE CHART.

APPENDIX B SAMPLE NFP CHART OF ACCOUNTS.

APPENDIX C ABBREVIATIONS

Glossary.

About the Author.

Index.

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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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The Simplified Guide to Not-for-Profit Accounting, Formation and Reporting (US $55.00)

-and- Revised Form 990: A Line-by-Line Preparation Guide (US $60.00)

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