Financial and Accounting Guide for Not-for-Profit Organizations
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For this new edition of their text, the authors (all of PricewaterhouseCoopers) are writing for those who have more fully conformed to Financial Accounting Standards Nos. 116 and 117 than at the time of the last edition, at which point they were relatively new. They begin the text with an explanation of key financial concepts, presenting chapters on accounting distinctions between not-for-profit and commercial organizations; cash-versus accrual-basis accounting; fund accounting and internal financial reporting; fixed assets and depreciation; investment income, gains and losses, and endowment funds; affiliated organizations, pass-through transactions, and mergers; contributions, pledges, and noncash contributions; and accounting issues relating to fundraising. They then explain the different classes of financial statements and describe the accounting and reporting guidelines applicable to educational, health care, and other not-for-profit organizations. Chapters then look at the importance of budgeting, avoiding bankruptcy, obtaining the right accountant for small organizations, providing internal control for small organization, effective internal accounting control, independent audits, and investments. Principal federal tax and compliance requirements are presented before the text concludes with chapters on setting up and keeping the books. Annotation ©2006 Book News, Inc., Portland, OR Booknews Written chiefly for managers of not-for-profit organizations, this book offers guidance on the management of financial resources and effectively communicating the organization's financial activities to its members and the public. It also provides instruction on the interpretation of annual financial reports, and their uses in making informed decisions. Compliance requirements are detailed for each state, and specific recommendations are provided. Issues related to control and book-keeping are emphasized. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Responsibilities of Treasurers and Chief Executive Officers.KEY FINANCIAL CONCEPTS.Accounting Distinctions between Not-for-Profit and Commercial Organizations.Cash versus Accrual Basis Accounting.Fund Accounting and Internal Financial Reporting.Interfund Transfers and Appropriations.Fixed Assets--Some Accounting Problems.Fixed Assets--Depreciation.Investment Income, Gains and Losses, and Endowment Funds.Affiliated Organizations, "Pass-Through" Transactions, and Mergers.Contributions, Pledges, and Noncash Contributions.Accounting Issues Relating to Fundraising.FINANCIAL STATEMENT PRESENTATION.Cash Basis Financial Statements.Accrual Basis Financial Statements.Multiclass Financial Statements.ACCOUNTING AND REPORTING GUIDELINES.Voluntary Health and Welfare Organizations.Colleges and Universities.Health Care Providers.Accounting Standards for Other Not-for-Profit Organizations.Special Accounting Issues for Specific Organizations.The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting.CONTROLLING THE NOT-FOR PROFIT ORGANIZATION.The Importance of Budgeting.Avoiding Bankruptcy.Small Organizations--Obtaining the Right Bookkeeper.Small Organizations--Providing Internal Control.Effective Internal Accounting Control for Not-for-Profit Organizations.Independent Audits.Investments.PRINCIPAL FEDERAL TAX AND COMPLIANCE REQUIREMENTS.Principal Federal Tax Requirements.Principal Federal Tax Forms Filed.State Compliance Requirements.Audits of Federally Funded Programs.SETTING UP AND KEEPING THE BOOKS.Cash BasisBookkeeping.Simplified Accrual Basis Bookkeeping.Full Accrual Basis Bookkeeping.Fund Accounting Bookkeeping.Automating the Accounting Records.Appendices.Bibliography.Index.
