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Home > Specialized Knowledge > Not-for-Profit Organizations: Accounting Considerations
Prerequisite
None
Knowledge Level
Basic
Copyright 2010

Publication Date
November, 2010
Not-for-Profit Organizations: Accounting Considerations
Introduction Organization Learning Objectives Author Bios
Title: Not-for-Profit Organizations: Accounting Considerations
Prerequisite: None
Advance Preparation: None
Knowledge Level: Basic
Subject Matter Area: Specialized Knowledge
Date of Publication: November 2010
Copyright © 2010 by Bisk Education, Inc. All rights reserved.
Recommended CPE Credits: 12 QAS/Registry (based on 50-minute hour)
Expiration Date: One year from date of receipt to complete program and submit quizzer to obtain credit
Passing Grade for Quizzer: 70 percent or higher


This course considers the application of generally accepted accounting principles (GAAP) to the transactions encountered by most nonprofit entities. The authoritative guidance for these organizations is found in the FASB Accounting Standards Codification (FASB ASC). Join Mark Gorman for a discussion of how this guidance impacts your organization. Learn the differences between the different restrictions placed on net assets and when contributions should be recorded. Also learn how to allocate expenses to accurately reflect program costs, proper reporting in the financial statements, and more.

Use of Materials

DVD
The user should begin by watching the DVD segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.



This program is divided into five (5) chapters.

Chapter 1 provides a background and introduction to the program.

Chapter 2 focuses on net assets and the net asset model.

Chapter 3 concentrates on contributions and promises to give, including the appropriate classifications and reporting requirements.

Chapter 4 concerns expenses, losses, and the appropriate recognition for not-for-profit organizations.

Chapter 5 examines the issues specific to not-for-profit organizations related to financial statement preparation and presentation.

Helpful Guidance

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A Biskalert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client or the practitioner on behalf of the client.

A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

Upon successful completion of this program, the user should be able to:

  • Discuss the historical context for the development of not-for-profit accounting standards

  • Apply GAAP to not-for-profit organizations

  • Discuss the conceptual differences between the fund accounting and net asset accounting models

  • Identify characteristics of the unrestricted, temporarily restricted, and permanently restricted net asset classes

  • Determine when contributions should be reported as unrestricted, temporarily restricted, and permanently restricted

  • Identify the differences between conditional and unconditional gifts and the reporting requirements for each

  • Apply the principles for recognizing and reporting promises to give to various situations

  • Discuss the key valuation issues for contributions and promises to give

  • Recognize the functional reporting requirements for NPOs

  • Discuss expense recognition issues for NPOs

  • Identify the basic disclosure requirements for not-for-profit financial reporting

  • Discuss the financial statement format alternatives

  • Identify disclosures that are required on the face of the financial statements, those that may be included in the statements or the notes, and those generally presented in the notes

  • Discuss the issues specific to NPOs in preparing the statement of cash flows


Mark Gorman, CPA, is an author, lecturer, and consultant who works primarily with not-for-profit organizations. He has spent 24 years as an auditor and financial manager of NPOs, including 8 years as the Director of Finance and CFO of the Planned Parenthood Federation of America. He has worked as a volunteer Treasurer and board member for a number of community based organizations. Mr. Gorman was a member of the American Institute of Certified Public Accountants (AICPA) Tax Exempt Organizations Committee and the Not-for-Profit Organizations Committee.

Mr. Gorman was an adjunct professor of Accounting and Economics at the University of Vermont and Vermont State College, and currently teaches Accounting at Sonoma State University. He also teaches seminars for the Foundation for Accounting Education (FAE) and the AICPA, and has made presentations at AICPA national conferences and other professional forums. He has authored articles appearing in the Journal of Accountancy and Philanthropy Monthly, and written CPE courses on not-for-profit accounting for the FAE and the AICPA. (Author/Speaker)

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Select your learning format 
Qty. FormatCreditsProduct # Unit Price Ext Price
420 Online12ONL7210 $145.00
2189 TextBooks12CPE7213B $145.00
1378 Video DVD16CPE7211DQ $249.00
 
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