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Written in non-complicated prose and reducing complex rules to easily understandable concepts, this book offers a fundamental understanding of how not-for-profit organizations are formed, their structure, and the unique accounting and reporting issues they face.
List of contents
CHAPTER 1: INTRODUCTION.
CHAPTER 2: NOT-FOR-PROFIT (NFP) FORMATION, OBTAINING INCOME TAX EXEMPTION & REGISTRATIONS.
CHAPTER 3: NFP OVERSIGHT & MANAGEMENT.
CHAPTER 4: NFP INTERNAL CONTROLS & ACCOUNTING SYSTEM.
CHAPTER 5: NFP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP).
CHAPTER 6: ACCOUNTING FOR ASSETS (INCLUDING RECEIVABLES & OPERATING LEASES).
CHAPTER 7: ACCOUNTING FOR LIABILITIES & NET ASSETS.
CHAPTER 8: ACCOUNTING FOR SUPPORT AND REVENUE (INCLUDING CONTRIBUTIONS & GOVERNMENT GRANTS).
CHAPTER 9: FISCAL SPONSORS, FISCAL AGENTS & DONOR-ADVISED FUNDS.
CHAPTER 10: ACCOUNTING FOR PERSONNEL & OTHER EXPENSES.
CHAPTER 11: NFP FINANCIAL STATEMENTS.
CHAPTER 12: INVESTMENTS, POOLING, AND SPLIT-INTEREST AGREEMENTS.
CHAPTER 13: SUBSIDIARIES & INTERRELATED ENTITIES.
CHAPTER 14: BUDGET DEVELOPMENT AND APPLICATIONS.
CHAPTER 15: SPECIAL TYPES OF NFP ORGANIZATIONS.
CHAPTER 16: REGULATORY REPORTING (990, 990-T, & 990-PF).
CHAPTER 17: CONTRIBUTIONS/GRANT APPLICATIONS & REPORTING.
CHAPTER 18: AUDITS - TYPES & PROCEDURES.
CHAPTER 19: CONCLUSION.
APPENDIX A: TAX-EXEMPT ORGANIZATION REFERENCE CHART.
APPENDIX B: SAMPLE NFP CHART OF ACCOUNTS.
APPENDIX C: ABBREVIATIONS
About the author
Laurence Scot is the co-managing partner of Skody Scot & Company, an NYC based CPA firm formed in 1990 that specializes in servicing local, national, and international NFPs. He is certified in NJ & NY, taught, and continues to teach undergraduate and graduate courses at several colleges, has been lecturing and giving seminars on many subjects for 25+ years, has written peer-reviewed articles, and has received several awards for his civic activities.
Summary
Written in non-complicated prose and reducing complex rules to easily understandable concepts, this book offers a fundamental understanding of how not-for-profit organizations are formed, their structure, and the unique accounting and reporting issues they face.
