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Accountants' Handbook Volume Two: Special Industries and Special Topics, Eleventh Edition by LYNFORD GRAHAM, D. R. CARMICHAEL, O. RAY WHITTINGTON

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Chapter 35. NOT-FOR-PROFIT ORGANIZATIONS

Ronald F. Ries, CPA

American Express Tax and Business Services, Inc.

Ian J. Benjamin, CPA

American Express Tax and Business Services, Inc.

The authors wish to acknowledge that the exhibits and inspiration for this work were derived from the work Financial and Accounting Guide for Not-for-Profit Organizations, Fifth Edition, by Price Waterhouse LLP, Malvern J. Gross Jr., Richard F. Larkin, Roger S. Bruttomesso, and John J. McNally (John Wiley & Sons, Inc., 1995).

THE NOT-FOR-PROFIT ACCOUNTING ENVIRONMENT

Not-for-profit organizations range from the large and complex to the small and simple. They include hospitals, colleges and universities, voluntary social service organizations, religious organizations, associations, foundations, and cultural institutions. All are confronted with accounting and reporting challenges. All are presently covered by authoritative accounting literature. This chapter discusses not-for-profit accounting and reporting conventions and examines accounting pronouncements, auditing concerns, and the regulatory environment applicable to different types of not-for-profit organizations. Health care organizations are covered in Chapter 36.

As this latest edition of the Handbook goes to press, there are many issues within our community, including the accounting environment, which requires all organizations, including not-for-profits, to adhere to accounting policies and principles with the utmost due diligence required to satisfy ...

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