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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement

Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement

by John H. McCarthy, Nancy E. Shelmon, John A. Mattie
Publisher: John Wiley & Sons
Release Date: March 2014
ISBN: 9781118797389
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Book Description

The cumulative supplement to the Financial and Accounting Guide for Not-for-Profit Organizations, 8th Edition

This book is filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations. It contains complete guidance on tax and compliance reporting requirements, illustrated explanations of various types of acceptable financial statements, a how-to section on setting up and keeping the books with step-by-step procedures and forms, and commentary on computers and accounting software.

Completely revised and updated, the Eight Edition includes the latest updates to accounting activities and requirements as they relate to not-for-profit organizations.

Table of Contents

  1. Cover Page
  2. Title Page
  3. Copyright
  4. Contents
  5. About the Author
  6. CHAPTER 1: Responsibilities for Fiscal Management
    1. 1.4 Safeguarding Financial Assets and Providing Effective Internal Controls
    2. 1.5 Complying with Federal and State Reporting and Regulatory Requirements
    3. 1.7 Ten Key Points to Consider in Not-for-Profit Fiscal Management
  7. PART I: Key Financial Concepts
    1. CHAPTER 2: Accounting Distinctions between Not-for-Profit and Commercial Organizations
      1. 2.2 Principal Areas of Accounting Differences
    2. CHAPTER 3: Cash- versus Accrual-Basis Accounting
      1. 3.1 Cash and Accrual Statements Illustrated
    3. CHAPTER 4: Fund Accounting and Internal Financial Reporting
      1. 4.1 Fund Accounting Defined
      2. 4.4 Typical “Fund” Financial Statements
      3. 4.5 Transfers between Funds
    4. *CHAPTER 5: Fixed Assets and Depreciation
      1. 5.1 General Principles—Working Definitions
      2. 5.5 Fair Value Measurement
      3. 5.6 Contributions Restricted for Purchase of Fixed Assets
      4. 5.8 Conclusions and Recommendations
    5. *CHAPTER 6: Investment Income, Gains and Losses, and Endowment Funds
      1. 6.1 Accounting Principles
      2. 6.2 Total Return Concept
    6. CHAPTER 7: Affiliated Organizations, Pass-Through Transactions, and Mergers
      1. 7.1 Types of Relationships Often Found
      2. 7.2 Definition of the Reporting Entity
      3. 7.3 Mergers of Not-for-Profit Organizations
    7. CHAPTER 8: Contributions, Pledges, and Noncash Contributions
      1. 8.1 Expendable Current Support
      2. 8.2 Gifts-in-Kind
      3. 8.3 Support Not Currently Expendable
    8. CHAPTER 9: Accounting Issues Relating to Fundraising
      1. 9.1 Accounting for Gifts
  8. PART II: Financial Statement Presentation
    1. CHAPTER 10: Cash-Basis Financial Statements
      1. 10.1 Simple Cash-Basis Statement
      2. 10.2 Simple Statement with Last Year's Figures and Budget
      3. 10.3 Combined Cash-Basis Income Statement and Balance Sheet
      4. 10.4 Separate Statement of Receipts and Disbursements and Statement of Net Assets
      5. 10.5 Statement of Income with Certain Cash Transactions Omitted
      6. 10.6 Modified Cash-Basis Statements
    2. CHAPTER 11: Accrual-Basis Financial Statements
      1. 11.1 Simple Accrual-Basis Statements
      2. 11.2 Accrual-Basis Statements—Fundraising Organization
      3. 11.3 Accrual-Basis Statements—International Organization
    3. CHAPTER 12: Multiclass Financial Statement
      1. 12.2 Preparation of Statement of Cash Flows
      2. 12.3 “Class” Financial Statements Explained
      3. 12.4 Columnar Format Presentation
      4. 12.5 A Complicated Set of Class Financial Statements
  9. PART III: Accounting and Reporting Guidelines
    1. CHAPTER 13: Voluntary Health and Welfare Entities
      1. 13.1 Accounting Principles
      2. 13.2 Accounting for Contributions
      3. *13.3 Accounting for Other Income
      4. 13.5 Accounting for Assets
      5. 13.7 Financial Statements
    2. CHAPTER 14: Colleges and Universities
      1. 14.1 Authoritative Pronouncements
      2. 14.2 The Principal Financial Statements
      3. 14.3 Accounting Principles
    3. CHAPTER 15: The External Financial Statement Reporting Model for Organizations Reporting under GASB Standards
      1. 15.3 Generally Accepted Accounting Principles
      2. 15.4 External Financial Reporting Model
      3. 15.5 Basic Financial Statements
      4. 15.6 The Reporting Entity
      5. 15.7 Assets, Liabilities, and Deferred Inflows/Outflows
      6. 15.8 Revenues and Expenses
      7. 15.9 Other Reporting Matters
    4. CHAPTER 16: Health Care Organizations
      1. 16.2 Accounting Guidance
      2. 16.3 Financial Statements
      3. 16.4 Accounting Principles
    5. CHAPTER 17: Accounting Standards for Other Not-for-Profit Organizations
      1. 17.1 Accounting Principles
      2. 17.2 Financial Statements
      3. 17.3 Combined Financial Statements
    6. CHAPTER 18: Special Accounting Issues for Specific Organizations
      1. 18.4 Libraries
    7. CHAPTER 19: The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting
      1. 19.1 Financial Accounting Standards Board
      2. 19.2 The FASB Accounting Standards Codification™ (ASC) (New)
      3. Appendix 19-A New FASB Statements of Financial Accounting Standards That Affect Not-for-Profits (New)
  10. PART IV: Controlling the Not-for-Profit Organization
    1. CHAPTER 20: The Importance of Budgeting
      1. 20.3 Timely Interim Statements
      2. 20.4 A Five-Year Master Plan
    2. CHAPTER 21: Small Organizations—Obtaining the Right Accountant
      1. 21.1 Level of Accounting Services Needed
    3. CHAPTER 22: Small Organizations—Providing Internal Control
      1. 22.3 Some Basic Controls
      2. 22.4 Fidelity Insurance
    4. CHAPTER 23: Effective Internal Accounting Control for Not-for-Profit Organizations
      1. 23.1 Introduction to Internal Accounting Control
      2. 23.2 Elements of an Effective Internal Accounting Control System
      3. 23.3 Basic Internal Accounting Control System
    5. CHAPTER 24: Independent Audits
      1. 24.1 Functions and Limitations
      2. 24.2 Benefits of an Independent Audit
      3. 24.4 Public Accountants
      4. 24.5 Audit Committees
      5. 24.6 Conclusion
    6. CHAPTER 25: Investments
      1. 25.1 Types of Investments
      2. 25.2 Valuation of Investments
      3. 25.3 Key Considerations When Investing in Alternative Investment Funds
  11. PART V: Principal Federal Tax and Compliance Requirements
    1. CHAPTER 26: E-Business for Not-for-Profit Organizations
      1. 26.1 Whether You Call It E-Business or Technology-Enabled Business, It Still Matters
      2. 26.2 Ask Yourself These Questions
      3. 26.7 How Are Not-for-Profit Organizations Using E-Business Today?
    2. CHAPTER 27: Principal Tax Requirements
      1. 27.3 Tax Status of Charitable Organizations: Public Charity or Private Foundation
      2. 27.4 Other Concerns for Charities
      3. 27.5 Private Foundations
      4. 27.8 Recognition of Exemption and Annual Reporting to IRS
      5. 27.9 Federal Information and Tax Return Filing Requirements
      6. 27.12 Restrictions on Supporting Organizations
      7. 27.14 IRS Audits and Compliance Programs (New)
    3. CHAPTER 28: Audits of Federally Funded Programs
      1. 28.4 What to Expect from the Audit
      2. 28.6 Sweeping Changes Proposed (New)
      3. 28.7 Conclusion
  12. PART VI: Setting Up and Keeping the Books
    1. CHAPTER 29: Cash-Basis Bookkeeping
      1. 29.2 Checkbook System
      2. 29.3 Cash-Basis System
    2. CHAPTER 30: Simplified Accrual-Basis Bookkeeping
      1. 30.1 Books and Records
      2. 30.3 Monthly Accrual Entries
      3. 30.4 Payroll Taxes
    3. CHAPTER 33: Automating the Accounting Records
      1. 33.2 What to Automate
      2. 33.3 Selecting the Right Software
      3. 33.4 Implementing the New System
    4. CHAPTER 34: Tax-Exempt Debt
      1. 34.3 The SEC's Role and Authority
      2. 34.4 Proposed Municipal Market Reforms
    5. APPENDIX B: The Future of the Academic Medical Center (New)
    6. APPENDIX E: Perspectives in Higher Education 2012 (New)
      1. Introduction
      2. Governance
      3. The evolving higher education business model
      4. Safety and well-being of individuals on campus
      5. Current regulatory environment
      6. Institutional compliance
      7. Political and public perceptions
      8. Information security
      9. International operations
      10. Academic medical center strategic considerations
      11. Contributors
  13. Index