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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement by John H. McCarthy, Nancy E. Shelmon, John A. Mattie

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Contents

Note to the Reader: Sections not in the main bound volume are indicated by “(New)” after the title. Material new to or modified in this supplement is indicated by an asterisk (*) in the left margin in the Contents and throughout the supplement.

About the Authors

CHAPTER 1 Responsibilities for Fiscal Management

1.4 Safeguarding Financial Assets and Providing Effective Internal Controls

1.5 Complying with Federal and State Reporting and Regulatory Requirements

1.7 Ten Key Points to Consider in Not-for-Profit Fiscal Management

(b) Financial Reporting

(iii) Audited Financial Reports Are Prepared by Management

(c) Budgeting and Resources

(vii) A Not-for-Profit Organization May Be Required to Consolidate Reporting with Related Organizations

PART I KEY FINANCIAL CONCEPTS

CHAPTER 2 Accounting Distinctions between Not-for-Profit and Commercial Organizations

2.2 Principal Areas of Accounting Differences

(a) Cash versus Accrual Accounting

(d) Treatment of Fixed Assets

(g) Net Assets (New)

CHAPTER 3 Cash- versus Accrual-Basis Accounting

3.1 Cash and Accrual Statements Illustrated

CHAPTER 4 Fund Accounting and Internal Financial Reporting

4.1 Fund Accounting Defined

(a) Current Unrestricted Fund

(i) Board-Designated Funds

(c) Restricted Endowment Fund

4.4 Typical “Fund” Financial Statements

4.5 Transfers between Funds

*CHAPTER 5 Fixed Assets and Depreciation

5.1 General Principles—Working Definitions

5.5 Fair Value Measurement

5.6 Contributions Restricted for Purchase of Fixed Assets ...

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