p. 19. Remove first full sentence starting “In fact... ”
p. 19, n. 1 should read:
AICPA Audit and Accounting Guide—Not-for-Profit Entities (AAG-NFP) (New York: American Institute of Certified Public Accountants, 2012).
p. 20, first paragraph. Add “, or on an ‘as-incurred’ basis” to the end of the last sentence.
p. 21. Remove section (d).
p. 21. Re-letter sections (e) Contributions, Pledges, and Noncash Contributions and (f) Accounting for Investments as (d) and (e), respectively.
p. 22. Re-letter section (g) Function Reporting of Expenses as (f).
p. 22. Insert new section (g) as follows:
Not-for-profit accounting does not have “equity” like for-profit organizations. Not-for-profit organizations classify their assets less liabilities as net assets. There are three classes of net assets, as follows: