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

Name: Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement
ISBN: 9781118797389

by John A. Mattie, Nancy E. Shelmon, John H. McCarthy

March 2014

Intermediate to advanced

192 pages

3h 45m

English

Wiley

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Cover Page
Title Page
Copyright
Contents
About the Author
CHAPTER 1: Responsibilities for Fiscal Management
1.4 Safeguarding Financial Assets and Providing Effective Internal Controls1.5 Complying with Federal and State Reporting and Regulatory Requirements1.7 Ten Key Points to Consider in Not-for-Profit Fiscal Management
PART I: Key Financial Concepts
CHAPTER 2: Accounting Distinctions between Not-for-Profit and Commercial Organizations
2.2 Principal Areas of Accounting Differences
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 Defined4.4 Typical “Fund” Financial Statements4.5 Transfers between Funds

*CHAPTER 5: Fixed Assets and Depreciation
5.1 General Principles—Working Definitions5.5 Fair Value Measurement5.6 Contributions Restricted for Purchase of Fixed Assets5.8 Conclusions and Recommendations
*CHAPTER 6: Investment Income, Gains and Losses, and Endowment Funds
6.1 Accounting Principles6.2 Total Return Concept
CHAPTER 7: Affiliated Organizations, Pass-Through Transactions, and Mergers
7.1 Types of Relationships Often Found7.2 Definition of the Reporting Entity7.3 Mergers of Not-for-Profit Organizations
CHAPTER 8: Contributions, Pledges, and Noncash Contributions
8.1 Expendable Current Support8.2 Gifts-in-Kind8.3 Support Not Currently Expendable
CHAPTER 9: Accounting Issues Relating to Fundraising
9.1 Accounting for Gifts
PART II: Financial Statement Presentation
CHAPTER 10: Cash-Basis Financial Statements
10.1 Simple Cash-Basis Statement10.2 Simple Statement with Last Year's Figures and Budget10.3 Combined Cash-Basis Income Statement and Balance Sheet10.4 Separate Statement of Receipts and Disbursements and Statement of Net Assets10.5 Statement of Income with Certain Cash Transactions Omitted10.6 Modified Cash-Basis Statements
CHAPTER 11: Accrual-Basis Financial Statements
11.1 Simple Accrual-Basis Statements11.2 Accrual-Basis Statements—Fundraising Organization11.3 Accrual-Basis Statements—International Organization
CHAPTER 12: Multiclass Financial Statement
12.2 Preparation of Statement of Cash Flows12.3 “Class” Financial Statements Explained12.4 Columnar Format Presentation12.5 A Complicated Set of Class Financial Statements
PART III: Accounting and Reporting Guidelines
CHAPTER 13: Voluntary Health and Welfare Entities
13.1 Accounting Principles13.2 Accounting for Contributions*13.3 Accounting for Other Income13.5 Accounting for Assets13.7 Financial Statements
CHAPTER 14: Colleges and Universities
14.1 Authoritative Pronouncements14.2 The Principal Financial Statements14.3 Accounting Principles
CHAPTER 15: The External Financial Statement Reporting Model for Organizations Reporting under GASB Standards
15.3 Generally Accepted Accounting Principles15.4 External Financial Reporting Model15.5 Basic Financial Statements15.6 The Reporting Entity15.7 Assets, Liabilities, and Deferred Inflows/Outflows15.8 Revenues and Expenses15.9 Other Reporting Matters
CHAPTER 16: Health Care Organizations
16.2 Accounting Guidance16.3 Financial Statements16.4 Accounting Principles
CHAPTER 17: Accounting Standards for Other Not-for-Profit Organizations
17.1 Accounting Principles17.2 Financial Statements17.3 Combined Financial Statements
CHAPTER 18: Special Accounting Issues for Specific Organizations
18.4 Libraries
CHAPTER 19: The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting
19.1 Financial Accounting Standards Board19.2 The FASB Accounting Standards Codification™ (ASC) (New)Appendix 19-A New FASB Statements of Financial Accounting Standards That Affect Not-for-Profits (New)
PART IV: Controlling the Not-for-Profit Organization
CHAPTER 20: The Importance of Budgeting
20.3 Timely Interim Statements20.4 A Five-Year Master Plan
CHAPTER 21: Small Organizations—Obtaining the Right Accountant
21.1 Level of Accounting Services Needed
CHAPTER 22: Small Organizations—Providing Internal Control
22.3 Some Basic Controls22.4 Fidelity Insurance
CHAPTER 23: Effective Internal Accounting Control for Not-for-Profit Organizations
23.1 Introduction to Internal Accounting Control23.2 Elements of an Effective Internal Accounting Control System23.3 Basic Internal Accounting Control System
CHAPTER 24: Independent Audits
24.1 Functions and Limitations24.2 Benefits of an Independent Audit24.4 Public Accountants24.5 Audit Committees24.6 Conclusion
CHAPTER 25: Investments
25.1 Types of Investments25.2 Valuation of Investments25.3 Key Considerations When Investing in Alternative Investment Funds
PART V: Principal Federal Tax and Compliance Requirements
CHAPTER 26: E-Business for Not-for-Profit Organizations
26.1 Whether You Call It E-Business or Technology-Enabled Business, It Still Matters26.2 Ask Yourself These Questions26.7 How Are Not-for-Profit Organizations Using E-Business Today?
CHAPTER 27: Principal Tax Requirements
27.3 Tax Status of Charitable Organizations: Public Charity or Private Foundation27.4 Other Concerns for Charities27.5 Private Foundations27.8 Recognition of Exemption and Annual Reporting to IRS27.9 Federal Information and Tax Return Filing Requirements27.12 Restrictions on Supporting Organizations27.14 IRS Audits and Compliance Programs (New)
CHAPTER 28: Audits of Federally Funded Programs
28.4 What to Expect from the Audit28.6 Sweeping Changes Proposed (New)28.7 Conclusion
PART VI: Setting Up and Keeping the Books
CHAPTER 29: Cash-Basis Bookkeeping
29.2 Checkbook System29.3 Cash-Basis System
CHAPTER 30: Simplified Accrual-Basis Bookkeeping
30.1 Books and Records30.3 Monthly Accrual Entries30.4 Payroll Taxes
CHAPTER 33: Automating the Accounting Records
33.2 What to Automate33.3 Selecting the Right Software33.4 Implementing the New System
CHAPTER 34: Tax-Exempt Debt
34.3 The SEC's Role and Authority34.4 Proposed Municipal Market Reforms
APPENDIX B: The Future of the Academic Medical Center (New)
APPENDIX E: Perspectives in Higher Education 2012 (New)
IntroductionGovernanceThe evolving higher education business modelSafety and well-being of individuals on campusCurrent regulatory environmentInstitutional compliancePolitical and public perceptionsInformation securityInternational operationsAcademic medical center strategic considerationsContributors
Index

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

*CHAPTER 6

Investment Income, Gains and Losses, and Endowment Funds

6.1 Accounting Principles

(f) Underwater Endowment Funds

(h) Display of Investment Income When a “Spending Formula” Is Used

(i) Expanded Disclosure Requirements for All Endowments

(j) Presentation of Gains or Losses in the Financial Statements

(ii) Restricted Realized Gains or Losses

(iv) Embedded Derivatives in Split-Interest Agreements

6.2 Total Return Concept

p. 57, second paragraph, second to last sentence. Replace with:

Every state except Pennsylvania and Puerto Rico has adopted a version of UPMIFA.

6.1 Accounting Principles

(f) Underwater Endowment Funds

p. 60, n. 1, sixth line. Replace reference to “UMIFA” with reference to “UPMIFA.”

(h) Display of Investment Income When a “Spending Formula” Is Used

p. 62, second paragraph, last sentence. Replace with:

This proposal has been adopted by most states and territorial legislatures, and has had widespread implications for not-for-profit organizations, including:

p. 62, third full paragraph (first paragraph after bullet list), beginning “UPMIFA was approved.” Delete this paragraph.

p. 62, new third paragraph, first sentence, beginning “UPMIFA adds.” Replace “would be” with “was.” Delete the last sentence of this paragraph.

p. 62, italicized extract, first line. Replace “if” with “of.”

p. 63, second complete text paragraph. Replace “U.S. accounting rules provide” with “ASC 958-205-50-1 provides.”

(i) Expanded Disclosure Requirements for All Endowments

p. 63, text ...

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

by John A. Mattie, Nancy E. Shelmon, John H. McCarthy

*CHAPTER 6

Investment Income, Gains and Losses, and Endowment Funds