October 2023
Beginner
384 pages
10h 4m
English
Content preview from Nonprofit Bookkeeping & Accounting For Dummies, 2nd Edition
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Chapter 13
Staying in Nonprofit Compliance
IN THIS CHAPTER
Understanding the importance of compliance
Obeying federal and state guidelines
Conforming to FASB, GAAP, and SOX
Knowing the rules of engagement for your nonprofit is similar to following the laws to drive your car. If you understand and obey traffic laws, register your vehicle, and renew your driver’s license, you keep your driving privileges. The same is true for operating your nonprofit: As long as you comply with federal and state laws, you keep your nonprofit status.
To do this, you need to know exactly what the Internal Revenue Service (IRS) expects of you and what your state officials require of you. The core requirements of maintaining nonprofit status come from the IRS. Then you have to comply with the state statutes regarding your nonprofit’s operation.
A preponderance of nonprofits keep their books under the accrual method of accounting, preparing their financial statements using generally accepted accounting principles (GAAP), which are accounting standards set by the Financial Accounting Standards Board (FASB). Tax return preparation follows the Internal Revenue Code (IRC), which varies from GAAP.
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