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The 101 On Not-for-profit

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Before starting this self study program, please go through the instructional document.

Overview

  • Not-for-Profit Fundamentals
    2 mins
  • "First Dollar" Concept
    14 mins
  • Governance
    25 mins
  • Documentation
    34 mins
  • NFP Disclosures Often Seen
    47 mins
  • In-Kind Contributions
    66 mins

Course Description

There is a key difference between for-profit and non-for-profit standards: it is the concept of fund accounting. The concept of fund accounting focuses on accountability and stewardship rather than profitability. For-profit entities have a general ledger, which is a single self-balancing account — while nonprofits typically have a number of general ledgers, or funds.

This accounting framework enables not-for-profit organizations to separate resources into different accounts to identify individual sources of funds and their usage. Further, nonprofit organizations receive many benefits as tax-exempt organizations, they must keep detailed records about contributions, assets, and expenses.

Given this background, it is imperative to understand that Not-for-Profit organizations present a unique set of accounting and governance issues. This webinar will focus on the following topics of fundamentals of NFP organizations:

  • Key definitions
  • Financial statements
  • Governance
  • Revenue recognition
  • In-kind contributions
  • Tax considerations

This webinar would be double the value if you had already attended Revenue Recognition for NFP Organizations from the speaker.

Learning Objectives

  • To identify fundamental terms and concepts specific to NFP organizations
  • To outline a financial statement presentation
  • To explain key aspects of good governance and tax considerations
  • To identify thoroughly revenue recognition concepts for NFPs

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

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