Financial and accounting guide for not-for-profit organizations

Filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations, Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition is recognized by professionals as the industry standard reference on not-for-profit finance and accounting. Prepared by the PricewaterhouseCoopers Not-for-Profit Industry Services Group, the book includes accounting, tax, and reporting guidelines for different types of organizations, step-by-step procedures and forms, and more. A new chapter on public debt has also been added.

Presents the latest updates to regulatory reporting and disclosure changes in recent years Reflects the totally revamped and revised AICPA accounting and audit guide for not-for-profit organizations Addresses concerns of all nonprofit organizations, including health and welfare organizations, colleges and universities, churches and other religious organizations, libraries, museums, and other smaller groups Includes step-by-step procedures and forms, detailed explanations of financial statements, and a how-to section on setting up and keeping the books

Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition is the completely revised and expanded new edition of the bestselling not-for-profit accounting guide.

Author Notes

JOHN H. M C CARTHY served as the national leader of PricewaterhouseCoopers' Education and Nonprofit Practice before his retirement in 2005. Since then, he has served as the Senior Vice President for Administration and Finance at Northeastern University, an adjunct lecturer at Harvard University's Kennedy School of Government, and on the boards of several educational and nonprofit institutions.

NANCY E. SHELMON retired as a senior partner from PricewaterhouseCoopers in 2010 after more than thirty years working with not-for-profit and higher education clients.?? A frequent speaker at AICPA and state society conferences, she also served as a member of the AICPA's Not-for-Profit Expert Panel for eleven years and has worked with some of the most widely respected not-for-profit organizations in North America.

JOHN A. MATTIE serves as PricewaterhouseCoopers' National Education and Nonprofit Practice Leader. He currently serves on the Financial Accounting Standards Board Not-for-Profit Advisory Committee, and is the firm's representative on the AICPA Not-for-Profit Entities Expert Panel and the AICPA Government Audit Quality Control Center.

About the authors	p. xvii
Contributors	p. xix
Preface	p. xxi
Introduction Including the FASB Codification	p. 1
Chapter 1 Responsibilities for Fiscal Management	p. 5
1.1 Keeping Financial Records for the Organization	p. 6
1.2 Preparing Accurate and Meaningful Financial Statements	p. 6
1.3 Implementing a Budget and Anticipating Financial Problems	p. 7
1.4 Safeguarding Financial Assets and Providing Effective Internal Controls	p. 8
1.5 Complying with Federal and State Reporting and Regulatory Requirements	p. 9
1.6 Communicating Fiscal Information to the Board of Directors and the Audit Committee	p. 9
1.7 Ten Key Points to Consider in Not-for-Profit Fiscal Management	p. 10
1.8 Conclusion	p. 14
Part I Key Financial Concepts	p. 15
Chapter 2 Accounting Distinctions between Not-for-Profit and Commercial Organizations	p. 17
2.1 Stewardship versus Profitability	p. 17
2.2 Principal Areas of Accounting Differences	p. 18
2.3 Conclusion	p. 22
Chapter 3 Cash- versus Accrual-Basis Accounting	p. 23
3.1 Cash and Accrual Statements Illustrated	p. 23
3.2 Combination Cash Accounting and Accrual Statements	p. 27
3.3 Modified Cash Basis	p. 29
3.4 Legal Requirements	p. 30
3.5 Conclusion	p. 30
Chapter 4 Fund Accounting and Internal Financial Reporting	p. 31
4.1 Fund Accounting Defined	p. 33
4.2 Categories of Funds	p. 34
4.3 Alternative Fund Groupings	p. 37
4.4 Typical ææFundÆÆ Financial Statements	p. 38
Fixed Assets and Depreciation	p. 45
Investment Income, Gains and Losses, and Endowment Funds	p. 57
Affiliated Organizations, Pass-Through Transactions, and Mergers	p. 73
Factors to Be Considered in Deciding Whether a Pass-Through Gift Is Truly Revenue and Expense to a Pass-Through Entity	p. 84
Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions of Others	p. 87
Factors Related to Control That May Indicate That an Affiliated Organization (A) Should Be Combined with the Reporting Organization (R), If Other Criteria for Combination Are Met	p. 91
Contributions, Pledges, and Noncash Contributions	p. 93
Checklist: Factors to Be Considered in Deciding Whether a Particular Gift (for Operating Purposes) Should Be Classified as Purpose-Restricted or Not	p. 114
Checklist: Factors to Be Considered in Distinguishing Contracts for the Purchase of Goods or Services from Restricted Grants	p. 116
Checklist: Factors to Be Considered in Assessing Whether Contributed Services Are Considered to Require Specialized Skills	p. 118
Checklist: Factors to Be Considered in Determining Whether an Organization Would Typically Need to Purchase Services If Not Provided by Donation	p. 120
Checklist: Factors to Be Considered in Assessing Whether a Donor Has Made a Bona Fide Pledge to a Donee	p. 123
Checklist: Factors to Be Considered in Deciding Whether a Gift or Pledge Subject to Donor Stipulations Is Conditional or Restricted	p. 126
Accounting Issues Relating to Fundraising	p. 129
Cash-Basis Financial Statements	p. 145
Accrual-Basis Financial Statements	p. 157
Appendix 12-A Financi
13.7 Financial Statemen
15.2 Definition of a Go
16.2 Accounting Guidanc
Clubs	p. 327
Libraries	p. 329
Museums	p. 329
Performing Arts Or
Part IV Controlling the
Chapter 21 Small Organi
Small Organiza

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Author Notes

Table of Contents