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This Seventh Edition is filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations. It contains discussions of the accounting and reporting guidelines for different types of organizations, complete guidance on tax and compliance reporting requirements, illustrated explanations of various types of acceptable financial statements, and much more!

Tabla de contenidos provista por Syndetics

• Chapter 1 Responsibilities of Treasurers and Chief Executive Officers(p. 1)
• 1.1 Keeping Financial Records(p. 3)
• 1.2 Preparing Accurate and Meaningful Financial Statements(p. 3)
• 1.3 Budgeting and Anticipating Financial Problems(p. 5)
• 1.4 Safeguarding and Managing Financial Assets(p. 6)
• 1.5 Complying with Federal and State Reporting Requirements(p. 6)
• 1.6 25 Myths about Not-for-Profit Financial Management(p. 7)
• 1.7 Conclusion(p. 17)
• Part 1 Key Financial Concepts
• Chapter 2 Accounting Distinctions between Not-for-Profit and Commercial Organizations(p. 21)
• 2.1 Stewardship versus Profitability(p. 21)
• 2.2 Principal Areas of Accounting Differences(p. 23)
• 2.3 Conclusion(p. 28)
• Chapter 3 Cash versus Accrual Basis Accounting(p. 30)
• 3.1 Cash and Accrual Statements Illustrated(p. 30)
• 3.2 Combination Cash Accounting and Accrual Statements(p. 36)
• 3.3 Modified Cash Basis(p. 38)
• 3.4 Legal Requirements(p. 40)
• 3.5 Conclusion(p. 40)
• Chapter 4 Fund Accounting and Internal Financial Reporting(p. 41)
• 4.1 Fund Accounting Defined(p. 44)
• 4.2 Categories of Funds(p. 46)
• 4.3 Alternative Fund Groupings(p. 50)
• 4.4 A Typical Set of "Fund" Financial Statements(p. 51)
• 4.5 Elimination of Funds for Reporting Purposes(p. 56)
• 4.6 Conclusion(p. 58)
• Chapter 5 Interfund Transfers and Appropriations(p. 59)
• 5.1 Transfers between Funds(p. 59)
• 5.2 Appropriations(p. 68)
• 5.3 Conclusion(p. 73)
• Chapter 6 Fixed Assets--Some Accounting Problems(p. 74)
• 6.1 Nature of the Problem(p. 74)
• 6.2 Alternatives for Handling Fixed Assets(p. 76)
• 6.3 Fixed Assets Where Title May Revert to Grantors(p. 81)
• 6.4 Separate Building Fund(p. 81)
• 6.5 Conclusion and Recommendations(p. 84)
• Chapter 7 Fixed Assets--Depreciation(p. 86)
• 7.1 Arguments against Taking Depreciation(p. 86)
• 7.2 Why Depreciation Should Be Recorded(p. 87)
• 7.3 Presentation in the Financial Statements(p. 89)
• 7.4 Funding Depreciation(p. 92)
• 7.5 Transfers of Replacement Funds to the Plant Fund(p. 94)
• 7.6 Conclusion(p. 96)
• Chapter 8 Investment Income, Gains and Losses, and Endowment Funds(p. 97)
• 8.1 Accounting Principles(p. 98)
• 8.2 Fixed Rate of Return Concept(p. 108)
• Appendix 8 A Accounting for Investments by Not-for-Profit Organizations, Summary of FASB Statement 124(p. 116)
• Chapter 9 Affiliated Organizations, "Pass-Through" Transactions, and Mergers(p. 118)
• 9.1 Types of Relationships Often Found(p. 119)
• 9.2 Definition of the Reporting Entity(p. 122)
• 9.3 Mergers of Not-for-Profit Organizations(p. 130)
• Appendix 9 A Factors to Be Considered in Deciding Whether a "Pass-Through" Gift Is Truly Revenue and Expense to a Pass-Through Entity(p. 132)
• Appendix 9 B SFAS 136--Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions of Others(p. 135)
• Appendix 9 C 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 (Per AICPA SOP 94-3)(p. 139)
• Chapter 10 Contributions, Pledges, and Noncash Contributions(p. 142)
• 10.1 Expendable Current Support(p. 144)
• 10.2 Gifts-in-Kind(p. 154)
• 10.3 Support Not Currently Expendable(p. 159)
• Appendix 10 A Checklist: Factors to Be Considered in Deciding Whether a Particular Gift (for Operating Purposes) Should Be Classified as Purpose-Restricted or Not(p. 174)
• Appendix 10 B Checklist: Factors to Be Considered in Distinguishing Contracts for the Purchase of Goods or Services from Restricted Grants(p. 177)
• Appendix 10 C Checklist: Factors to Be Considered in Assessing Whether Contributed Services Are Considered to Require Specialized Skills(p. 179)
• Appendix 10 D Checklist: Factors to Be Considered in Determining Whether or Not an Organization Would Typically Need to Purchase Services if Not Provided by Donation(p. 181)
• Appendix 10 E Checklist: Factors to Be Considered in Assessing Whether a Donor Has Made a Bona Fide Pledge to a Donee(p. 184)
• Appendix 10 F Checklist: Factors to Be Considered in Deciding Whether a Gift or Pledge Subject to Donor Stipulations Is Conditional or Restricted(p. 187)
• Chapter 11 Accounting Issues Relating to Fundraising(p. 191)
• 11.1 Accounting for Gifts(p. 192)
• 11.2 Accounting for Fundraising Expenses(p. 202)
• 11.3 Other Tax Considerations(p. 207)
• Part 2 Financial Statement Presentation
• Chapter 12 Cash Basis Financial Statements(p. 211)
• 12.1 Simple Cash Basis Statement(p. 212)
• 12.2 Simple Statement with Last Year's Figures and Budget(p. 213)
• 12.3 Combined Cash Basis Income Statement and Balance Sheet(p. 215)
• 12.4 Separate Statement of Receipts and Disbursements and Statement of Net Assets(p. 217)
• 12.5 Statement of Income with Certain Cash Transactions Omitted(p. 220)
• 12.6 Modified Cash Basis Statements(p. 222)
• 12.7 Conclusion(p. 223)
• Chapter 13 Accrual Basis Financial Statements(p. 224)
• 13.1 Simple Accrual Basis Statements(p. 225)
• 13.2 Accrual Basis Statements--Fundraising Organization(p. 228)
• 13.3 Accrual Basis Statements--International Organization(p. 232)
• 13.4 Conclusion(p. 236)
• Chapter 14 Multiclass Financial Statements(p. 237)
• 14.1 Statement of Financial Accounting Standards No. 117--Financial Statements of Not-for-Profit Organizations(p. 239)
• 14.2 Preparation of Statement of Cash Flows(p. 244)
• 14.3 "Class" Financial Statements Explained(p. 262)
• 14.4 Columnar Format Presentation(p. 268)
• 14.5 A Complicated Set of Class Financial Statements(p. 270)
• 14.6 Summary or Condensed Statements(p. 281)
• 14.7 Conclusion(p. 284)
• Appendix 14 A Financial Statements of Not-for-Profit Organizations--Review Points(p. 285)
• Part 3 Accounting and Reporting Guidelines
• Chapter 15 Voluntary Health and Welfare Organizations(p. 293)
• 15.1 Fund Accounting(p. 296)
• 15.2 Accounting Principles(p. 299)
• 15.3 Accounting for Contributions(p. 299)
• 15.4 Accounting for Other Income(p. 302)
• 15.5 Accounting for Expenses(p. 303)
• 15.6 Accounting for Assets(p. 303)
• 15.7 Net Assets(p. 305)
• 15.8 Financial Statements(p. 306)
• 15.9 Recommended Simplified Presentation(p. 325)
• 15.10 The Evolution of Standards(p. 325)
• Appendix 15 A Checklist: Factors to Be Considered in Deciding Whether Allocation of Joint Costs of Multipurpose Activities (Under AICPA SOP 98-2) Is Appropriate(p. 328)
• Appendix 15 B Checklist: Consideration of Whether Items Might Be Reported as Operating or Nonoperating (Within the Context of [paragraph]23 of SFAS No. 117)(p. 331)
• Chapter 16 Colleges and Universities(p. 333)
• 16.1 Authoritative Pronouncements(p. 334)
• 16.2 Fund Accounting(p. 335)
• 16.3 The Principal Financial Statements(p. 341)
• 16.4 Accounting Principles(p. 348)
• 16.5 Simplified Format for Financial Statements(p. 354)
• Chapter 17 Health Care Providers(p. 355)
• 17.1 Introduction(p. 356)
• 17.2 Authoritative Pronouncements(p. 357)
• 17.3 Financial Statements(p. 359)
• 17.4 Accounting Principles(p. 364)
• 17.5 Additional Considerations for Tax-Exempt Debt Issuers(p. 382)
• Chapter 18 Accounting Standards for Other Not-for-Profit Organizations(p. 389)
• 18.1 Accounting Principles(p. 390)
• 18.2 Financial Statements(p. 397)
• 18.3 Combined Financial Statements(p. 398)
• Appendix 18 A Checklist: Factors to Be Considered in Deciding Whether a Payment Described as Membership Dues is Properly Recorded by the Recipient as Dues or as a Contribution(p. 399)
• Chapter 19 Special Accounting Issues for Specific Organizations(p. 402)
• 19.1 Associations and Professional Societies(p. 403)
• 19.2 Churches(p. 406)
• 19.3 Clubs(p. 408)
• 19.4 Libraries(p. 410)
• 19.5 Museums(p. 411)
• 19.6 Performing Arts Organizations(p. 412)
• 19.7 Private Foundations(p. 414)
• 19.8 Religious Organizations Other Than Churches(p. 419)
• 19.9 Research and Scientific Organizations(p. 420)
• 19.10 Private Elementary and Secondary Schools(p. 421)
• 19.11 Public Broadcasting Stations(p. 422)
• Chapter 20 The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting(p. 424)
• 20.1 Financial Accounting Standards Board(p. 425)
• 20.2 Trends in Not-for-Profit Accounting(p. 430)
• 20.3 Conclusion(p. 435)
• Part 4 Controlling the Not-for-Profit Organization
• Chapter 21 The Importance of Budgeting(p. 439)
• 21.1 The Budget: A Plan of Action(p. 440)
• 21.2 Monthly and Quarterly Budgets(p. 446)
• 21.3 Timely Interim Statements(p. 449)
• 21.4 A Five-Year Master Plan(p. 458)
• 21.5 Conclusion(p. 462)
• Chapter 22 Avoiding Bankruptcy(p. 463)
• 22.1 Early Recognition of Problems(p. 463)
• 22.2 Remedial Action(p. 470)
• 22.3 Confronting Bankruptcy(p. 476)
• 22.4 Conclusion(p. 477)
• Chapter 23 Small Organizations--Obtaining the Right Bookkeeper(p. 479)
• 23.1 Level of Bookkeeping Services Needed(p. 480)
• 23.2 Personality Characteristics(p. 483)
• 23.3 Alternatives to Bookkeepers(p. 483)
• 23.4 Timing in Hiring a Replacement(p. 485)
• 23.5 Conclusion(p. 486)
• Chapter 24 Small Organizations--Providing Internal Control(p. 487)
• 24.1 Reasons for Internal Control(p. 488)
• 24.2 Fundamentals of Internal Control(p. 490)
• 24.3 Some Basic Controls(p. 491)
• 24.4 Fidelity Insurance(p. 501)
• 24.5 Conclusion(p. 502)
• Chapter 25 Effective Internal Accounting Control for Not-for-Profit Organizations(p. 503)
• 25.1 Introduction to Internal Accounting Control(p. 504)
• 25.2 Elements of an Effective Internal Accounting Control System(p. 505)
• 25.3 Basic Internal Accounting Control System(p. 512)
• 25.4 Specific Nonprofit Internal Accounting Controls(p. 520)
• Chapter 26 Independent Audits(p. 530)
• 26.1 Functions and Limitations(p. 531)
• 26.2 Benefits of an Independent Audit(p. 536)
• 26.3 Selecting a Certified Public Accountant(p. 538)
• 26.4 Public Accountants(p. 540)
• 26.5 Audit Committees(p. 541)
• 26.6 Conclusion(p. 543)
• Appendix 26 A Checklist: Criteria for Selection of a CPA(p. 544)
• Chapter 27 Investments(p. 547)
• 27.1 Pooling versus Individual Investments(p. 548)
• 27.2 Calculating Share Values in Pooled Investments(p. 551)
• 27.3 Allocation of Pooled Income(p. 555)
• 27.4 Professional Investment Advice(p. 555)
• 27.5 Safeguarding Investment Securities(p. 558)
• 27.6 Conclusion(p. 560)
• Part 5 Principal Federal Tax and Compliance Requirements
• Chapter 28 Principal Federal Tax Requirements(p. 563)
• 28.1 Organizations Exempt from Tax(p. 564)
• 28.2 Charitable Organizations(p. 567)
• 28.3 Private Foundations(p. 571)
• 28.4 Private Operating Foundations(p. 578)
• 28.5 Other Concerns for Charities(p. 579)
• 28.6 Noncharitable Exempt Organizations(p. 583)
• 28.7 Unrelated Business Income(p. 588)
• 28.8 Registration and Reporting(p. 592)
• Chapter 29 Principal Federal Tax Forms Filed(p. 595)
• 29.1 Form 990: Return of Organization Exempt from Income Tax(p. 595)
• 29.2 Form 990-PF: Return of Private Foundation(p. 619)
• 29.3 Form 990-T: Exempt Organization Business Income Tax Return(p. 637)
• 29.4 Conclusion(p. 640)
• Chapter 30 State Compliance Requirements(p. 641)
• 30.1 Registration for Organizations Soliciting Funds(p. 642)
• 30.2 Registration for Organizations Having Assets within the State(p. 643)
• 30.3 Individual State Requirements(p. 643)
• Chapter 31 Audits of Federally Funded Programs(p. 655)
• 31.1 Basic Requirements(p. 655)
• 31.2 Requirements and Definitions(p. 658)
• 31.3 Responsibilities of the Receiving Organization(p. 663)
• 31.4 What to Expect from the Audit(p. 666)
• 31.5 Conclusion(p. 668)
• Part 6 Setting Up and Keeping the Books
• Chapter 32 Cash Basis Bookkeeping(p. 671)
• 32.1 Three Steps in a Bookkeeping System(p. 672)
• 32.2 Checkbook System(p. 672)
• 32.3 Cash Basis System(p. 677)
• 32.4 Conclusion(p. 689)
• Chapter 33 Simplified Accrual Basis Bookkeeping(p. 690)
• 33.1 Books and Records(p. 691)
• 33.2 Chart of Accounts(p. 692)
• 33.3 Monthly Accrual Entries(p. 694)
• 33.4 Payroll Taxes(p. 701)
• 33.5 Fixed Asset Register and Depreciation Schedule(p. 703)
• 33.6 Investment Ledger(p. 709)
• 33.7 Conclusion(p. 709)
• Chapter 34 Full Accrual Basis Bookkeeping(p. 711)
• 34.1 Books and Records(p. 712)
• 34.2 Chart of Accounts(p. 714)
• 34.3 Sales Register(p. 716)
• 34.4 Accounts Receivable Subsidiary Ledger(p. 719)
• 34.5 Cash Receipts Book(p. 722)
• 34.6 Accounts Payable Register(p. 722)
• 34.7 Cash Disbursements Book(p. 724)
• 34.8 Monthly Accrual Entries(p. 726)
• 34.9 Conclusion(p. 729)
• Chapter 35 Fund Accounting Bookkeeping(p. 730)
• 35.1 Chart of Accounts(p. 731)
• 35.2 Books and Records(p. 734)
• 35.3 Interfund Transactions(p. 738)
• 35.4 Trial Balance(p. 742)
• 35.5 Conclusion(p. 743)
• Chapter 36 Automating the Accounting Records(p. 744)
• 36.1 When to Consider Automating or Upgrading(p. 745)
• 36.2 What to Automate(p. 746)
• 36.3 Selecting the Right Software(p. 751)
• 36.4 Implementing the New System(p. 756)
• 36.5 Common Pitfalls to Successful Automation(p. 757)
• 36.6 Conclusion(p. 759)
• Appendix A Use of Rulings and Underscorings(p. 761)
• Appendix B Accounting and Disclosure Guide for Not-for-Profit Organizations(p. 764)
• Appendix C Implementation of SFAS No. 116 and No. 117(p. 775)
• Appendix D New AICPA Audit and Accounting Guide: Not-for-Profit Organizations(p. 779)
• Bibliography(p. 793)
• Index(p. 797)

Notas de autor provistas por Syndetics

Malvern J. Gross, Jr . was the author of the first edition of this text and a significant contributor to many of the subsequent editions. He is a retired partner of Price Waterhouse (a predecessor to PricewaterhouseCoopers LLP) and a nationally recognized authority on accounting and financial reporting for not-for-profit organizations. he was chairman of the AICPA Subcommittee on Nonprofit Organizations that wrote the 1978 landmark Statement of Position for Certain Nonprofit Organizations, and of the Accounting Advisory Committee to the Commission on Private Philanthropy and Public Needs. He was a member of the committee that wrote the second edition o f Standards of Accounting and Financial Museum Accounting Handbook. He served as  an advisor to the Financial Accounting Standards board in the early phases of its work on setting accounting standards for not-for-profit organizations, and to the New York State Charities Registration Office, as well as an adjunct professor of accounting at Lehigh University, his alma mater. After retirement from Price waterhouse he was president of a not-for-profit organization, the National Aeronautics Association. He now lives in the San Juan Islands of the state of Washington.

John H. McCarthy served as the National Leader of PricewaterhouseCoopers' Education & Nonprofit Practice before his retirement in 2005. He was a coauthor of the sixth edition of this text. He also is the coauthor of Understanding Financial Statements: A Strategic Guide for Independent College and University Boards, published by t4he Association of Governing Boards of Universities and Colleges (1998), as well as several publications by PricewaterhouseCoopers including: The Changing Role of the Audit Committee (2004); Leading Practices for Colleges, Universities and Other Not-for-Profit Educational Institutions (2004); Leading Practices for Colleges, Universities and Other Not-for-Profit Educational Institutions (2004); A Foundation for Integrity (a 2004 guide for codes of conduct, conflicts of interest, and executive compensation); Meeting the Challenges of Alternative Investments (2004); Understanding Underwater Endowment Funds (2003); and Financial Reporting and Contributions: A Decision Making Guide to FASB Nos. 116-117 (1996) among others. He is a CPA who, for more than 36 years, served PricewaterhouseCoopers' education and not-for-profit clients, including many of the most prestigious institutions in the United States. He currently served on several not-for-profit boards. He is a past president of the Massachusetts Society of CPAs, Inc. (MSCPA) and a two-term member of the Governing Council of the AICPA. He has received numerous honors for his involvement in the community. He graduated from Boston College and has an MBA from the University of Michigan Business School.

Nancy E. Shelmon is a senior partner of PricewaterhouseCoopers LLP and is the firm's West Region Leader for the Education and Not-for-Profit Industry within the United States. Nancy is a frequent speaker at AICPA and state CPA conferences on financial reporting and accounting issues affecting not-for-profit clients for over thirty years and has been involved with some of the most widely respected organizations in North America. Nancy served on the Board of Directors of the Los Angeles Urban Leaguer, the California Journal and Executive Service Corps of Southern California. In addition to being a CPA, she is also a Certified Fraud Examiner. She holds her accounting degree from the University of Minnesota.