To give CPAs and other financial professionals who serve nonprofit organizations an overview of, and an update on, the accounting and reporting rules that directly impact not-for-profits. You’ll understand how internal controls requirements apply to your organization and you’ll learn about the financial accounting and taxation issues most commonly encountered by non-profit organizations.

• Types, goals and characteristics of not-for-profits
• Budgeting and internal controls, including programmatic and financial oversight
• Working with boards of directors
• Ethics and fraud issues
• Risk management
• Review and update of NPO accounting (ASC 958)
• Revised guidance for NPO financial statements and treatment of Net Assets
• Impact of revenue recognition and lease rules on NPOs
• Guidance on investment valuation and disclosures
• Special NPO accounting and audit concerns
• Recent guidance on consolidations and goodwill
• FASB Simplification Initiative
• Status of FASB’s NPO Project
• Accounting and internal controls for NPOs

To give CPAs and other financial professionals who serve nonprofit organizations an overview of, and an update on, the accounting and reporting rules that directly impact not-for-profits. You’ll understand how internal controls requirements apply to your organization and you’ll learn about the financial accounting and taxation issues most commonly encountered by non-profit organizations.

DETAILED LEARNING OBJECTIVES

• Identify the common characteristics of nonprofit entities

• Identify the challenges of a nonprofit’s Board of Directors

• Recognize the suggested ideal range of the number of and suggested term of a nonprofit’s Board members 

• Identify circumstances likely to expose a nonprofit’s Board members to legal liability 

• Identify the recommended percentage of a nonprofit’s expenses that should be attributed to nonprofit programs 

• Identify the suggested record retention period for the nonprofit’s corporate organization records 

• Recognize the role of internal control within a nonprofit 

• Identify the party responsible for reviewing and evaluating the auditor’s recommendations regarding internal control 

• Identify the nonprofit Board’s appropriate responses to complaints about conflicts of interest 

• Recognize the role of risk management in a nonprofit organization

• Recognize the correlation between insurance and risk management

• Recognize the primary sources of a nonprofit’s risk exposure

• Recognize successful defenses against specified employment and harassment complaints

• Identify the role of financial statements from the perspective of an investor/donor 

• Recognize appropriate accounting guidance under recently promulgated GAAP

• Identify GAAP as applied to specific nonprofit transactions, including contribution revenue, balance sheet accounts, contributed property and services, special events and more

• Identify mandatory NFP financial statements and titles

• Identify the ramifications of ASU 2016-01 on not-for-profits relative to for-profits

• Recognize the changes in accounting for goodwill impairments by not-for-profits under both ASU 2017-04 and ASU 2019-06

• Recognize the characteristics of governmental entities 

• Identify the accounting for contribution revenue by a not-for-profit

• Recognize the accounting for a conditional transfer of cash made to a not-for-profit

• Recognize factors indicative of risk in recording revenue for an unconditional promise to give

• Identify the accounting for donated securities

• Identify the terminology associated with the power to modify restrictions on a charitable fund 

• Recognize necessary disclosures when a not-for-profit transfers assets to a recipient organization and specifies itself or an affiliate as a beneficiary

• Identify the accounting treatment of service concession arrangements under ASU 2014-05

• Recognize the accounting treatment for collections of art or similar collections

• Recognize the applicability of ASU 2019-03 on both not-for-profits and for-profits

• Recognize the accounting treatment of joint costs of a not-for-profit

• Identify the ramifications of balance sheet classifications of net assets on a not-for-profit’s balance sheet

• Types, goals and characteristics of not-for-profits
• Budgeting and internal controls, including programmatic and financial oversight
• Working with boards of directors
• Ethics and fraud issues
• Risk management
• Review and update of NPO accounting (ASC 958)
• Revised guidance for NPO financial statements and treatment of Net Assets
• Impact of revenue recognition and lease rules on NPOs
• Guidance on investment valuation and disclosures
• Special NPO accounting and audit concerns
• Recent guidance on consolidations and goodwill
• FASB Simplification Initiative
• Status of FASB’s NPO Project
• Accounting and internal controls for NPOs