Accounting & Internal Controls for Nonprofits Self-Study Webinar (11 Hours)

Overview: 

Nonprofit organizations have special needs and requirements when it comes to accounting and internal controls. This self-study webinar gives you the skills to handle not-for-profit accounting and reporting requirements and deals with the most recent changes affecting these organizations. You will:

  • Review internal controls
  • Understand new guidance on financial statement requirements
  • Get updated on current and proposed tax and other regulations affecting NPOs
     

 

Objective: 

To give 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.

Emphasis: 
  • 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

• 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 accounting authoritative bodies’ responses to the COVID-19 pandemic

• Recognize the trigger for providing footnote disclosure regarding going concern uncertainties

• Recognize the typical percent of donated property received by NFPs that is unusable or inappropriate

• Recognize the appropriate classification of certain nonprofit transactions on the cash flow statement

• Identify required NFP disclosures regarding investments

• Identify characteristics indicating an acquisition over a merger

• Identify, in an acquisition, the methodology for classifying acquired assets and liabilities assumed under GAAP

• Recognize the presentation of an acquisition’s net cash flow in the statement of cash flows

• Identify the internal control challenges associated with a nonprofit’s founder

• Identify threats against an audit firm’s independence within the context of a nonprofit

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Price: 
$249.00
Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
11.00
NASBA Field of Study: 
Accounting