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
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.
- 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
