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 new revenue recognition and lease rules on NPOs
  • New 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

Recognize the ratio identifying a nonprofit’s ability to fund future programs without additional revenues

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

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

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

Recognize appropriate accounting guidance under recently promulgated GAAP, including ASU 2016-14

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 challenges of expense reporting on Form 990

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