This self-study webinar is designed for accountants who want to remain on the cutting edge of the most recent accounting, tax and federal developments affecting not-for-profits. You’ll be equipped to:
- Follow the accounting standards and guides for not-for-profits
- Understand recent guidance revising NPO financial statements and treatment of Net Assets
- Review the latest tax rules and regulations pertaining to not-for-profits, including Form 990
To provide an understanding of the accounting standards affecting nonprofits. Focusing primarily on implementing and using current authoritative literature, this self-study webinar discusses the latest issues regarding NPO mergers and NPO goodwill treatments. You’ll also gain insight into tax changes and other current issues impacting nonprofits.
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Review of recent accounting standards and guides for not-for-profits (ASC 958)
– Distinguishing between contributions and exchange transactions
– Transfers between NPOs
– Joint Costs
– Split interest agreements
– Consolidations and goodwill involving not-for-profits, including clarifying when NPOs that are general or limited partners should consolidate a for-profit
– UPMIFA and changes to Net Assets
– Investments—new rules for valuation and disclosure
– Required financial statement and footnote disclosures, including formats and alternatives - Impact of revenue recognition, leases, and other recent FASB guidance on NPOs
- FASB Simplification Initiative
- Ethics, fraud and abuse issues
- Audit issues, Sarbanes-Oxley and federal oversight
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Tax matters
– Filing for and retaining tax-exempt status
– State and local sales tax and property tax issues
– Avoiding private foundation status
– Unrelated Business Income Tax (UBIT)
– Excess benefit transactions
– New and proposed IRS regulations and Form 990 issues - FASB NPO Project update
• Identify the criteria that must be met before a NFP can recognize contribution revenue
• Recognize the separate categories of contributed revenues
• Identify the circumstances under which restricted funds will be reclassified as unrestricted
• Identify how to account for pledges that will be realized in more than 12 months
• Identify factors indicating risk of receipt and recording of pledges
• Recognize factors indicating an exchange transaction vs. a contribution
• Identify the accounting treatment options regarding the receipt of dues
• Identify the typical accounting for an NFP’s special events
• Identify the accounting treatment for contributed services
• Recognize how to account for donated securities
• Recognize how to account for donated inventory
• Identify when to recognize contribution revenue from a revocable split-interest agreement
• Recognize the accounting options for collections of art or similar collections
• Recognize the changes made to accounting for collections under ASU 2019-03
• Identify the basis for valuing investments of an NFP
• Identify mandatory NFP disclosures regarding investments
• Recognize the terminology used to identify the power to modify restrictions on a charitable fund
• Recognize the appropriate accounting for joint cost under SOP 98-2
• Recognize the appropriate accounting for service concession arrangements under ASU 2014-05
• Recognize those characteristics indicating an acquisition over a merger
• Recognize the accounting treatment of acquired assets and liabilities when one NFP acquires another
• Identify the presentation of the net cash flow reflecting an acquisition in the statement of cash flows
• Recognize the NFP accounting alternatives regarding goodwill impairment under ASU 2019-06
• Identify mandatory NFP financial statements and titles
• Identify the purpose of NFP financial statements from an investor/donor perspective
• Identify the spending constraints found within the UPMIFA
• Recognize the appropriate statement of cash flows treatment of cash flows from the sale of donated financial assets where the donor directed immediate sale
• Recognize the appropriate presentation of investment returns on the statement of activities
• Identify the options available for reporting cash flows from operations under ASU 2016-14
• Identify the implications of ASU 2016-14 on NFP disclosures
• Identify those circumstances under which an NFP’s audit firm independence would generally be considered to be impaired
• Identify common characteristics of a founder of an NFP
• Recognize those IRS statutes under which donors may deduct contributions to NFPs
• Identify those IRS statutes and forms for which an NFP can obtain tax exempt status
• Identify the annual IRS forms to be filed by a public charity with annual revenue less than $50,000
• Identify the amount of unrelated business income exempted from the unrelated business income tax
• Recognize the sources of income that would generally be subject to the unrelated business income tax
