9780471724452

This Seventh Edition is filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations. It contains discussions of the accounting and reporting guidelines for different types of organizations, complete guidance on tax and compliance reporting requirements, illustrated explanations of various types of acceptable financial statements, and much more!

Malvern J. Gross, Jr. was the author of the first edition of this text and a significant contributor to many of the subsequent editions. He is a retired partner of Price Waterhouse (a predecessor to PricewaterhouseCoopers LLP) and a nationally recognized authority on accounting and financial reporting for not-for-profit organizations. he was chairman of the AICPA Subcommittee on Nonprofit Organizations that wrote the 1978 landmark Statement of Position for Certain Nonprofit Organizations, and of the Accounting Advisory Committee to the Commission on Private Philanthropy and Public Needs. He was a member of the committee that wrote the second edition o f Standards of Accounting and Financial Museum Accounting Handbook. He served as an advisor to the Financial Accounting Standards board in the early phases of its work on setting accounting standards for not-for-profit organizations, and to the New York State Charities Registration Office, as well as an adjunct professor of accounting at Lehigh University, his alma mater. After retirement from Price waterhouse he was president of a not-for-profit organization, the National Aeronautics Association. He now lives in the San Juan Islands of the state of Washington.

John H. McCarthy served as the National Leader of PricewaterhouseCoopers' Education & Nonprofit Practice before his retirement in 2005. He was a coauthor of the sixth edition of this text. He also is the coauthor of Understanding Financial Statements: A Strategic Guide for Independent College and University Boards, published by t4he Association of Governing Boards of Universities and Colleges (1998), as well as several publications by PricewaterhouseCoopers including: The Changing Role of the Audit Committee (2004); Leading Practices for Colleges, Universities and Other Not-for-Profit Educational Institutions (2004); Leading Practices for Colleges, Universities and Other Not-for-Profit Educational Institutions (2004); A Foundation for Integrity (a 2004 guide for codes of conduct, conflicts of interest, and executive compensation); Meeting the Challenges of Alternative Investments (2004); Understanding Underwater Endowment Funds (2003); and Financial Reporting and Contributions: A Decision Making Guide to FASB Nos. 116-117 (1996) among others. He is a CPA who, for more than 36 years, served PricewaterhouseCoopers' education and not-for-profit clients, including many of the most prestigious institutions in the United States. He currently served on several not-for-profit boards. He is a past president of the Massachusetts Society of CPAs, Inc. (MSCPA) and a two-term member of the Governing Council of the AICPA. He has received numerous honors for his involvement in the community. He graduated from Boston College and has an MBA from the University of Michigan Business School.

Nancy E. Shelmon is a senior partner of PricewaterhouseCoopers LLP and is the firm's West Region Leader for the Education and Not-for-Profit Industry within the United States. Nancy is a frequent speaker at AICPA and state CPA conferences on financial reporting and accounting issues affecting not-for-profit clients for over thirty years and has been involved with some of the most widely respected organizations in North America. Nancy served on the Board of Directors of the Los Angeles Urban Leaguer, the California Journal and Executive Service Corps of Southern California. In addition to being a CPA, she is also a Certified Fraud Examiner. She holds her accounting degree from the University of Minnesota.

Chapter 1. Responsibilities for Fiscal Management.

PART ONE: KEY FINANCIAL CONCEPTS.

Chapter 2. Accounting Distinctions Between Not-for-Profit and Commercial Organizations.

Chapter 3. Cash Versus Accrual Basis Accounting.

Chapter 4. Fund Accounting and Internal Financial Reporting..

Chapter 5. Fixed Assets and Depreciation.

Chapter 6. Investment Income, Gains and Losses, and Endowment Funds.

Chapter 7. Affiliated Organizations, "Pass-Through" Transactions, and Mergers.

Chapter 8. Contributions, Pledges, and Non-cash Contributions.

Chapter 9. Accounting Issues Relating to Fundraising*

PART TWO: FINANCIAL STSTEMENT PRESENTATION.

Chapter 10. Cash Basis Financial Statements.

Chapter 11. Accrual Basis Financial Statements.

Chapter 12. Multiclass Financial Statements.

PART THREE: ACCOUNTING AND REPORTING GUIDELINES.

Chapter 13. Voluntary Health and Welfare Organizations.

Chapter 14. Colleges and Universities.

Chapter 15. The External Financial Statement Reporting Model for Public Colleges and Universities and Other Not-for-Profit Organizations Reporting Under GASB.

Chapter 16. Health Care Providers.

Chapter 17. Accounting Standards for Other Not-for-Profit Organizations.

Chapter 18. Special Accounting Issues for Specific Organizations.

Chapter 19. The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting.

PART FOUR: CONTROLLING THE NOT-FOR-PROFIT ORGANIZATIONS.

Chapter 20. The Importance of Budgeting.

Chapter 21. Avoiding Bankruptc.y

Chapter 22. Small Organizations—Obtaining the Right Accountant.

Chapter 23. Small Organizations—Providing Internal Control.

Chapter 24. Effective Internal Accounting Control for Not-for-Profit Organizations.

Chapter 25. Independent Audits.

Chapter 26. Investments.

PART FIVE: PRINCIPAL FEDERAL TAX AND COMPLIANCE REQUIREMENTS.

Chapter 27. E-Business for Not-for-Profit Organizations: How Can Not-for-Profits Manage the Risks to Maximize E-Business Opportunities?

Chapter 28. Principal Tax Requirements.

Chapter 29. Audits of Federally Funded Programs.

PART SIX: SETTING UP AND KEEPING THE BOOKS.

Chapter 30. Cash Basis Bookkeeping.

Chapter 31. Simplified Accrual Basis Bookkeeping.

Chapter 32. Full Accrual Basis Bookkeeping.

Chapter 33. Fund Accounting Bookkeeping.

Chapter 34. Automating the Accounting Records.

Appendix A: Accounting and Disclosure Guide for Not-for-Profit Organizations.

Appendix B: Code of Conduct.

Appendix C: A Basic Template for an Audit Committee Charter.

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Financial and Accounting Guide for Not-for-Profit Organizations, 7th Edition

Financial and Accounting Guide for Not-for-Profit Organizations, 7th Edition

0471724459

Summary

Author Biography

Table of Contents

Supplemental Materials