Not–for–Profit Accounting Made Easy
The world of accounting can be intimidating but there′s no way to avoid it even nonprofit organizations must venture into financial jargon and concepts. Now in a second edition, Not–for–Profit Accounting Made Easy, Second Edition shows you how to read and understand a nonprofit financial statement, while providing you with a basic understanding of the accounting and financial reporting practices of a nonprofit.
Clarifying nonprofit accounting principles and reporting standards in simple terms that are easily understood by those with little or no prior accounting experience, Nonprofit Accounting Made Easy, Second Edition conforms to FASB and AICPA standards and forms and introduces you to:
- Basic accounting terminology
- Fundamental accounting concepts
- Basic financial statements of a nonprofit organization
- Accounting for contributions, investments and financial instruments, activities with joint costs, affiliated organizations, and collections
- Accounting peculiarities of health care, education, and religious and cultural nonprofits
- Accounting for leases
- Accounting for pension plans and other employee benefit plans
Simple and practical in approach, this book is helpful not only for nonaccountants with accounting duties but also for people who work with nonprofits in a variety of capacities. Since nonprofit accounting differs in many subtle ways from normal business accounting, this book shows you how to brush up on the idiosyncrasies that separate the two. Management and staff, board members, consultants, donors, and creditors can all benefit from understanding the fundamental principles of nonprofit accounting.
With updated GAAP hierarchy discussions including the PCAOB and its impact on standards setting and applicability to nonprofit organizations, Nonprofit Accounting Made Easy, Second Edition offers a wealth of practical information on putting accounting principles to work for your nonprofit.
Chapter 1. Understanding the Basics of Not–for–Profit Accounting.
Chapter 2. Basic Financial Statements of a Not–for–Profit Organization.
Chapter 3. Accounting for Contributions.
Chapter 4. Accounting for Investments and Financial Instruments.
Chapter 5. Accounting for Activities with Joint Costs and Indirect Cost Allocation.
Chapter 6. Affiliated Organizations.
Chapter 7. Collections.
Chapter 8. Split Interest Agreements.
Chapter 9. Accounting for Pension and Other Post employment Employee Benefit Plans.
Chapter 10. Lease Accounting Fundamentals.
Chapter 11. Analyzing the Financial Health of Not–for–Profit Organizations.
Chapter 12. Current Developments in Not–for–Profit GAAP.
WARREN RUPPEL, CPA, is the Director of Government Services at Marks Paneth & Shron LLP, where he is also a key member of the firm′s quality assurance function. He is the author of several Wiley accounting publications, including Not–for–Profit Audit Committee Best Practices, and Wiley GAAP for Governments, as well as CCH′s Not–for–Profit Organization Audits. He began his career at KPMG and later joined Deloitte & Touche to specialize in audits of not–for–profit organizations and governments. He has since served as the chief financial officer of an international not–for–profit organization and, most recently, was the assistant comptroller for accounting of the City of New York where he was responsible for the City′s accounting and financial reporting. He has also served as chair of the audit commitee of the New York State Society of CPAs.