Not-for-Profit Industry Update and Major Accounting and Disclosure Issues

(Formerly titled “Ins and Outs of Accounting and Financial Reporting Issues for Not-for-Profit Organizations”)

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Not-for-profits are under more intense scrutiny than ever before from regulators to donors.  In this environment, not-for-profit executives and their auditors must focus on the transparency in financial reporting. This program provides an update of the issues at the forefront of industry to assist the auditor in assessing risk.  It also includes consideration of the major accounting and disclosure issues specific to voluntary health and welfare organizations, private educational institutions and trade associations.

Designed For

• Practitioners working with not-for-profit organizations in public practice

• Not-for-profit industry accountants who need to keep on top of current accounting and disclosure requirements.

Objective
Participants will be able to:

• Understand the issues faced by not-for-profits in today’s environment which will help them assess risk

• Recognize and deal with major accounting and disclosure issues impacting their clients or organizations

• Prepare complete and accurate financial disclosures

• Enhance transparency in financial reporting

Not-for-profit industry update…. Major accounting and disclosure issues specific to not-for-profit organizations– cash and cash equivalents, contributions received and made, contributed services, gifts in kind, contributed utilities and use of long-lived assets, split interest agreements, agency transactions, investments, guarantees, income taxes, fund raising costs, consolidations, functional expenses, functional classifications...  Special industry considerations related to trade associations, voluntary health and welfare organizations and educational institutions.

Presentation Method: Lecture and group discussion of questions.

Level of Knowledge:  Intermediate

Prerequisites: None

Recommended CPE Credit:  8 hours

Field of Study: Accounting

Advance Preparation: None

Availability Date:  05/01/2008

Author(s): Margaret Thomas, CPA, MHA

Qualifies for 24 hour Yellow Book requirement.   Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients.  Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm.

It is recommended that this course not be scheduled back to back with “Not-for-Profit Auditing Made Easy.”