E-Book Overview
A complete and easy to understand guide to the fundamentals of how not-for-profit organizations are formed and run, as well as their structure and the unique accounting and reporting issues they face. Providing you with a comprehensive understanding of how to maintain the "books" of a typical nonprofit entity and comply with numerous reporting requirements, The Simplified Guide to Not-for-Profit Accounting, Formation & Reporting equips you with everything you need to know to form a Not-For-Profit, setup an accounting system, record financial transactions and report to donors and regulatory bodies. Topics include: Step-by-step guide to forming a Not-For-Profit and applying for tax exemption Becoming familiar with unique Not-For-Profit accounting rules such as classifying contributions/grants and recording restrictions, allocation of expenses to programs and supporting services and investment classification and reporting Budget development, payroll processing and accounting for personnel costs Shows how to prepare and understand required Not-For-Profit financial statement and their components Provides you with a broad understanding of the numerous filing requirement required by donors, grantors and government regulatory agencies Practical and comprehensive in scope, The Simplified Guide to Not-for-Profit Accounting, Formation & Reporting offers a wealth of practical information to accountants and non-accountants alike for understanding Not-For-Profit financial transactions, financial statements and the many internal and external reports they must prepare.
E-Book Content
THE SIMPLIFIED GUIDE TO NOT-FOR-PROFIT ACCOUNTING, FORMATION & REPORTING L A U R E N C E S C O T, MBA, CPA Additional Praise for The Simplified Guide to Not-for-Profit Accounting, Formation, and Reporting ‘‘This book is fantastic! Not-for-profit accounting can be quite complex at times, but this book cuts right to the point and provides easy-to-understand answers to difficult questions. I would recommend it to anyone and everyone who works in a financial capacity at a not-for-profit organization.’’ —Alina Yavorovskaya, EVP of Finance and Administration and CFO, Seeds of Peace ‘‘Laurence Scot has created an extremely practical, useful, and easy-to-use guide that is a must read for anyone and everyone who is interested in not-for-profits. Whether you are starting a not-for-profit or are a board member, an officer, or a current or future staff accountant, you will greatly benefit from this valuable and comprehensive book.’’ —Ece A.J. Yilmaz, MBA, CMA, CBM, PMP, Executive Director, American College Nutrition ‘‘This is a definite read for anyone involved in the not-for-profit industry, regardless of your level of prior knowledge. The not-for-profit world has its own rules, and it is your responsibility to know them. Thankfully, Laurence Scot has managed to explain all the basic need-to-knows in very clear words.’’ —Filip Johansson, Director of Finance and Operations, Swedish-American Chamber of Commerce, Inc. ‘‘Accounting can’t be made too simple for me. If you want to start a not-for-profit company or serve on a board, Laurence Scot’s simplified guide will bring the mystifying world of not-for-profit accounting into focus. Clear and straightforward, this guide is the best answer to all my questions.’’ —Pia Lindstro¨m, TV and radio broadcasting ‘‘As a trustee and treasurer of a private day school, this book equipped me with all of the concepts associated with not-for-profit accounting to allow me to excel at performing my responsibilities as a fiduciary.’’ —Susan Levitt, private school trustee and treasurer ‘‘While there is nothing particularly simple about not-for-profit accounting, this book provides a veritable to-do list for organizations of any size. Larry Scot’s book is an excellent resource.’’ —Eric Jorgensen,