Financial and Accounting Guide for Not-for-Profit Organizations, 2004 Cumulative Supplement


The 2004 Cumulative Supplement includes:
  • A summary of the FASB Statements that have been issued since the 2003 Cumulative Supplement.
  • A summary of the major provisions of the Sarbanes-Oxley Act in the Appendix of Chapter 26.
  • Information on the Statement on Auditing Standards (SAS) No. 99, Consideration of Fraud in a Financial Statement ...
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The 2004 Cumulative Supplement includes:
  • A summary of the FASB Statements that have been issued since the 2003 Cumulative Supplement.
  • A summary of the major provisions of the Sarbanes-Oxley Act in the Appendix of Chapter 26.
  • Information on the Statement on Auditing Standards (SAS) No. 99, Consideration of Fraud in a Financial Statement Audit issued by the AICPA.
  • Information on final regulations for the disclosure of "reportable transactions" issued by the U.S. Treasury Department.
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Product Details

  • ISBN-13: 9780471464600
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 4/16/2004
  • Edition number: 6
  • Pages: 284
  • Product dimensions: 5.91 (w) x 8.27 (h) x 0.80 (d)

Meet the Author

Malvern J. Gross Jr. was the author of the original Financial and Accounting Guide for Not-for-Profit Organizations and many of the earlier editions. He is a retired partner of Price Waterhouse and a nationally recognized authority on accounting and financial reporting for not-for-profit organizations. He was chairman of the American Institute of Certified Public Accountants (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. Hewas a member of the committee that wrote the second edition of Standards of Accounting and Financial Reporting for Voluntary Health and Welfare Organizations, and a co-author of the 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 (now PricewaterhouseCoopers), he was president of a not-for-profit organization, the National Aeronautics Association. He now lives in the San Juan Islands in the state of Washington.

Richard F. Larkin was a co-author of the fourth, fifth, and sixth edition of Financial and Accounting Guide for Not-for-Profit Organizations. Prior to his retirement from the firm, he was the technical director in the not-for-profit industry services group in the national office of PricewaterhouseCoopers LLP. A Certified Public Accountant (CPA) with more than 30 years of experience, he served a wide variety of not-for-profit organizations as independent accountant, board member, treasurer, and consultant. While at PricewaterhouseCoopers, his professional memberships included the Financial Accounting Standards Board Not-for-Profit Advisory Task Force, the AICPA Not-for-Profit Organizations Committee, the Evangelical Joint Accounting Committee, and the AICPA Not-for-Profit Audit Guide Task Force (chair). He has served as a member of the governing boards of several not-for-profit organizations. He is the author of Financial Statement Presentation and Disclosure Practices for Not-for-Profit Organizations (published by the AICPA), as well as numerous articles. He graduated from Harvard College and has an MBA from Harvard Business School.

John H. McCarthy is PricewaterhouseCoopers Global Education Practice Leader. He is the co-author of the sixth edition of Financial and Accounting Guide for Not-for-Profit Organizations. He also is the co-author of Understanding Financial Statements: A Strategic Guide for Independent College & University Boards, published by the Association of Governing Boards of Universities and Colleges, as well as several articles and monographs. His most recent publications are “The Substance of Transparency: The Sarbanes–Oxley Act,” which was published in the February 2003 edition of the NACUBO Business Officer magazine, and Understanding Underwater Endowment Funds, which was published in 2003 by PricewaterhouseCoopers. He is a CPA who, for more than 35 years, has served PricewaterhouseCoopers’ education and not-for-profit clients, including many of the most prestigious institutions in the United States. He currently serves 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 MBAfrom the University of Michigan Business School.

Sandra L. Johnson is the National Director of Marketing and Knowledge Management in PricewaterhouseCoopers Education & Nonprofit Practice. Sandra oversees content on PricewaterhouseCoopers’ education and not-for-profit Web site, as well as on The CFOdirect Network, which is PwC’s online news source for senior financial executives. She also manages internal knowledge management, communications, training programs, and a broad range of activities related to PricewaterhouseCoopers’ education and not-for-profit practice. She is the author of several books and articles on issues affecting colleges, universities, and other types of not-for-profit organizations. Her publications include the Reinventing the University series that was published by John Wiley & Sons, Inc. Other recent publications on which she served as the author, co-author, or editor are Developing a Strategy to Manage Enterprisewide Risk in Higher Education, which was published in 2001 by NACUBO, and “Applying Corporate Knowledge Management Practices in Higher Education,” a chapter in Information Alchemy: The Art and Science of Knowledge Management, which was published in 2001 by Jossey-Bass, Inc. and EDUCAUSE. She is a CPA and she holds a BS from Boston University’s School of Public Communications and an MBA from the Simmons College Graduate School of Management.

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Table of Contents

Note to the Reader: Sections not in the main bound volume are indicated by “(New)” after the title. New material from a prior supplement that has been updated for this supplement is indicated by “(Revised)” after the title. Material new to or modified in this supplement is indicated by an asterisk (*) in the left margin of the contents and throughout the supplement.


About the Authors and Editors.

About the Contributors.


Chapter 6 Fixed Assets—Some Accounting Problems.

*6.3A Impairment of Long-Lived Assets (New).

*6.4 Separate Building Fund.

Chapter 8 Investment Income, Gains and Losses, and Endowment Funds.

*8.1 Accounting Principles.

Chapter 9 Affiliated Organizations, “Pass-Through” Transactions, and Mergers.

*9.2 Definition of the Reporting Entity.

9.3 Mergers of Not-for-Profit Organizations.

Chapter 10 Contributions, Pledges, and Noncash Contributions.

10.2 Gifts-in-Kind.

Chapter 11 Accounting Issues Relating to Fundraising.

*11.1 Accounting for Gifts.


Chapter 15 Voluntary Health and Welfare Organizations.

Chapter 16 Colleges and Universities.

16.1 Authoritative Pronouncements.

Chapter 16A The New External Financial Statement Reporting Model for Public Colleges and Universities (New).

16A.1 Introduction.

16A.2 Background.

16A.3 Accounting and Financial Reporting for Nonexchange Transactions.

16A.4 External Financial Reporting for Public Colleges and Universities.

16A.5 An Overview of GASB Statement No. 35: The New Reporting Model for Public Colleges and Universities.

16A.6 Basic Financial Statements.

*16A.7 Footnote Disclosures.

16A.8 Management’s Discussion and Analysis.

16A.9 Implementation Issues and Considerations.

16A.10 Next Steps.

16A.11 Conclusion.

Appendix 16A–A Bibliography.

Chapter 17 Health Care Providers.

17.3 Financial Statements.

*17.4 Accounting Principles.

Chapter 18 Accounting Standards for Other Not-for-Profit Organizations.

18.1 Accounting Principles.

Chapter 19 Special Accounting Issues for Specific Organizations.

19.1 Association and Professional Societies.

*19.8 Religious Organizations Other Than Churches.

19.10 Private Elementary and Secondary Schools.

*19.11 Public Broadcasting Stations.

Chapter 20 The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting.

*20.1 Financial Accounting Standards Board.

20.2 Trends in Not-for-Profit Accounting.

*20.2A New Pronouncements that Affect Not-for-Profit Organizations (New).

*20.2B Other FASB Pronouncements and Projects (New).


Appendix 21–A Making Sense of Your Financial Data (New).

Chapter 25 Effective Internal Accounting Control for Not-for-Profit Organizations.

25.1 Introduction to Internal Accounting Control.

Chapter 26 Independent Audits.

*26.1 New Audit Standard.

26.3 Selecting a Certified Public Accountant.

*Appendix 26–B A Changing Role for the Audit Committee.

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

27A.1 Whether You Call It E-Business or Technology-Enabled Business, It Still Matters.

27A.2 Ask Yourself These Questions.

27A.3 Objectives.

27A.4 How Did We Get to the Internet Economy?

27A.5 Where Are We Today?

27A.6 What Is Risk Management?

27A.7 How Are Not-for-Profit Organizations Using E-Business Today?

27A.8 How Are Academic Institutions Using E-Business?

27A.9 What Is the Path to E-Business Success?

Appendix 27A–A What E-Business Models Exist?


Chapter 28 Principal Federal Tax Requirements (Revised).

28.1 Organizations Exempt from Tax.

28.2 Charitable Organizations.

28.3 Tax Status of Charitable Organizations: Public Charity or Private Foundation.

*28.4 Other Concerns for Charities.

28.5 Private Foundations.

28.6 Private Operating Foundations.

*28.7 Noncharitable Exempt Organizations.

28.8 Registration and Reporting.

Chapter 29 Principal Federal Tax Forms Filed.

29.1 Form 990: Return of Organization Exempt from Income Tax.

29.2 Form 990-PF: Return of Private Foundation.

29.3 Form 990-T: Exempt Organization Business Income Tax Return.

*Chapter 30 State Compliance Requirements.

Chapter 31 Audits of Federally Funded Programs.

*31.2 Requirements and Definitions.

31.4 What to Expect from the Audit.

APPENDIX B Accounting and Disclosure Guide for Not-for-Profit Organizations.

*APPENDIX D New AICPA Audit and Accounting Guide: Not-for-Profit Organizations.


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