The Simplified Guide to Not-for-Profit Accounting, Formation & Reporting / Edition 1

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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.

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Product Details

  • ISBN-13: 9780470575444
  • Publisher: Wiley
  • Publication date: 6/1/2010
  • Edition number: 1
  • Pages: 288
  • Sales rank: 306,895
  • Product dimensions: 7.00 (w) x 9.90 (h) x 0.80 (d)

Meet the Author

Laurence Scot is the cofounder and comanaging partner of Skody Scot & Company, a midtown CPA firm formed in 1990 that specializes in servicing the Not-for-Profit community. Scot has taught undergraduate and graduate classes at several colleges; been lecturing and giving seminars to CPAs, bankers, NFP D&Os (directors and officers), managers, and entrepreneurs for over twenty years on a variety of subjects; and is the creator of the first in-class certificate program in Not-for-Profit accounting and governmental reporting.

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Table of Contents


Chapter 1 Introduction 1

Chapter 2 NFP Organization Formation 7

Chapter 3 NFP Organizational Structure 29

Chapter 4 Introduction to NFP Accounting and Reporting 41

Chapter 5 NFP Accounting System and Financial Statements 63

Chapter 6 Assets-Concepts and Data Flow 87

Chapter 7 Liabilities and Net Assets-Concepts and Data Flow 123

Chapter 8 Accounting For Support and Revenue 139

Chapter 9 Accounting For Personnel Costs, and Other Expenses 155

Chapter 10 Investments, Pooling, and Split-Interest Agreements 173

Chapter 11 Subsidiaries and Interrelated Entities 183

Chapter 12 Budget Development and Applications 189

Chapter 13 Special Types of NFP Organizations 199

Chapter 14 Regulatory Reporting (990,990-T, and 990-PF) 205

Chapter 15 Contribution/Grant Applications and Reporting 227

Chapter 16 Audits-Preparation and Response 235

Chapter 17 Conclusion 243

Appendix A Tax-Exempt Organization Reference Chart 245

Appendix B Smaple NFP Chart of Accounts 253

Appendix C Abbreviations 257

Glossary 259

About the Author 269

Index 271

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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted August 4, 2011

    Great book on Not-For-Profit accounting!

    This is an excellent book on not-for-profit accounting and provides a great look into the NFP world! I was lucky enough to take Larry's accounting course that uses this book. Besides having a very deep background in NFP accounting, he provides a lot of first hand experiences. This added a lot of color to his class and it comes through in the book as well. It's an excellent accounting book, but also provides a window into the NFP world...very valuable to any like me who are new to NFPs. I would highly recommend this book!

    1 out of 1 people found this review helpful.

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