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Lecture Accounting for governmental and nonprofit entities (16/e): Chapter 14 - Reck, Lowensohn, Wilson

Chapter 14 - Not-for-profit organizations - Regulatory, taxation, and performance issues. After studying Chapter 14, you should be able to: Identify oversight bodies and the source of their authority over not-for-profit organizations (NFPs); describe how and why states regulate NFPs; describe not-for-profit incorporation laws, registration, licenses, and tax-exemption;. | Chapter 14 Accounting for Not-for-Profit Organizations Learning Objectives After studying Chapter 14, you should be able to: Distinguish not-for-profit organizations (NPOs) from entities in the governmental and commercial sectors of the U.S. economy Identify the authoritative standards-setting body for establishing GAAP for nongovernmental NPOs 14- 1 Learning Objectives (Cont’d) Explain financial reporting and accounting for NPOs: Required financial statements Classification of net assets Accounting for revenues, gains, and support Accounting for expenses Accounting for assets 14- 2 Learning Objectives (Cont’d) Identify unique accounting issues with financially interrelated organizations Describe optional fund accounting Prepare financial statements using SFAS No. 117 14- Not-for-Profit Sector The not-for-profit sector of the U.S. economy is very diverse, consisting of many different kinds of organizations The majority of NPOs are philanthropic and quite often rely on | Chapter 14 Accounting for Not-for-Profit Organizations Learning Objectives After studying Chapter 14, you should be able to: Distinguish not-for-profit organizations (NPOs) from entities in the governmental and commercial sectors of the U.S. economy Identify the authoritative standards-setting body for establishing GAAP for nongovernmental NPOs 14- 1 Learning Objectives (Cont’d) Explain financial reporting and accounting for NPOs: Required financial statements Classification of net assets Accounting for revenues, gains, and support Accounting for expenses Accounting for assets 14- 2 Learning Objectives (Cont’d) Identify unique accounting issues with financially interrelated organizations Describe optional fund accounting Prepare financial statements using SFAS No. 117 14- Not-for-Profit Sector The not-for-profit sector of the U.S. economy is very diverse, consisting of many different kinds of organizations The majority of NPOs are philanthropic and quite often rely on contributions and the services of volunteers Some NPOs are designed to serve the interest of the organizations’ members Most are not governments or governmental in nature A minority of NPOs are owned or operated by governments 14- Contributions of resources from providers who do not expect a proportionate return (i.e., nonexchange transactions) Operating purposes other than to earn a profit Absence of ownership interests (i.e., no one expects a return on their investment) How Does a Nongovernmental NPO Differ from a Business Entity? 14- 1 It was not created by a government, but rather by individuals It does not have the power to levy taxes It may not have the power to levy tax-exempt debt How Does a Nongovernmental NPO Differ from a Governmental Entity? 14- 1 The FASB, not the GASB, sets accounting and financial reporting standards for nongovernmental not-for-profit organizations. All FASB standards apply to NPOs, but several were released specifically to address NPO .