Not-for-Profit Accounting Made Easy, 2nd Edition - download pdf or read online

By Warren Ruppel

ISBN-10: 0470169753

ISBN-13: 9780470169759

ISBN-10: 0471789798

ISBN-13: 9780471789796

A hands-on advisor to the fine details of nonprofit accountingNot-for-Profit Accounting Made effortless, moment version equips you with the instruments you want to run the monetary and accounting operations inside of your nonprofit association. whether you don't have a certified figuring out of accounting rules and monetary reporting, this useful consultant makes all of it transparent with complicated accounting principles defined in phrases nonaccountants can simply comprehend with the intention to assist you larger satisfy your managerial and fiduciary tasks. regularly functional and not overtechnical, this beneficial consultant conforms to FASB and AICPA criteria and:* Discusses federal unmarried audit and its effect on nonprofits* bargains examples of varied varieties of split-interest agreements* exhibits you ways to learn and comprehend a nonprofit financial plan* Explains monetary accounting and reporting criteria* is helping you turn into familiar with the foundations and ideas of accounting* Updates board contributors, govt administrators, and different senior managers at the accounting fundamentals they need to comprehend for daily operations* good points tables, shows, and charts that illustrate the content material in an easy and easy-to-understand mannerSuitable for fundraising managers and executives--as good as a person who must learn and comprehend a nonprofit monetary statement--this is the final word not-an-accountant's consultant to nonprofit accounting.

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Extra info for Not-for-Profit Accounting Made Easy, 2nd Edition

Sample text

When the expenses are incurred in setting up the new art studio and the $5,000 is spent, an accounting entry is recorded in which the $5,000 is reclassified to unrestricted net assets so that it offsets the expenses of setting up the art studio, which are first paid out of unrestricted net assets. Note that expenses are paid from the not-for-profit organization’s unrestricted net assets. Unrestricted net assets are “reimbursed” by reclassifying assets from temporarily restricted net assets to unrestricted net assets.

Reported as revenues in the financial statements) when the service is provided. This is easy to identify in the simple transactions described above. The cash collected for the hot dog and soda is recognized at the time of the purchase. For the day care contract with a local government, the fee is most likely earned by the day care center when it provides the service to the children in its care. Accordingly, the revenue is recognized as the day care center performs its service and bills the local government.

Fund accounting assisted in assuring compliance with these requirements. On the other hand, the fairly sophisticated accounting software packages available today can provide a high degree of accountability, assuming that the organization’s chart of accounts and cost allocations are set up with some thought and care. As more and more not-for-profit organizations convert to more sophisticated systems, it seems likely that true fund accounting will continue to gradually disappear from use. 42 Understanding the Basics of Not-for-Profit Accounting The management of each not-for-profit organization should assess whether the use of fund accounting still makes sense for its particular organization.

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Not-for-Profit Accounting Made Easy, 2nd Edition by Warren Ruppel


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