This publication provides a detailed overview of the major finance-related areas—such as financial statements, accounting, grant management, internal controls, and tax issues—for operations of a non-profit organization.
This course is a useful, practical resource for any controller, manager, board member, or CFO working in the nonprofit sector, providing answers to questions that often arise regarding operations or specific accounting issues, such as the following:
- Is the nonprofit tax-exempt?
- What are 'funds' or 'net assets'?
- What is a 'release of net assets'?
- What is a Statement of Position?
- What is a Statement of Activities?
This course answers these questions and others you may have in the back of your mind regarding finance in the nonprofit sector.
Upon successful completion of this course, participants will be able to:
- Identify nonprofit status, including steps to obtain this status
- Identify Form 1023, a 501(3)(c) tax exemption, and a Determination letter
- Identify the three main operational areas of a nonprofit organization and categorize organizational processes by areas
- Identify net assets without donor restrictions
- Identify temporarily restricted net assets as part of net assets with donor restrictions
- Determine the difference between a contribution and an exchange
- Identify the requirements for revenue to be classified as without donor restrictions
- Identify the requirements for revenue to be classified as with donor restrictions
- Identify the IRS receipt requirements
- Identify the Super Circular
- Identify essential grant management topics
- Identify direct and indirect costs
- Recognize the basics of indirect cost rates
- Identify grant audits
- Identify the main financial statements of a nonprofit
- Recognize the Statement of Position
- Recognize the Statement of Activities
- Identify the Statement of Cash Flows
- Identify the functions of each financial statement
- Identify the basic formulas behind the financial statements
- Identify basic accounts presented in the financial statements
- Identify the analysis of nonprofits’ financial statement
- Identify basic tax returns of nonprofits
- Recognize sales and payroll tax issues of nonprofits
- Identify the 990 parts
- Determine IRS filing requirements
- Identify unrelated business income tax
- Identify basic internal control concepts
- Identify segregation of duties
- Identify risks and controls for cash, receivables, and revenues
- Outline risks and controls for accounts payable and expenses
- State risks and controls for payroll
- Identify risks and controls for information systems
- Identify accounting for leases
- Identify budgeting for a nonprofit
- Define joint costs
- State nonprofit’s risks of losing the tax exemptions
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