There are no prerequisites.

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Course Description

Not-for-Profit GAAP is a thorough examination of the authoritative standards for measurement, presentation, and disclosure as applied to not-for-profit organizations. Due to these organizations' unique characteristics, not-for-profit accountants must adhere to specific Generally Accepted Accounting Principles (GAAP). These requirements are complex and ever evolving, but this single volume brings them together, providing the most up-to-date information available. Flowcharts and diagrams are used to assist the reader's understanding of the material. Additionally, a financial statement disclosure checklist facilitates GAAP adherence.

Designed specifically for accountants in public practice and industry, this course covers requirements from all relevant organizations, including the Financial Accounting Standards Board (FASB) and Accounting Principles Board (APB). Technical and accounting research bulletins are clearly and concisely summarized, as are all statements of position important to not-for-profit organizations. Together, these resources make this course a complete reference tool for auditors and financial personnel in the not-for-profit sector.


Richard F. Larkin, CPA

Richard F. Larkin, CPA, is the Technical Director for the Assurance Department of BDO. Richard spent 31 years of his professional career with PricewaterhouseCoopers. He is widely considered to be one of the premier experts in accounting issues for nonprofit organizations, having extensive experience in the creation and interpretation of nonprofit financial accounting, reporting, and auditing standards. In addition, he has decades of experience serving numerous nonprofit organizations as both a board member and treasurer. He is also a widely known author in the nonprofit field.

Marie DiTommaso

Marie DiTommaso, CPA, is a partner in her own CPA practice, DiTommaso & Ruppel, CPAs. She has over 20 years of experience in accounting and financial reporting in both the not-for-profit and commercial accounting environments.

Course Specifics

Sep 4, 2019
There are no prerequisites.

Compliance Information

IRS Provider #: OMYXB
Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the characteristics of a not-for-profit organization as well as the key difference between a not-for-profit and a profit organization
  • Recognize the application of generally accepted accounting principles to not-for-profit organizations

Chapter 2

  • Recognize the different bases of accounting, including the cash basis, accrual basis, and modified cash basis, noting the key attributes and requirements of each

Chapter 3

  • Note the presentation of the statement of financial position, including liquidity, right of setoff, acceptable formats, and disclosure requirements

Chapter 4

  • Note the presentation requirements for a statement of activities as well as the elements of the statement, reporting of gross versus net amounts, and disclosure requirements

Chapter 5

  • Recognize the various classifications on the statement of cash flows as well as the definition of cash equivalents and the presentation of the operating section of the statement
  • Identify the components of the financing and investing sections of the statement of cash flows, noting any required disclosures

Chapter 6

  • Recognize other not-for-profit financial statement issues, noting the requirements for comparative financial information and the presentation of certain items in the statements
  • Note the requirements for interim reporting, including disclosure and subsequent events requirements

Chapter 7

  • Identify the rules for fund accounting, including the various categories of funds, and the fund financial statements

Chapter 8

  • Recall the requirements for the various classifications for net assets

Chapter 9

  • Cite applicable accounting principles and subsequent treatment for unrestricted contributions, current restricted contributions, and investment securities
  • Note the accounting treatment of gifts-in-kind by a not-for-profit organization
  • Recognize the accounting standards and treatment applicable to support not currently expendable, including endowments, pledges, bequests, and exchange transactions

Chapter 10

  • Cite the rules and reporting requirements for fair value disclosures of investments, investment income, and donor-restricted endowment funds
  • Note the accounting treatment for impairment of equity securities reported at cost, the rules for the equity method of accounting, and disclosure requirements for investments

Chapter 11

  • Recognize the various types of affiliated organizations, noting interrelated attributes as well as accounting, reporting, and disclosure requirements
  • Specify the rules and disclosure requirements for pass-through gifts

Chapter 12

  • Cite the rules for revocable and irrevocable split-interest agreements, noting defining characteristics as well as accounting and reporting requirements

Chapter 13

  • Recognize the concepts and rules for joint costs, noting allocation methods and the criterion that must be met before joint costs can be allocated
  • Note the accounting treatment, reporting requirements, and disclosure rules for special events and fundraising

Chapter 14

  • Recognize the concepts and rules associated with the functional classification of expenses, noting related disclosure requirements

Chapter 15

  • Discuss the proper accounting and disclosure requirements for collections, an area unique to not-for-profit organizations

Chapter 16

  • Cite the accounting and reporting rules for specific types of not-for-profit organizations, including associations and professional societies, churches, clubs, libraries, and museums
  • Cite the accounting and reporting rules for specific types of not-for-profit organizations, including performing arts organizations, private foundations, religious organizations other than churches, research and scientific organizations, private elementary and secondary schools, and public broadcasting stations

Chapter 17

  • Recognize the tools and techniques used in preparing a budget
  • Note the presentation requirements and need for interim statements and budgets
  • Cite suggested procedures for setting a five-year master plan

Chapter 18

  • Recognize the characteristics of organizations exempt from tax, including private foundations, private operating foundations
  • Recall the federal tax reporting and regulatory requirements of noncharitable exempt organizations, including social and recreation clubs and trade associations, and the concept of unrelated business income
  • Identify the various filing requirements for the 990 Forms and any applicable state compliance requirements

Chapter 19

  • Recognize which assets and liabilities are classified as current or noncurrent, noting the requirements for offsetting assets and liabilities as well as for short-term obligations that are expected to be refinanced
  • Note the accounting, reporting, and disclosure requirements for assets and liabilities on the statement of financial position

Chapter 20

  • Specify the various methods used to value inventory, noting the accounting requirements for each valuation method, factors that influence which method to use, reporting requirements, and applicable disclosures

Chapter 21

  • Recognize the rules for recording long-lived assets, noting the different depreciation methods, the rules for impairment, and corresponding disclosure requirements

Chapter 22

  • Recognize the accounting treatment and disclosure requirements for intangible assets, noting the useful life of an intangible asset, amortization requirements, internally developed intangibles, goodwill, the recognition and measurement of an impairment loss, and zero or negative goodwill of reporting units

Chapter 23

  • Recall the general rules for loss contingencies, noting specific loss contingencies, accounting treatment, and disclosure requirements for contingencies

Chapter 24

  • Distinguish between a merger and an acquisition for a not-for-profit organization, noting the accounting and disclosure requirements for a merger
  • Note the accounting treatment and disclosure requirements for an acquisition, including recognizing and measuring goodwill and other intangible assets and the concept of push down accounting

Chapter 25

  • Note the various terms used in accounting for pensions and postretirement benefits as well as the computation for the net periodic pension cost
  • Identify the accounting requirements set forth in ASC 715-20 that include the recognition of the funded status of a pension plan, measurements dates for plan assets, disclosure requirements, plan settlements and curtailments, postretirement benefits other than pensions (OPEB)
  • Recognize the disclosure requirements for pensions and postretirement benefits including multiemployer plans, employers with two or more plans, and reduced disclosure requirements for nonpublic entities

Chapter 26

  • Recognize the accounting requirements for long-term liabilities, including the accounting treatment for notes and bonds, extinguishment of debt, and troubled debt restructurings
  • Note the accounting costs associated with exit or disposal activities as well as for environmental remediation liabilities

Chapter 27

  • Recognize the accounting requirements and treatment for changes in accounting principle, changes in accounting estimates, changes in the reporting entity, and the correction of an error in previously issued financial statements

Chapter 28

  • Note the definitions for terminology associated with the accounting for leases
  • Recognize the classification and accounting requirements of leases for both the lessor and lessee as well as for special situations, sale-leaseback transactions, and real estate

Chapter 29

  • Note concepts and rules associated with financial instruments, including the accounting and disclosure requirements for derivatives as well as fair value disclosures and measurement options

Chapter 30

  • Recognize the accounting rules and concepts associated with the capitalization of interest costs, noting the amount of interest that is required to be capitalized, procedures to capitalize interest, and applicable disclosure requirements

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