Accounting & Internal Controls for Nonprofits Self-Study Webinar

To give financial professionals who serve nonprofit organizations an overview of, and an update on, the accounting and reporting rules that directly impact not-for-profits. You’ll understand how internal controls requirements apply to your organization and you’ll learn about the financial accounting and taxation issues most commonly encountered by non-profit organizations.

DETAILED LEARNING OBJECTIVES

• Identify the common characteristics of nonprofit entities

• Identify the challenges of a nonprofit’s Board of Directors

• Recognize the suggested ideal range of the number of and suggested term of a nonprofit’s Board members

• Identify circumstances likely to expose a nonprofit’s Board members to legal liability

• Identify the recommended percentage of a nonprofit’s expenses that should be attributed to nonprofit programs

• Identify the suggested record retention period for the nonprofit’s corporate organization records

• Recognize the role of internal control within a nonprofit

• Identify the party responsible for reviewing and evaluating the auditor’s recommendations regarding internal control

• Identify the nonprofit Board’s appropriate responses to complaints about conflicts of interest

• Recognize the role of risk management in a nonprofit organization

• Recognize the correlation between insurance and risk management

• Recognize the primary sources of a nonprofit’s risk exposure

• Recognize successful defenses against specified employment and harassment complaints

• Identify the role of financial statements from the perspective of an investor/donor

• Recognize appropriate accounting guidance under recently promulgated GAAP

• Identify GAAP as applied to specific nonprofit transactions, including contribution revenue, balance sheet accounts, contributed property and services, special events and more

• Identify mandatory NFP financial statements and titles

• Identify the ramifications of ASU 2016-01 on not-for-profits relative to for-profits

• Recognize the changes in accounting for goodwill impairments by not-for-profits under both ASU 2017-04 and ASU 2019-06

• Recognize the characteristics of governmental entities

• Identify the accounting for contribution revenue by a not-for-profit

• Recognize the accounting for a conditional transfer of cash made to a not-for-profit

• Recognize factors indicative of risk in recording revenue for an unconditional promise to give

• Identify the accounting for donated securities

• Identify the terminology associated with the power to modify restrictions on a charitable fund

• Recognize necessary disclosures when a not-for-profit transfers assets to a recipient organization and specifies itself or an affiliate as a beneficiary

• Identify the accounting treatment of service concession arrangements under ASU 2014-05

• Recognize the accounting treatment for collections of art or similar collections

• Recognize the applicability of ASU 2019-03 on both not-for-profits and for-profits

• Recognize the accounting treatment of joint costs of a not-for-profit

• Identify the ramifications of balance sheet classifications of net assets on a not-for-profit’s balance sheet

• Types, goals and characteristics of not-for-profits
• Budgeting and internal controls, including programmatic and financial oversight
• Working with boards of directors
• Ethics and fraud issues
• Risk management
• Review and update of NPO accounting (ASC 958)
• Revised guidance for NPO financial statements and treatment of Net Assets
• Impact of revenue recognition and lease rules on NPOs
• Guidance on investment valuation and disclosures
• Special NPO accounting and audit concerns
• Recent guidance on consolidations and goodwill
• FASB Simplification Initiative
• Status of FASB’s NPO Project
• Accounting and internal controls for NPOs