Introduction to Not-for-Profit Entities: Accounting, Tax and Compliance Essentials

Overview

This CPE course can be purchased individually or as a part of the comprehensive Not-for-Profit Certificate I Program.

The Not-for-Profit sector is one of the fastest growing sectors in our economy. In this CPE course you will learn how accounting and finance professionals can apply their knowledge, skills and abilities to help NFPs accomplish their missions. This CPE course delves into the unique aspects of accounting, financial reporting, governance, and tax compliance issues that apply to NFPs. Topics covered will include an overview of NFP reporting standards, compliance requirements to obtain and maintain tax-exempt status, basic financial statement presentation, and accounting terminology unique to NFPs.

Note: As of August 1, 2018, course content has been updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08).

Highlights

Key Topics

• The role of CPAs and finance professionals as trusted advisors working in and with NFP organizations
• NFP reporting standards
• Compliance requirements to obtain and maintain tax-exempt status
• Basic financial statement presentation
• Terminology unique to NFPs

Prerequisites

Knowledge of the not-for-profit industry

Objectives

Learning Outcomes

• Identify the unique aspects of NFPs.
• Understand the differences between for-profit entities and NFPs.
• Recognize the various types of NFPs.
• Identify NFP-specific terminology.
• Identify the basic financial statement presentation differences between for-profit entities and NFPs.
• Identify examples of the differences in the organizational structures of for-profit entities and NFPs.