Financial Statement Note Disclosures: Not-for-Profit Financial Reporting

Overview

This video-based CPE course is included in the Not-for-Profit Certificate II Program. It can be purchased individually or as a part of the Not-for-Profit Certificate II - Financial Reporting track.

Is it possible to read a map without a legend? Perhaps you could, but it would take a lot of guesswork! Similarly, a set of financial statements without the accompanying footnotes is only minimally useful, if not downright confusing, to readers.

A not-for-profit (NFP)'s note disclosures provide a treasure trove of explanations, interpretations and mission-critical information to help users make informed decisions. Without the notes, it is not possible to fully understand the causes and effects of significant transactions. Also, beyond the minimum GAAP requirements, an NFP's managers enjoy some degree of latitude to present information in a way they consider meaningful and relevant for the organization's constituencies, including donors.

This CPE course offers you detail-rich examples and case studies that will help you prepare note disclosures unique to NFPs and to get the most out of your reporting process.

Note: As of August 1, 2018, the content of this course has been significantly 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). If you started but did not complete Not-for-Profit Certificate II prior to July 31, click here to find out how this and related course updates affect you. If you completed the program prior to July 31 and would like to retake only those courses with significant updates for new standards, click here to learn about the Certificate II Update Pack.

Highlights

Key Topics

GAAP requirements unique to NFPs
Split-interest agreements
Fair value
Contributions receivable and donor-imposed restrictions
Gifts-in-kind, investments, and endowments
Net asset composition
Contingencies
Related parties
Best practices and presentation options

Prerequisites

Experience working in or with the not-for profit industry

Objectives

Learning Outcomes

Determine how to prepare, in accordance with GAAP, the most common note disclosures for a not-for-profit entity's (NFP)'s financial statements.
Determine the effect of a transaction or significant event that should be disclosed in the notes to the financial statements.
Differentiate between those transactions reported on the face of the financial statements and those in the notes to the financial statements (or both).