Not-for-Profit Accounting Made Easy [Hardcover]

Not-for-Profit
Accounting Made Easy
Second Edition

The world of accounting can be intimidating but there's no way to avoid it—even nonprofit organizations must venture into financialjargon and concepts. Now in a second edition, Not-for-Profit Accounting Made Easy, Second Edition shows you how to read and understand a nonprofit financial statement, while providing you with a basic understanding of the accounting and financial reporting practices of a nonprofit.

Clarifying nonprofit accounting principles and reporting standards in simple terms that are easily understood by those with little or no prior accounting experience, Nonprofit Accounting Made Easy, Second Edition conforms to FASB and AICPA standards and forms and introduces you to:

• Basic accounting terminology

• Fundamental accounting concepts

• Basic financial statements of a nonprofit organization

• Accounting for contributions, investments and financial instruments, activities with joint costs, affiliated organizations, and collections

• Accounting peculiarities of health care, education, and religious and cultural nonprofits

• Accounting for leases

• Accounting for pension plans and other employee benefit plans

Simple and practical in approach, this book is helpful not only for nonaccountants with accounting duties but also for people who work with nonprofits in a variety of capacities. Since nonprofit accounting differs in many subtle ways from normal business accounting, this book shows you how to brush up on the idiosyncrasies that separate the two. Management and staff, board members, consultants, donors, and creditors can all benefit from understanding the fundamental principles of nonprofit accounting.

With updated GAAP hierarchy discussions including the PCAOB and its impact on standards setting and applicability to nonprofit organizations, Nonprofit Accounting Made Easy, Second Edition offers a wealth of practical information on putting accounting principles to work for your nonprofit.

A hands-on guide to the ins and outs of nonprofit accounting

Not-for-Profit Accounting Made Easy, Second Edition equips you with the tools you need to run the financial and accounting operations within your nonprofit organization. Even if you do not have a professional understanding of accounting principles and financial reporting, this handy guide makes it all clear with complex accounting rules explained in terms nonaccountants can easily understand in order to help you better fulfill your managerial and fiduciary duties. Always practical and never overtechnical, this helpful guide conforms to FASB and AICPA standards and:

• Discusses federal single audit and its impact on nonprofits

• Offers examples of various types of split-interest agreements

• Shows you how to read and understand a nonprofit financial statement

• Explains financial accounting and reporting standards

• Helps you become conversant in the rules and principles of accounting

• Updates board members, executive directors, and other senior managers on the accounting basics they should know for day-to-day operations

• Features tables, exhibits, and charts that illustrate the content in a simple and easy-to-understand manner

Suitable for fundraising managers and executives—as well as anyone who needs to read and understand a nonprofit financial statement—this is the ultimate not-an-accountant's guide to nonprofit accounting.