Not-for-profit organizations are one of the fastest-growing sectors of our economy, making it increasingly important that auditors, attorneys, CFOs and other advisers understand the unique accounting principles and challenges that apply. Examine the core principles and practices of not-for-profit accounting; review the general characteristics and operational environment of not-for-profit organizations; and discuss how to apply generally accepted standards and principles. Also, learn risk management best practices and common accounting errors.
Learning Objectives
• Identify accounting and reporting differences between for-profit and not-for-profit organizations
• Determine fundamental accounting rules of not-for-profits
• Recognize allocation methodologies and how they impact financial statements and external oversight
• Identify hidden risk areas for not-for-profits to enhance audit procedures
Major Topics
• Not-for-profit GAAP
• Expense allocation methodologies
• Risk management
• Accounting errors
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