Introduction to Not-for-Profit Entities, Not For Profit Entities Overview Entity, Accounting and Tax.
Course Description
Course Overview: This comprehensive course offers a deep dive into the specialized field of accounting, financial reporting, taxation, and governance specifically tailored for not-for-profit entities (NFPs). Designed for professionals transitioning from the for-profit sector, new NFP managers, and accounting practitioners seeking to expand their expertise, this course provides essential knowledge and skills to navigate the unique financial landscapes of NFPs.
Course Objectives: Upon successful completion of this course, participants will be able to:
- Understand and apply the accounting principles and financial reporting practices specific to NFPs.
- Recognize the tax considerations and compliance requirements affecting tax-exempt NFPs.
- Identify the governance structures typical to NFPs and understand their impact on organizational practices.
- Distinguish the significant operational and financial differences between for-profit entities and NFPs.
- Master the specialized terminology used within the NFP sector.
Course Content:
- Module 1: Introduction to Not-for-Profit Entities
- Explore the role and importance of NFPs in society.
- Understand the definitions and characteristics of NFPs as outlined by the Financial Accounting Standards Board (FASB).
- Module 2: Accounting for NFPs
- Learn about the accounting standards and practices specific to NFPs, including revenue recognition, fund accounting, and reporting of donations and grants.
- Hands-on exercises in preparing financial statements and handling unique accounting scenarios encountered by NFPs.
- Module 3: Financial Reporting and Compliance
- Detailed analysis of the financial reporting requirements for NFPs.
- Study of compliance issues and how to maintain tax-exempt status.
- Module 4: Taxation of Not-for-Profit Organizations
- Overview of federal and state tax regulations applicable to NFPs.
- Case studies on handling taxable activities and understanding unrelated business income tax (UBIT).
- Module 5: Governance in NFPs
- Examination of governance models and best practices in board management and operational oversight.
- Strategies to enhance transparency and accountability to stakeholders.
- Module 6: Differences Between For-Profit and Not-for-Profit Entities
- Comparative analysis of financial practices between for-profit and NFP sectors.
- Discussion on the strategic implications of these differences in terms of management and operational focus.
Target Audience: This course is ideal for CPAs, financial officers, board members, and managers within the NFP sector, as well as professionals from the for-profit sector looking to transition into non-profit roles.
