Introduction to Not-for-Profit Entities

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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:

  1. Understand and apply the accounting principles and financial reporting practices specific to NFPs.
  2. Recognize the tax considerations and compliance requirements affecting tax-exempt NFPs.
  3. Identify the governance structures typical to NFPs and understand their impact on organizational practices.
  4. Distinguish the significant operational and financial differences between for-profit entities and NFPs.
  5. 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.


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