By Warren Ruppel
A hands-on advisor to the fine details of nonprofit accountingNot-for-Profit Accounting Made effortless, moment version equips you with the instruments you must run the monetary and accounting operations inside of your nonprofit association. whether you don't have a certified knowing of accounting rules and monetary reporting, this convenient advisor makes all of it transparent with advanced accounting ideas defined in phrases nonaccountants can simply comprehend which will assist you larger satisfy your managerial and fiduciary tasks. constantly functional and not overtechnical, this beneficial advisor conforms to FASB and AICPA criteria and:* Discusses federal unmarried audit and its effect on nonprofits* deals examples of varied varieties of split-interest agreements* indicates you ways to learn and comprehend a nonprofit financial plan* Explains monetary accounting and reporting criteria* is helping you develop into acquainted with the principles and rules of accounting* Updates board participants, government administrators, and different senior managers at the accounting fundamentals they need to comprehend for day by day operations* good points tables, shows, and charts that illustrate the content material in an easy and easy-to-understand mannerSuitable for fundraising managers and executives--as good as a person who must learn and comprehend a nonprofit monetary statement--this is the final word not-an-accountant's consultant to nonprofit accounting.
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Extra resources for Not-for-Profit Accounting Made Easy, 2nd Edition
Assuming that there is consistent inflation at some level, these older inventory items will have a lower cost assigned to them, because they were theoretically purchased at a lower cost. This means that when these items are sold, the profit realized by the not-for-profit organization will be higher than when the last items brought into inventory are sold. The alternative flow assumption, last-in, firstout (LIFO), assumes that the last items brought into inventory (that is, assuming inflation, the ones with a higher cost) are the first ones sold.
These are only examples—the “other” category can include a wide variety of receivables. If a particular receivable is significant, it should be included as a separate line on the statement of financial position. Alternatively, the details of the “other” category could be described in the notes to the financial statements if the financial statement preparer feels that including too many receivables in the “other” category obscures their nature. Inventories Inventories are most often associated with manufacturing and retail operations, rather than not-for-profit organizations.
Reimbursements of expenses (for example, a dinner chair agrees to underwrite the costs of a fund-raising dinner). • Reimbursement of expenses paid on behalf of other not-forprofit organizations. These are only examples—the “other” category can include a wide variety of receivables. If a particular receivable is significant, it should be included as a separate line on the statement of financial position. Alternatively, the details of the “other” category could be described in the notes to the financial statements if the financial statement preparer feels that including too many receivables in the “other” category obscures their nature.
Not-for-Profit Accounting Made Easy, 2nd Edition by Warren Ruppel