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Financial and Accounting Guide for Not-for-ProfitOrganizations, Seventh Edition 2008 Cumulative Supplement
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More About This Title Financial and Accounting Guide for Not-for-ProfitOrganizations, Seventh Edition 2008 Cumulative Supplement

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The 2008 Cumulative Supplement contains the following: We have updated Appendix D, Summary of Emerging Issues for Not-for-Profit Organizations, which highlights accounting, financial reporting, tax, and regulatory compliance issues, including their potential impact.SAS 112 (which replaced SAS 60) is addressed in Chapter 24 as well as Appendix E.Chapter 26 on Investments includes the Alternative Investments Practice Aid issued by the Alternative Investments Task Force established by the Audit Issues Task Force of the Auditing Standards Board. In addition, we have included a new, comprehensive whitepaper on this topic (useful for management, the board and the auditors) as Appendix F.Another white paper, helping management and the board to understand the balance sheet, has been added as Appendix G.Chapter 28 discusses some of the IRS’ proposed revisions to Form 990 and provides a website where you may obtain the most recent status and information.
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Malvern J. Gross, Jr., was the author of the first edition of this text and a significant contributor to many of the subsequent editions. He is a retired partner of Price Waterhouse (a predecessor to PricewaterhouseCoopers LLP) and a nationally recognized authority on accounting and financial reporting for not-for-profit organizations. He was chairman of the AICPA Subcommittee on Nonprofit Organizations that wrote the 1978 landmark Statement of Position for Certain Nonprofit Organizations and of the Accounting Advisory Committee to the Commission on Private Philanthropy and Public Needs. He was a member of the committee that wrote the second edition of Standards of Accounting and Financial Reporting for Voluntary Health and Welfare Organizations and a coauthor of the Museum Accounting Handbook. He served as an advisor to the Financial Accounting Standards Board in the early phases of its work on setting accounting standards for not-for-profit organizations and to the New York State Charities Registration Office, as well as an adjunct professor of accounting at Lehigh University, his alma mater. After retirement from Price Waterhouse, he was president of a not-for-profit organization, the National Aeronautics Association. He now lives in the San Juan Islands off the state of Washington.

John H. McCarthy is senior vice president of finance and administration at Northeastern University. Jack is also affiliated with Harvard University's Hauser Center for Nonprofit Organizations and a lecturer at the Kennedy School of Government. He served as the national leader of PricewaterhouseCoopers' Education & Not-for-Profit Practice before his retirement from the firm in 2005. He was a coauthor of the sixth and seventh editions of this text. He is a coauthor of Understanding Financial Statements: A Strategic Guide for Independent College & University Boards, 2nd edition (2007), published by the Association of Governing Boards of Universities and Colleges, as well as several publications by PricewaterhouseCoopers including: The Changing Role of the Audit Committee: Leading Practices for Colleges, Universities and Other Not-for-Profit Educational Institutions (2004); A Foundation for Integrity (a 2004 guide for codes of conduct, conflicts of interest, and executive compensation); Meeting the Challenges of Alternative Investments (2004); Understanding Underwater Endowment Funds (2003); and Financial Reporting and Contributions: A Decision Making Guide to FASB Nos. 116–117 (1996), among others. He is a CPA who, for 37 years, served PricewaterhouseCoopers' education and not-for-profit clients, including many of the most prestigious institutions in the United States. He graduated from Boston College and holds an MBA from the University Michigan Business School.

Nancy E. Shelmon is a senior partner of PricewaterhouseCoopers LLP and is the firm's West Region Leader for the Education and Not-for-Profit Industry within the United States. She is a frequent speaker at AICPA and state CPA conferences on financial reporting and accounting issues affecting not-for-profit organizations and is currently a member of the AICPA Not-for-Profit Expert Panel. She is currently chair of the planning committee for the AICPA's annual Not-for-Profit Conference. She has been serving education and not-for-profit clients for over 30 years and has been involved with some of the most widely respected organizations in North America. She serves on the board of directors of the Los Angeles Urban League and Executive Service Corps of Southern California. In addition to being a CPA, she is also a Certified Fraud Examiner. She holds her accounting degree from the University of Minnesota.

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Chapter One: Responsibilities for Fiscal Management.

§ 1.8 Conclusion.

PART ONE KEY FINANCIAL CONCEPTS.

Chapter Five: Fixed Assets and Depreciation.

§ 5.1 General Principles—Working Definitions.

§ 5.7 Impairment or Disposal of Long-Lived Assets.

Chapter Six: Investment Income, Gains and Losses, and EndowmentFunds.

*§ 6.1 Accounting Principles.

Chapter Seven: Affiliated Organizations, Pass-Through Transactions, and Mergers.

*§ 7.3 Mergers of Not-for-Profit Organizations.

Chapter Nine: Accounting Issues Relating to Fundraising.

§ 9.1 Accounting for Gifts.

PART TWO FINANCIAL STATEMENT PRESENTATION.

Chapter Eleven: Accrual-Basis Financial Statements.

§ 11.1 Simple Accrual-Basis Statements.

§ 11.2 Accrual-Basis Statements—Fundraising Organization.

§ 11.3 Accrual-Basis Statements—International Organization.

Chapter Twelve: Multiclass Financial Statements.

§ 12.2 Preparation of Statement of Cash Flows.

§ 12.3 ‘‘Class" Financial Statements Explained.

Appendix 12-A: Financial Statements of Not-for-ProfitOrganizations—Review Points.

PART THREE ACCOUNTING AND REPORTING GUIDELINES.

Chapter Thirteen: Voluntary Health and Welfare Organizations.

§ 13.2 Accounting for Contributions.

§ 13.5 Accounting for Assets.

§ 13.6 Net Assets.

§ 13.7 Financial Statements.

Chapter Fourteen: Colleges and Universities.

*§ 14.1 Authoritative Pronouncements.

§ 14.2 The Principal Financial Statements.

§ 14.3 Accounting Principles.

*§ 14.4 New Accounting Rules (New).

Chapter Fifteen: The External Financial Statement Reporting Model for Public Colleges and Universities and Other Not-for-Profit Organizations Reporting under the GASB.

*§ 15.6 Basic Financial Statements.

*§ 15.7 Footnote Disclosures.

*§ 15.8 Management's Discussion and Analysis.

*§ 15.8A Required Supplemental Information Other than MD&A (New).

*§ 15.8B Statistical Section (New).

Chapter Sixteen: Health Care Providers.

*§ 16.3 Financial Statements.

*§ 16.4 Accounting Principles.

Chapter Seventeen: Accounting Standards for Other Not-for-Profit Organizations.

§ 17.1 Accounting Principles.

Chapter Eighteen: Special Accounting Issues for Specific Organizations.

§ 18.7 Private Foundations.

Chapter Ninteen: The Financial Accounting Standards Board and Future Trends in Not-for-Profit Accounting.

§ 19.2 Trends in Not-for-Profit Accounting.

§ 19.3 New FASB Statements of Financial Accounting Standards that Affect Not-for-Profit Organizations.

§ 19.4 Other FASB Pronouncements and Projects.

PART FOUR CONTROLLING THE NOT-FOR-PROFIT ORGANIZATION.

Chapter Twenty-Four: Effective Internal Accounting Control for Not-for-Profit Organizations.

§ 24.1 Introduction to Internal Accounting Control.

§ 24.3 Basic Internal Accounting Control System.

§ 24.4 Specific Nonprofit Internal Accounting Controls.

Chapter Twenty-Five: Independent Audits.

*§ 25.5 Audit Committees.

Chapter Twenty-Six: Investments.

§ 26.1 Valuing Investments.

§ 26.5 Professional Investment Advice.

PART FIVE PRINCIPAL FEDERAL TAX AND COMPLIANCE REQUIREMENTS.

Chapter Twenty-Seven: E-Business for Not-for-Profit Organizations: How Can Not-for-Profits Manage the Risks to Maximize E-Business Opportunities?

§ 27.5 Where AreWe Today?

§ 27.8 How Are Academic Institutions Using E-Business?

Appendix 27-A: What E-Business Models Exist?

Chapter Twenty-Eight: Principal Tax Requirements.

*§ 28.2 Charitable Organizations.

§ 28.3 Tax Status of Charitable Organizations: Public Charity or Private Foundation.

§ 28.4 Other Concerns for Charities.

§ 28.5 Private Foundations.

*§ 28.8 Registration and Reporting.

*§ 28.9 Federal Information and Tax Return Filing Requirements.

§ 28.10 State Information and Tax Reporting Issues.

§ 28.11 Donor-Advised Funds (New).

*§ 28.12 New Restrictions on Supporting Organizations (New).

Chapter Twenty-Nine: Audits of Federally Funded Programs.

*§ 29.1 Basic Requirements.

*§ 29.3 Responsibilities of the Receiving Organization.

*§ 29.4 What to Expect from the Audit.

Appendix A: Accounting and Disclosure Guide for Not-for-Profit Organizations.

*Appendix D: Summary of Emerging Issues for Not-for-Profit Organizations in 2007 (New).

Appendix E: SAS 112 Internal Controls Readiness: A PwC Perspective (New).

*Appendix F: Auditing Alternative Investments: A Practical Guide for Investor Entities, Investee Fund Managers, and Auditors (New).

*Appendix G: Behind the Numbers: Understanding the Higher Education and Not-for-Profit Balance Sheet (New).

Index.

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