College 101: How College Works

Navigating Accounting Principles and Practices for Not-for-Profit Organizations: Charities, Colleges, & Healthcare

Created by: Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI

What Will I Learn?

• Evaluate the unique characteristics of not-for-profit organizations, including their legal structure, funding sources, and mission-driven nature.
• Analyze the accounting principles specific to not-for-profit entities, such as fund accounting, revenue recognition, and expense allocation.
• Differentiate between non-governmental and governmental not-for-profit organizations, understanding the key distinctions in financial reporting and compliance
• Apply generally accepted accounting principles (GAAP) to record transactions accurately and prepare financial statements for not-for-profit organizations.
• Compare and contrast the accounting practices in not-for-profit colleges, including both non-governmental and governmental institutions, to gain insights into t
• Evaluate the regulatory framework and tax considerations applicable to not-for-profit organizations, ensuring compliance and understanding the impact on financi
• Interpret financial statements of not-for-profit organizations, including the statement of financial position, statement of activities, and statement of cash fl
• Apply critical thinking skills to analyze complex not-for-profit accounting scenarios, considering ethical considerations and making informed judgments.
• Communicate effectively about not-for-profit accounting concepts, financial statements, and analysis results to stakeholders, employing clear language

Requirements

• Basic understanding of accounting principles and financial statements, including knowledge of balance sheets, income statements, and cash flow statements.
• An eagerness to learn and apply accounting principles and practices specific to not-for-profit organizations.
• Access to a computer or laptop with internet connectivity to access course materials, participate in online lectures, and complete assignments.
• Motivation and dedication to actively engage in the course, complete exercises and assignments, and seek clarification when needed.

Target audience

• Accounting professionals seeking to specialize in not-for-profit accounting and broaden their knowledge of accounting principles and practices in the sector.
• Finance professionals working in not-for-profit organizations who want to enhance their understanding of financial reporting and compliance requirements.
• Non-profit managers and executives responsible for financial oversight and decision-making, aiming to develop a strong foundation in not-for-profit accounting.
• Students pursuing degrees in accounting, finance, or related fields, who wish to gain specialized knowledge in not-for-profit accounting.
• Board members and volunteers involved in the governance and financial management of not-for-profit organizations.
• Consultants and advisors serving not-for-profit organizations, aiming to deepen their expertise and provide comprehensive financial guidance.
• Individuals interested in the not-for-profit sector, seeking to understand the unique financial challenges and considerations specific to these organizations.