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NPO 1 One-Hour

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7/9/2014 www.cpafirmsupport.com 1 Key Accounting & Reporting Issues for Nonprofits: Introduction, Overview and the Statement of Financial Position Presented by Larry L. Perry, CPA CPA Firm Support Services, LLC 7/9/2014 www.cpafirmsupport.com 2 Learning Objectives  Describe fundamental definitions and operating principles of nonprofit organizations  Review SFASs for nonprofit organizations  Describe basic financial statements and footnotes presentations for nonprofit organi
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  7/9/2014 www.cpafirmsupport.com 1 Key Accounting & Reporting Issues for Nonprofits: Introduction, Overview and the Statement of Financial Position Presented by Larry L. Perry, CPA CPA Firm Support Services, LLC  7/9/2014 www.cpafirmsupport.com 2 Learning Objectives  Describe fundamental definitions and operating principles of nonprofit organizations  Review SFASs for nonprofit organizations  Describe basic financial statements and footnotes presentations for nonprofit organizations  Explain principles of accounting and reporting for accounts in the statement of financial position  7/9/2014 www.cpafirmsupport.com 3 Definitions of Nonprofit Organizations  SFAS Nos. 116 and 117 (ASC 958)  Examples of non-profit organizations   o Types of nongovernmental, nonprofit organizations o Type of voluntary health and welfare organizations  Internal Revenue Service o Common IRS classifications  7/9/2014 www.cpafirmsupport.com 4 SFAS No. 116 (ASC 958)  —  Accounting for Contributions  Contributions received are recognized as revenues in the period received at fair values o Includes unconditional promises to give  Contributions made are recognized as expenses in the period made at their fair values o Includes unconditional promises to give  Conditional promises are recognized when they become unconditional  Restricted contributions are recorded and recognized according to time and purpose restrictions  In-kind contributions of materials, professional services, and free space are recorded at fair values when received  Contributions of collectibles are recorded as revenues at fair values if NPO capitalizes collectibles
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