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Government & Non-Profit Accounting: Accounting for Not-For-Profit Organizations

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Published on 13 Jul 2018 / In Non-profits & Activism

Government & Non-Profit Accounting:
Accounting for Not-For-Profit Organizations (Chapter 13)
May 1st, 2013
by Professor Irfan Bora

This video begins with the Professor explaining, as well as distinguishing, not-for-profit (NFP) organizations from entities in the governmental and commercial sectors of the U.S. economy. Next, the authoritative standards-setting body for establishing GAAP for nongovernmental NFP's is identified and discussed. Following this, the proper financial reporting for NFPs is discussed, including the required financial statements, the classification of net assets, the accounting for revenues [and related items such as gains and support], accounting for expenses, and accounting for assets are covered. The accounting for NFP combinations and consolidations is discussed, as well as the preparation of financial statements in accordance with GAAP-governing NFP organizations. Lastly, optional fund accounting is explained.


------QUICK NAVIGATION------

Introduction / Easing into the Lecture's Topics until 3:17

Overview of Lecture's Learning Objectives 3:18

Not-For-Profit Sector (defined) 4:15

How Does a Non-governmental NFP
Differ from a Business Entity? 6:22

How Does a Non-Governmental NFP
Differ from a Governmental Entity? 7:31

GAAP for Non-Governmental NFP's 8:05

Financial Statements for NFP's 8:24

Statement of Financial Position 8:53

Illustration of Consolidated Statement of Activities 12:29

Illustration of Consolidated Balance Sheet 13:34

Statement of Activities 14:10

Statement of Cash Flows 18:14

Illustration of Statement of Functional Expenses 19:17

Revenues 21:18

Support 22:31

Support Increases 25:27

Pledges / Promises to Give 26:00

Recording Pledges (with JE's) 26:38

Donated Materials 29:54

Contributed Services 30:25

Donated Services Example (True & False) 33:10

Recording Contributed Services 36:14

Special Events 36:30

Contributions Involving an Intermediary 39:03

Expenses 41:28

Joint Costs with a Fund Raising Appeal 43:02

Investments 45:47

Collection Items 46:38

Consolidations & Combinations 50:38

Optional Fund Accounting 51:10

Concluding Comments / Summary 53:08

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