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Wiley CPAexcel Exam Review 2014 Study Guide, Financial Accounting and Reporting by O. Ray Whittington

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Module 22: Not-for-Profit Accounting

Overview

Nonprofit1 organizations provide socially desirable services without the intention of realizing a profit. Nonprofit organizations are financed by user charges, contributions from donors and/or foundations, investment income, and government grants. The nature and extent of support depends upon the type of nonprofit organization.

Examples of private sector nonprofits would be private colleges (University of Chicago), private sector health care entities operated by religious or other nonprofit organizations, voluntary health and welfare organizations, and various “other” nonprofits, such as performing arts companies. Examples of government nonprofits would be public colleges (Northern Illinois University), government hospitals, and government museums. Private sector nonprofit organizations have GAAP set primarily by the FASB; governmental nonprofit organizations have GAAP set primarily by the GASB.

A. FASB and AICPA Standards for Private Sector Nonprofits

B. College and University Accounting—Private Sector Institutions

C. Health Care Organization Accounting—Private Sector

D. Health Care Organization Accounting—Governmental

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

In June of 1993, the FASB issued SFAS 116, Accounting for Contributions Received and Contributions Made, and SFAS 117, Financial Statements of Not-for-Profit Organizations. These standards are applicable to private sector not-for-profit organizations ...

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