Course 303 - Nonprofit Accounting
Course 303 - Nonprofit Accounting (3 credits)
Two essential issues are covered - the mechanics of non-profit accounting and the necessity of financial accountability. The outcome of this course is the development of an accounting policy manual for a nonprofit organization.
Note: This course requires access to the financial records of a nonprofit organization that has been in operation for at least ten years.
This course counts toward credit as a Certified Fund Raising Executive (CFRE Certification).
Professor: Barbara Clemenson
Course Learning Objectives for this Course:
To enable students to learn:
- Basic accounting terms and principles, and how they are applied to organizations.
- To understand the difference between bookkeeping, accounting and attest (including auditing) services.
- To be aware of the ethical foundations of finances and to understand where and how nonprofits tend to violate those ethical standards.
- To understand both the formal and informal regulatory context in which nonprofits operate.
- To understand the basics of good financial internal controls and safeguards.
- To understand and learn to “read” and analyze the basic nonprofit financial statements and understand what they mean to organizations and to outside stakeholders.
- To conduct basic trend and benchmark analysis with nonprofit organizations.
Weekly Learning Objectives for this Course:
To introduce the student to Course 303 and its instructor.
- To give the student an overview of the different types of accounting.
- To introduce the student to basic accounting terms as well as to available financial information through www.Guidestar.org.
- To help the student understand the difference between bookkeeping, accounting and auditing.
- To enable the student to understand the difference attest services offered by auditors, what they mean and when each is appropriate.
- To introduce the student to the four nonprofit financial statements
To introduce the student to the Balance Sheet of an organization, in order that they may understand:
- Assets - What the organization owns
- Liabilities - What the organization owes
- Net Assets - What the organization owns without debt; that is, what it is worth.
- To help the student understand the difference between:
- Unrestricted funds
- Temporarily restricted funds, and
- Permanently restricted funds
- To introduce the student to the Income Statement, and the organization's income, expenses and profit or loss.
- To help the student understand the importance of profit in nonprofit organizations.
- To introduce the student to the Statement of Functional Expenses.
To help the student further explore the Income Statement, specifically looking at issues of:
- Estimations, especially of In-Kind donations
- To introduce the student to the use of an Excel Spreadsheet.
- To begin to understand the fundamentals of trend and ratio analysis and how they can provide us insight into an organization's financial situation.
To introduce the student to the Statement of Cash Flow so that they understand cash in-flow and out-flow concerning:
- To help the student begin to explore trend and benchmark analysis, to understand why these comparisons are important, and to see what these analyses can tell us about our organization.
This week's lessons begin to introduce the students to the regulatory environment in which nonprofit organizations operate. This week we concentrate on regulation at the organizational level.
- To help the student understand the concepts and importance of Internal Controls.
- To provide the student with the opportunity to assess an organization's Internal Controls and propose possible corrective action.
This week we continue our look at regulation, looking at oversight at the organizational level by both auditors and outside watch-dog agencies.
- To familiarize the student with audited financial statements and the auditors' opinion.
- To help the student understand how outside agencies assess and certify nonprofit organizations.
This week we will finish looking at the regulatory environment in which nonprofits operate, focusing on the impact of Sarbanes-Oxley on our organizations.
- To introduce the student to Sarbanes-Oxley and its impact on nonprofit organizations.
- To enable the student to reflect on this course's material and how it applies to their accountability before God.
Course Materials & Tuition
|Streetsmart Financial Basics for Nonprofit Managers. ISBN: 978-0470414996||$32.00|
Total Cost of Course
- Director and/or Accounting head - accounting functions of ministry
Information and/or Documents
- Chart of Accounts for the ministry
- Copy of the latest ministry accounting audit.
- Flow chart for handling direct mail contributions.
- Internal security controls for the accounting system and how they relate to the ECFA.
- Management Reports
- Cash Management - Income and Expense reports
- 12 month Report of Income
- Allocation guidelines
- Tax Filing reports
- Board Policies
- Contact us for more information.
Before paying for the course using the "Add to Cart" process you must be an enrolled student with City Vision University and have read the "Cancellations and Settlements" form. For Admission and Enrollment procedures please visit our "Enroll Now" page.