Not-for-Profit Accounting, Tax, and Reporting Requirements

What every not-for-profit must know about accounting, tax, and reporting requirements

Combining the proven guidance of the previous, bestselling edition with all of the latest regulatory information, Edward McMillan delivers a one-stop reporting resource for not-for-profits in Not-For-Profit Accounting, Tax, and Reporting Requirements, Second Edition.

McMillan's step-by-step guide helps your not-for-profit apply for tax-exempt status, handle IRS audits, set up a wholly owned taxable subsidiary, anticipate tax implications of lobbying expenses, and perform a host of other functions.

• All-new coverage of the basics of complying to the new Form 990
• New discussions on political action committees, new lobbying issues, grant accounting and complying with OMB Circular A-122 and Yellow Book accounting, fiduciary responsibilities of boards and staff, and much more
• Contains dozens of checklists, sample letters, and illustrative charts demonstrating how to apply the principles and requirements described

A peerless reference for this dynamic field, Not-for-Profit Accounting, Tax, and Reporting Requirements, Second Edition gives your nonprofit a straightforward guide to simpler financial structure and reporting obligations.

Acknowledgments.

Preface.

Disclaimer.

Chapter 1 Classification of Tax-Exempt Organizations.

Chapter 2 Financial Responsibilities of Not-for-Profit Board Members.

Chapter 3 The Basics of Form 990, Form 990-EZ, and Form N.

Chapter 4 Tax on Unrelated Business Income and Form 990-T.

Chapter 5 Other IRS Issues.

Chapter 6 Disclosure of Information.

Chapter 7 Conditions of Employment Agreement.

Chapter 8 Wholly Owned Taxable Subsidiaries.

Chapter 9 Internal Revenue Service Audits.

Chapter 10 Developing Strong Internal Controls and Documenting a Fraud Action Plan.

Chapter 11 Using CPA Firms and Understanding Their Functions.

Chapter 12 Grant Accounting and Auditing.

Chapter 13 Implications of Lobbying Expenditures.

Chapter 14 Campaign Contributions, PACs, and 527s.

Chapter 15 Internal Audit Committees.

Chapter 16 The Accounting Policies and Procedures Manual.

Chapter 17 Restricted-Fund Transactions.

Chapter 18 The Basics of Intermediate Sanctions.

Chapter 19 The Basics of Not-for-Profit Accounting and Financial Statements.

Chapter 20 Private Foundations.

Appendixes.

Appendix A. Statement of Financial Accounting Standards #117: Financial Statements of Not-for-Profit Organizations.

Appendix B. Statement of Financial Accounting Standards #116: Accounting for Contributions Received and Contributions Made.

Appendix C. Statement of Financial Accounting Standards #124: Accounting for Certain Investments Held by Not-for-Profit Organizations.

Appendix D. Statement of Financial Accounting Standards #136: Transfer of Assets to a Not-for-Profit Organization or Charitable Trust that Raises or Holds Contributions for Others.

Glossary.

Index.

EDWARD McMILLAN is a Certified Public Accountant and Certified Association Executive, and a nationally recognized speaker on not-for-profit financial and management topics since 1992 for the United States Chamber of Commerce, the American Society of Association Executives, the American Institute of Certified Public Accountants, the American Chamber of Commerce Executives, and Destination Marketing Association International. He is also the author of Not-for-Profit Budgeting and Financial Management, Fourth Edition and Model Policies and Procedures for Not-for-Profit Organizations, Fourth Edition both published by Wiley. His articles have appeared in publications including Association Management, Leadership, and Dollars and Cents. Everything your nonprofit needs to know about accounting, tax, and reporting requirements

As every organization ultimately discovers, not-for-profit status does not simplify but rather seems to complicate financial structure and reporting obligations. These challenges, however, can be well met. Now in a Fourth Edition, Not-for-Profit Accounting, Tax, and Reporting Requirements offers not-for-profit managers, bookkeepers, and volunteers, as well as auditing CPA firms, a peerless reference for this dynamic field.

Filled with dozens of checklists, sample letters, and illustrative charts demonstrating how to apply the principles and requirements described in practice, this step-by-step guide helps not-for-profits apply for tax-exempt status, handle IRS audits, set up a wholly owned taxable subsidiary, anticipate tax implications of lobbying expenses, and perform a host of other functions.

Completely revised and expanded, the Fourth Edition features new coverage on:

• The basics of complying to the new Form 990

• Political action committees

• New lobbying issues

• Grant accounting

• Complying with OMB Circular A-122

• Yellow Book accounting

• Fiduciary responsibilities of boards and staff

• And much more!

The accounting principles, tax issues, reporting requirements, and general work environment for not-for-profit organizations are remarkably different from those affecting commercial organizations. As a result, the task of keeping up with current financial and disclosure requirements, already daunting, can become even more so. Providing the latest regulatory information, Edward McMillan delivers a one-stop reporting resource for not-for-profits in Not-for-Profit Accounting, Tax, and Reporting Requirements, Fourth Edition.