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Unlike for-profit businesses that exist to generate profits for their owners, nonprofit organizations exist to pursue missions that address the needs of society. Nonprofit organizations serve in a variety of sectors, such as religious, education, health, social services, commerce, amateur sports clubs, and the arts. Nonprofits do not have commercial owners and must rely on funds from contributions, membership dues, program revenues, fundraising events, public and private grants, and investment income.

Not-for-profits have unique needs.  Concepts such as accounting for public funding, donations, and other sources of revenue and expenditures can present different challenges than in for profit organizations.

This course focuses on specific aspects integral to the introduction of accounting for non-profits, including establishing a chart of accounts and exploring the types of revenue that a typical not-for profit organization obtains and how that revenue is accounted for.

Learning Objectives

  • Explore the concepts behind the chart of accounts for a non-profit.
  • Identify accounting principles and basic guidelines in a non-profit.
  • Explore how accounting principles impact non-profit guidelines.
  • Explore funding of a not-for profit including:
    • Grants
    • Contributions
    • Membership
  • Explore how to account for and value donated services.
  • Identify concepts of the middle man.
Last updated/reviewed: November 15, 2019

Included In Certifications

This course is included in the following Certification Programs:

14 CoursesNot-For-Profit and Small Business Entities Certification

  1. Introduction to Accounting For Not-for-Profit Entities
  2. Accounting for Not-for-Profit Entities
  3. Identifying and Implementing the Proper Balance of Internal Controls
  4. Segregation of Duties for Core Business Processes
  5. Bookkeeping: Journals, Subsidiary Ledgers and General Ledger
  6. Bookkeeping: Payroll And Expenses
  7. Bookkeeping: Accounts Payable/Accounts Receivable And Receipts
  8. Effectively Managing and Controlling Travel and Entertainment (T&E) Expenses
  9. Management Internal Control Essentials
  10. Financial Statement Essentials for Not-for-Profits
  11. Not-for-Profit Financial Statements Part 2
  12. Not for Profit Financials - Focus on Net Assets
  13. Cyber Risk in Small-Medium Entities
  14. Fraud in Small-Medium Entities

19 Reviews (66 ratings)Reviews

4
Anonymous Author
A nice intro into NFP accounting. The course touches on multiple topics, but most from a high or summary level. Would recommend this for individuals who are looking to learn the basics. A more in-depth course would be recommended for those who already have some foundational knowledge of NFPs.
5
Member's Profile
The course is extremely helpful and comprehensive, especially for those who work in the nonprofit sector. The instructor explains in details the concepts of GAAP, chart of accounts, and the different terms used in nonprofit entities, with great examples.
4
Anonymous Author
An excellent introduction to non-profit accounting presented by Lynn Fountain. The course is well-organized and moves at an appropriate pace. Key concepts are emphasized and critical differences to for-Profit concerns are addressed.
5
Anonymous Author
A good pre-courser to accounting for not-for-profit companies. It discusses the peculiarities of NFP companies as compared to profit. It is structured and easy to follow.
5
Member's Profile
Good examples were given in the course. Instructor was very knowledgeable. I would recommend this course to someone that wants an overview of nonprofit accounting.
4
Member's Profile
This course was an excellent introduction to non profit accounting. I've recently gained a non-profit client and this has given me solid groundwork to build from.
4
Member's Profile
Took this course to refresh myself for service on a non-profit board. Found it to be a good refresher of terminology.
4
Anonymous Author
Course was interesting and seems to have covered the main differences in accounting for non profit entities.
5
Anonymous Author
great course for those not familiar with non profit accounting --instructor is very organized and clear
5
Anonymous Author
Great introduction to non-profit accounting. The instructor is always clear and easy to understand.
4
Member's Profile
I think this course gives a great understanding of how accounting should be handled for a non-profit.
4
Anonymous Author
The course was very helpful in understanding the proper accounting of not-for-profit entities.
5
Member's Profile
Good overview of not-for-profit accounting and the structure of a non-for-profit entity.
4
Anonymous Author
good overview course illustrating in detail a sample chart of accounts for a nonprofit
5
Anonymous Author
I always find this instructor's courses useful. I really enjoy taking her classes
5
Anonymous Author
Instructor is very good and makes the material easy to follow and understand.
5
Member's Profile
Good review course on non profit accounting. Will refer back to this often
4
Member's Profile
Good summary of basic principles governing accounting for non-profits
5
Anonymous Author
She is very very good and I love her ability to convey information

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTIONS AND OVERVIEW
  6:16Introduction to Accounting for Not-for-Profit Entities
  13:23Chart of Accounts (COA)
  3:30Accounting Principles
  8:55Basic Guidelines
  3:51How Principles:Guidelines Affect FS
  2:05Grants
  11:37Contributions
  8:15Valuing Donations
  1:48Services
  1:53Middle Man
  3:41Membership & Summary
CONTINUOUS PLAY
  1:05:14Accounting for Not-for-Profit Entities
Supporting Materials
  PDFSlides: Accounting for Not-for-Profits Entities
  PDFAccounting for Not-for-Profit Entities Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM