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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: June 25, 2021

Included In Certifications

This course is included in the following Certification Programs:

15 CoursesNot-For-Profit and Small Business Entities Certification

  1. Introduction to Accounting For Not-for-Profit Entities
  2. Introduction to 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
  15. Not-For-Profit Accountability and Responsibility

46 Reviews (149 ratings)Reviews

5
Anonymous Author
This course provided a great overview of an area I'm less familiar with working in the private sector. Nonetheless, I learned several new concepts that will help round out my personal knowledge in this arena. The facilitator was effective in presenting key concepts and the supporting materials were exceedingly helpful.
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 examples given on how to account and classify a contribution as a donation or exchange was beneficial. However, a more thorough example(s) on how to differentiate between accounting restricted funds between deferral and restricted methods would have been helpful.
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.
3
Anonymous Author
Needed this general overview as I'm looking at a not for profit job opportunity....been a lot of years since doing this type of accounting. Good fundamental reminder of the basic with this course
4
Anonymous Author
Some of the distinctions seemed a bit arbitrary. Material was a bit rushed as well. Shorter slides would have been more effective. Instructor was pretty easy to follow though.
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.
5
Anonymous Author
Course was excellent. Was kept at the appropriate level of detail. Instructor knew the subject area very well and made a clear and effective presentation.
5
Member's Profile
This was my first introduction to accounting for nonprofits. I found it very interesting and easy to follow. The examples were very helpful. Thank you.
4
Member's Profile
More frequent usage of actual accounting (debit and credit) would be helpful - for example, show the transactions for the middle man example.
5
Anonymous Author
This course was super helpful to understanding Not-For-Profit accounting. The instructor was effective in presenting the course materials.
3
Anonymous Author
Would have loved a bit more insight into the journal entries needed to recorded contributions under both deferral and restricted methods
5
Anonymous Author
Great course. Found it to be very useful and also used as a refresher course in accounting when dealing with not for profit companies.
5
Member's Profile
I enjoyed all of Lynn's courses. She gets straight to the point and offer examples that is easily relatable to the information.
4
Member's Profile
Very different from the profit organizations!!! Interesting analyzis on specifics for non profit organizations! Recommended!
5
Member's Profile
very good course I plan to take the others. This course did not wastem my time was concise and to the point but informative
4
Anonymous Author
This was a good course that covered all the basics that I needed. There are good examples within the course that help too.
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.
5
Member's Profile
Material was explained in a manner that was easy to understand and utilized good examples to reinforce the theory.
5
Member's Profile
It is a good course to gain an understanding of the Not for Profit entities. The instructor is clear and detailed.
4
Anonymous Author
Course was interesting and seems to have covered the main differences in accounting for non profit entities.
5
Anonymous Author
Good information for non-profit accounting. Instructor does a good job of making information understandable.
5
Anonymous Author
This is good course for those in the not for profit accounting segment, it has a lot of useful information.
5
Anonymous Author
This trainer is my favorite trainer. She is very good at explaining things in a way that I can understand.
5
Member's Profile
This a well structured overview of accounting for non-profit entities, instructor was effective and clear.
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.
4
Anonymous Author
Good overview of non profit accounting which provides many examples to drive home the concept.
5
Member's Profile
Excellent instructor, great slides, very good overvirew of the subject with lots of details.
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
3
Anonymous Author
This course is a helpful overview of some non-profit accounting concepts.
5
Member's Profile
Content was informational and course was easy to follow. Would recommend.
4
Member's Profile
Good over introduction to the basic accounting concepts for non-profits.
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
5
Member's Profile
It would be helpful in some areas to supply the journal entry.
5
Anonymous Author
Information shared was average.. but very straight fowarfd

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
  8:56Basic Guidelines
  3:52How Principles:Guidelines Affect FS
  2:05Grants
  11:37Contributions
  8:15Valuing Donations
  1:48Services
  1:53Middle Man
  3:41Membership & Summary
CONTINUOUS PLAY
  1:05:16Introduction to Accounting for Not-for-Profit Entities
Supporting Materials
  PDFSlides: Introduction to Accounting for Not-for-Profit Entities
  PDFIntroduction to Accounting for Not-for-Profit Entities Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM