1.5 CPE 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.
Nonprofits (also referred to as 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 introduces basic concepts unique to nonprofit entities. We discuss the types of nonprofit businesses and some of their related compliance requirements as well as their organization structure and staffing. We delve into the financial statements used by nonprofits, the concept of fund accounting and set the stage for another segment focused on accounting for nonprofits.
Learning Objectives
- Recognize the difference between for-profit and nonprofit organizations.
- Explore important concepts for setting up a nonprofit.
- Explore the types of nonprofit designations as identified by the Internal Revenue Service (IRS) code.
- Explore the requirements of fund accounting.
- Identify other important Accounting Concepts for nonprofit organizations.
- Identify the various accounting cycles in a nonprofit.
Last updated/reviewed: August 27, 2023
Included In Certifications
This course is included in the following Certification Programs:
15 CoursesNot-For-Profit and Small Business Entities Certification
- Introduction to Not-for-Profit Entities
- Introduction to Accounting for Not-For-Profit Entities
- Identifying and Implementing the Proper Balance of Internal Controls
- Segregation of Duties for Core Business Processes
- Bookkeeping: Journals, Subsidiary Ledgers and General Ledger
- Bookkeeping: Payroll And Expenses
- Bookkeeping: Accounts Payable/Accounts Receivable And Receipts
- Effectively Managing and Controlling Travel and Entertainment (T&E) Expenses
- Management Internal Control Essentials
- Financial Statement Essentials for Not-for-Profits
- Not-for-Profit Financial Statements Part 2
- Not for Profit Financials - Focus on Net Assets
- Cyber Risk in Small-Medium Entities
- Fraud in Small-Medium Entities
- Not-For-Profit Accountability and Responsibility
62 Reviews (218 ratings)
Reviews
Anonymous
()
I'm taking courses to renew my CPA permit after a long hiatus during which I've been a volunteer board member and treasurer/accountant for several nonprofits and have done a lot of accounting research on my own. I took this course to see how it was presented, and found it a nice summary of what I've learned over the years.
Anonymous
(VP, WFM and BusTech)
I found this course incredibly insightful and informative as my organization spun up a 501(c)(3) non-profit entity to support our charitable foundation efforts a few years ago. This course provided a comprehensive overview and useful supporting materials - nicely done!
Anonymous
(CFO)
This course was a good intro for me since I have been working in the for-profit sector for most of my career and now work for a NFP. The instructor was very clear and to the point with all of the concepts. I plan to take her other more in-depth courses for NFPs.
Natalia Lippold
(Certified Payroll Professional at Trivantus, Inc.)
This was a great introduction to the concept of a not-for-profit entity and the differences from for-profit entities. Lynn makes the concepts easy to understand, and I appreciate her examples to illustrate various ideas. Thank you.
Anonymous
(Senior Manager, Internal Audit)
Very good overview of the difference between for-profit and non-profit entities. The discussion on the various types of non-profits could have been a bit more concise, especially for participants from non-US jurisdictions.
Tiffany Miller
( at ADP)
This is an excellent refresher course that I would recommend. It is a good suggestion to keep the slide materials for future reference and is also great for recertification of the CPP. I highly recommend this course.
Anonymous
(cpa)
Very solid review of non-profit accounting concepts except that the exam question refers to older concept of 3 types of fund restrictions vs 2 types per newer standard and was therefore graded incorrectly.
Anonymous
(Accounting Manager)
Excellent intro course to non-profit accounting! It went into types of non-profits, registration requirements, and the ways non-profit accounting differs from for profit accounting. Highly recommend!
Amy Witte
( at Tawani Enterprises)
This course is a great overview of the basics of not for profit accounting. The instructor explained concepts very well and the slide greatly supported the important facts of the course. Thank you!
Neal Stiles
(Accounting & Finance Guy at Contractor)
Good pace. There is a lot of non profit classifications. A bit confused over the difference of 501c25 and 501c26 but the telling message was clear regarding the number of classifications.
Anonymous
(-)
This course from Lynn Fountain provides an excellent foundation in regards to not-for-profit types, initiation, funding and accounting. A solid source of introductory information!
Anonymous
(Consultant)
This instructor courses are always very helpful and are well thought out. I always look for her courses on-line as I always learn something new and interesting from her classes.
Anonymous
(Accounting Manager)
A good pre-courser to Accounting for Not-for-profit entities. It discusses the peculiarities of a NFP entities as compared with a Profit. It is structured and easy to follow.
Steven Lawrence
(- at -)
This course provides the student with a basic understanding of the differeces between not-for-profit organizations and the for-profit that most of us are more familiar with.
Anonymous
(Experienced Manager)
This overview covers all the bases. Some information is very basic, however there is also information that is most likely not common knowledge but very important to know.
Julia Kramer
(Financial Behavior and Leadership Consul.. at Signature Financial Planning)
A great refresher on nonprofit accounting which I remember from school and now need to actually know as I'm helping set up an accounting system for a friend's nonprofit
Linda Jacobs
(acct at n/a)
Very basic intro course for not-for-profits. The section listing all types of NFPs was quite tedious, this could have been listed on slides and just mentioned a few.
Anonymous
(Payroll & Benefits Specialist)
Can't recommend this enough to anyone that already works in not for profit or is looking to move to a not for profit organization. Very helpful information!
Anonymous
(Director of Accounting)
Good high level overview, though i felt less time could have been spent on all the different types of nonprofits and just put on one slide as an overview.
It was good but would like to get more practical examples. I thought it was a good foundational course that will set me up for future accounting.
Anonymous
(Director, Administration)
What surprised me most was the numerous kinds of 501c not-for-profit situations and which ones were required to file and not file with the IRS.
Melissa Atteberry
( at Fred Hutchinson Cancer Center)
Qs were trickier- ex. Net assets Q could have two answers interpreted as correct (both none of the above and the former 3 categories listed)
Anonymous
(Retired)
Instructor video was excellent! She got right to the point and clearly laid out the main points. Was a pleasure to watch the video.
Anonymous
(N/A)
Good Summary/information, and good resources tips. Good Grant Accounting Information. Summary on different kinds of NFPS/501s helpful
Grant Brannum
(Agent at Treasury)
Very good course for learning about the basics of a not-for-profit entity. Liked the way the instructor presented the material.
Anonymous
(Accountant)
It is a short intro course into Non Profits. Helps with basic understanding and explained clearly in the course, thank you.
Sean Flynn
(Accounting Manager at Rosemawr Management)
Good foundational course on nonprofit accounting, this would be useful for anyone that is helping with an organization.
Anonymous
(Owner)
I like the written material (both slides and glossary). Also found the presentation to be informative. No dislikes.
Anonymous
()
The course is well structured and provides useful information to better understand the basics of NFP accounting.
Sarah Peterson
( at Samaritan's Purse)
Great overview of non-profits. This course laid a good foundation for future lessons on non-profit accounting.
Anonymous
()
This was a great course that helped me to review non-profit entities and compliance with rules and regulations.
DAN ZOU
(Payroll manager at Sinopro International Resources Inc.)
easy to understand, good examples are used, emphasized the importance and difference of profit and non profit
Anonymous
(Accounting Manager)
This is a great introduction and/or review of the non-profit accounting. As always, enjoyed the instructor.
Anonymous
(Accounting Manager)
Great overview, easy to remember. Will need a followup class with more specific accounting principles.
Anonymous
(Owner)
Solid introduction to non-profit accounting. Good explanation of the principle accounting cycles.
Anonymous
(Payroll Consultant)
wonderful course with outstanding content which is informative and easy to understand for anyone
Anonymous
(N/A)
This was an informative general course on not-for profit entities.
The basics were well-covered.
Jennifer Wergland Lyon
( at N/A)
Excellent intro to NFP organization types, IRS filings, financial statements & accounting rules
Anonymous
(Accountant)
Good refresher on the differences with non-profit accounting compared to for profit companies.
Anonymous
(Chief Financial Officer)
Ms Fountain knowledgeably presents the material in a way that connects to the recipient.
Anonymous
(ESR)
Informative and easy to understand. The instructor is always to the point with her videos
Anonymous
(Owner)
A good reminder of the basic concepts and differences with Not for profit accounting.
Anonymous
(Controller)
Solid introduction and discussion of basic differences between for and not for profit
Anonymous
(Senior Accountant)
The glossary/index is very helpful. I saved it to use as a reference in the future.
Anonymous
(CPA / Owner)
Good overview. Surprised at how many different types of NFPs are recognized by IRS.
Robert Ballinger
(director of finance at Hands On Atlanta)
Lynn is a great presenter. I find her easy to understand and I never get bored.
Anonymous
(VP of Payoll)
This was a bit outside of my wheel house, but I enjoyed the trainer and content.
Anonymous
()
Well organized. Basic concepts were presented in a clear and coherent manner.
Anonymous
(Financial Controller)
Great introduction and clearly defines the various non profits and purposes.
Anonymous
(Retired)
This course was a nice tool to firm up some of the basics of NFP accounting.
KIM MILLER
( at Miller's Mowing & More)
This webinar is very educational. Thank you for allowing me to view it.
Tyler Ellens
(Staff Acountant at Evenhouse & Co. P.C.)
Good introduction to nonprofits and talks about different aspects of them
Sean Searley
( at Sean Searley)
Introduction to Not-for-Profit Entities is probably my highlight of 2023.
Kendra Willson
( at SSA PC)
This course covers what the topic states and the slides are effective.
Roger Brugger
(CEO at Visions Africa Ltd)
The course has been explained properly with understandable examples.
REENA MEHTA
( at RRAI)
Excellent course for understanding the not for profit entities.
Anonymous
()
This was a great intro to NPO. I would recommend for beginners.
Bette Shepherd
(CFO at D&S Green Services)
This is a good introduction to non-profit accounting concepts.
Dinita Wilbourn
( at Turnitin, LLC)
This course provides a general overivew of Not-for- profits.
Anonymous
(Payroll Manager)
This was a quick but helpful overview of non-profits.
Anonymous
(Audit Manager)
Great course to gain understanding on NFP entities.
Amy Arens
( at Amy Arens CPA)
Good basic overview of non-profit organizations.
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
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
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
About Illumeo
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