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.

Challenges for small business have never been greater. Marketplaces continue to shift, technology continues to grow, and rules of engagement continue to change. Learning about challenges ahead and how to best meet them requires strategic thinking. In a small business, the team is more important than any individual role and everyone has to wear many hats. Approaching the growth challenge from a financial perspective can bring this diverse team together to drive a winning strategy that reduces chaos and positions a company for success.

This certification will focus on many of the financial and accounting concepts unique to the not-for-profit industry and small businesses. We will also discuss the financial statement concepts for not-for-profits and how they vary from those of for-profit businesses. We will also discuss some basic bookkeeping processes related to understanding ledgers, journals and important accounts like payroll, payables, receivables. In addition, we explore concepts of internal controls and segregation of duties that all organizations should be aware of. Lastly, we discuss the importance of cybersecurity and concepts of fraud in today’s NFP and small business industry.