FMN Plus-2024/Apr, Seg 5 - NFP Accounting Practices: Ensuring Financial Accountability & Compliance
In a nonprofit organization, accounting and bookkeeping functions require additional recordkeeping and reporting based on unique nonprofit rules. Recording transactions from funding sources, such as donations, memberships and grants, requires reporting with a high level of transparency. Kimi Ellen, Managing Partner at Benford Brown & Associates LLC, joins this segment to provide additional background on the true purpose of formal nonprofit accounting processes, how to record donations, accounting for grants, as well as the preparation of financial reports. Kimi also discusses the benefits of fiscal agent services, management letter comments, and implementation of effective internal controls.
Learning Objectives:
- Identify the benefits fiscal agent services can provide to nonprofit organizations
- Recognize the unique challenges posed by nonprofit accounting for grants and donations
- Recognize the importance of proper accounting processes and accurate financial reporting
- Identify nonprofit tax implications, proper board of director procedures, and importance of effective internal controls
Prerequisites/Advanced Preparation:
None
Details
Course Code
:
FMN1561-FM
Release Date
:
04/10/2024
|
Expire Date
:
11/13/2025
|
Credits
:
|
Length
:
1hr 40min
|
Course Level
:
Update
|
Course Type
:
QAS Self-Study
|
Passing Grade
:
70%
|
Format Type
:
eLearning
Mobile Compatible
|
Field Of Study
:
Accounting
|
|
Theme
:
Financial Accounting Best Practices
|