Publisher's Synopsis
NEW 2nd EDITION with 2017 FASB Accounting Standards Update.
A simple, yet complete (and very readable) guide to nonprofit accounting and financial statement reporting. Teaches how money enters the organization as donations and grants and then exits the organization as expenses or capital purchases. Shows how nonprofit financial transactions are recorded and how summaries are prepared and presented to stakeholders. No prior accounting knowledge is required. Immensely helpful information made accessible in an informal and witty way. An accounting book that is actually as enjoyable as it is useful!
Nonprofit Accounting & Financial Reporting: Overview for Board, Management, and Staff by Thomas R. Ittelson will teach you how the financial accounts of your nonprofit organization function. Written for non-financial types, this book focuses on the four major financial statements of a nonprofit organization: the Statement of Activities, Statement of Financial Position, Statement of Cash Flows, and the Statement of Functional Expenses.
You will learn:
-- How accounting entries and financial statements of your nonprofit organization interact to give a clear picture of the financial health of the organization.
-- All the accounting words you will need to know to communicate effectively and participate in financial decision-making discussions in your organization.
-- Only the accounting and financial reporting proficiency that is both necessary and relevant, leaving all the esoterica to the professionals.
-- Skills required to satisfy your fiduciary duty to the organization, its donors, its clients, the community, funding sources, and the Feds.
-- Nonprofit accounting can be fun!
