Unified Financial Reporting System For Not-For-Profit Organizations: A Comprehensive Guide To Unifying Gaap, Irs Form 990 And Other Financial Reports

Sponsored by CompassPoint Nonprofit Services, formerly known as the Support Center for Nonprofit Management/ Nonprofit Development Center

Nothing can be more important to an organization's health and success than the quality of its financial reporting. This comprehensive guide is for all nonprofits that are required to comply with financial reporting standards set by the IRS and thirty-five state charity regulators (Form 990), FASB and AICPA (GAAP), grantmakers, and the like. It shows how to unify financial reporting requirements without compromising the organization's accuracy and accountability.

RUSSY D. SUMARIWALLA is former president and CEO of United Way International and has been a leader in the nonprofit sector for over thirty years. He is the author of several publications, including the first and second editions of United Way of America's Accounting and Financial Reporting Guide. He was also the project director for the 1988 edition of Standards of Accounting and Financial Reporting for Voluntary Health and Welfare Organizations, also known as "The Black Book."

WILSON C. LEVIS is manager of the Nonprofit Management Group in the School of Public Affairs, Baruch College, the City University of New York. He also serves as project manager for Baruch College's quality reporting projects. He is former vice president of the National Charities Information Bureau.

Figures,Tables,Exhibits,and Worksheet.

Foreword.

Acknowledgments.

The Authors.

Technical Advisory Group.

Participating Organizations.

Introduction.

PART 1: INTRODUCTION, OVERVIEW, AND PERSPECTIVE.

1 What Is a Not-for-Profit Organization?

2 America s Not-for-Profit Sector.

3 The Pivotal Role of IRS Form 990 in Financial Reporting.

4 Information Technology and Financial Reporting.

PART 2: KEY BUILDING BLOCKS OF A UNIFIED FINANCIALREPORTING SYSTEM.

5 Unified Chart of Accounts.

6 Activity-Level Accounting and Reporting forRevenue and Expenses.

7 Functionalized Trial Balance Report.

8 Allocation of Expenses.

9 Staff Time Recording and Reporting.

PART 3: UNIFIED INTERNAL AND EXTERNAL FINANCIALREPORTS ALIGNED WITH FORM.

10 Financial Reports:Overview.

11 GAAP Financial Statements.

12 IRS Form 990 Financial Statements.

13 Uniform Government Grant Reports.

14 Corporate and Foundation Grant Budgeting and Reporting.

15 Reporting to United Ways and Other Grant Makers.

16 Financial Reporting for Internal Management Purposes.

Conclusion.

RESOURCESA IRS Form 990 and Schedule A for 1999.

B Content of Unified Chart of Accounts by Account Number.

C Cross-Referencing Your Not-for-Profit Organization s Chartof Accounts to the Unified Chart of Accounts:Cross-Reference Worksheet and Keyword Index.

D Examples of Employee Time Sheets.

E Summary of State Registration and Filing Requirements forNot-for-Profit Organizations.

F National Taxonomy of Exempt Entities:Activity Codes.

G Voluntary Standard-Setting and Evaluation Groups forNot-for-Profit Organizations.

H A Brief History of Financial Accounting andReporting Standards for Not-for-Profit Organizations.

I Accountability for Service Efforts and Accomplishments.

J Selected Form 990 and Management andTechnical Assistance Web Sites.

Notes.

Bibliography.

Index.