Not–for–Profit Accounting, Tax, and Reporting Requirements 3rd Edition

What every not-for-profit must know about accounting, tax, and reporting requirements

The accounting principles, tax issues, reporting requirements, and general work environment for not-for-profit organizations are remarkably different from those affecting commercial organizations. As a result, the task of keeping up with current financial and disclosure requirements, already daunting, can become even more so. Combining the proven guidance of the previous, bestselling edition with all of the latest regulatory information, Edward McMillan delivers a one-stop reporting resource for not-for-profits in Not-For-Profit Accounting, Tax, and Reporting Requirements.

McMillan?s step-by-step guide helps not-for-profits apply for tax-exempt status, handle IRS audits, set up a wholly owned taxable subsidiary, anticipate tax implications of lobbying expenses, and perform a host of other functions. This completely revised and expanded edition includes three all-new chapters, including one on the basics of filing IRS forms 990 and 990-T. Further, detailed appendices offer full explanations of the four accounting standards?SFAS #116, 117, 124, and 136?that primarily affect not-for-profit organizations. Other chapters include:

• Classifications of Tax-Exempt Organizations
• Using CPA Firms and Understanding Their Functions
• Restricted Fund Transactions
• Internal Control

Dozens of checklists, sample letters, and illustrative charts demonstrate how to apply the principles and requirements described in practice, and a glossary of relevant terms provides a handy desk reference for not-for-profit professionals.

As every organization ultimately discovers, not-for-profit status does not simplify but rather seems to complicate financial structure and reporting obligations. These challenges, however, can be well met. Not-for-profit managers, bookkeepers, and volunteers, as well as auditing CPA firms, will find Not-for-Profit Accounting, Tax, and Reporting Requirements to be a peerless reference for this dynamic field.

EDWARD J. McMILLAN, CPA, CAE, is the author of Guide to Fringe Benefits for Not-for-Profit Organizations, Complying with SFAS #116 and #117, Essential Financial Considerations for Not-for-Profit Organizations, Second Edition, Budgeting and Financial Management Handbook, Second Edition, Model Accounting and Financial Policies and Procedures Handbook, Second Edition, and The Audit: A Novel. He is a nationally recognized speaker on not-for-profit financial and management topics and, in 1993, was appointed faculty chair for finance for the United States Chamber of Commerce's Institutes for Organization Management program.