• Presenting Budgets to Boards
• Continuous Budgeting System
• Expense Reduction Plans
• Long Range Planning

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.

• Preface.
• Basics Accounting and Financial Operations.
• Effective Use of Footnotes and Financial Ratio Calculations for the Statement of Financial Position.
• Controllable and Uncontrollable Expenses.
• Controllable, Semi-Controllable, and Fixed Expenses.
• Non-Cash Expenses.
• Natural and Functional Statements of Activity.
• Internal Financial Statements.
• Budgeting Philosophy.
• Continuous Budgeting System Overview.
• The Executive and the Budget Process.
• Expense Reduction Plans.
• The Monthly Budget Process.
• The Cash Flow Budget.
• Getting the Budget Approved.
• Suggested Format of Budget Documents for an Approving Body.
• The Role of the Budget Coordinator.
• Accounting and Budgeting for Fringe Benefits.
• The Capital Budget and Depreciation.
• Inventory Purchases and Calculation of Cost of Goods Sold.
• Accounting and Budgeting for Dues.
• Capital Assets: Lease-or-Buy Decisions.
• The Long-Range Plan.
• Financial Ratios.
• Zero-Based Budgeting.
• Putting It All Together.
• Glossary.
• Index.