• Accounting Standards Defined (SFAS 116, 117, 124, 136)
• Disclosure of Information Requirements
• Restricted Fund Transactions
• IRS Tax Issues and Filing 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, best selling 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.
• Classification of Tax-Exempt.
• Disclosure of Information.
• Using CPA Firms and Understanding Their Functions.
• Internal Revenue Services Audits.
• Tax on Unrelated Business Income and Form 990-T.
• Wholly Owned Taxable Subsidiaries.
• Restricted Fund Transactions.
• Internal Control.
• The Accounting Policies and Procedures Manual.
• Tax Implications of Lobbying Expenditures.
• Other IRS Issues.
• IRS Filing Requirements and Forms.
• The Basics of Not-for-Profit Accounting and Financial Statements.
• The Basics of Intermediate Sanctions.
• The Basics of Filing IRS Form 990.
• Appendix A: Statement of Financial Accounting Standards #117: Financial Statements of Not-for-Profit Organizations.
• Appendix B: Statement of Financial Accounting Standards #116: Accounting for Contributions Received and Contributions Made.
• Appendix C: Statement of Financial Accounting Standards #124: Accounting for Certain Investments Held by Not-for-Profit Organizations.
• Appendix D: Statement of Financial Accounting Standards #136: Transfer of Assets to a Not-for-Profit Organization or Charitable Trust that Raises or Holds Contributions for Others.
• Glossary.
• Index.