OasisLMS

Introduction to not-for-profit entities

The not-for-profit (NFP) sector is one of the fastest growing sectors in our economy. You’ll get an overview of the unique aspects of accounting, financial reporting, governance, and tax compliance issues that apply to NFPs. Additionally, you’ll identify some of the significant differences between for-profit entities and NFPs.

New dynamic learning opportunities

You can complete learning anytime, anywhere with this convenient format that allows you to take a closer look at tax, accounting, and compliance issues using real-world scenarios.

Learning Outcomes

• Recognize the basic identity of the NFP sector.
• Recall organizational aspects of NFPs.
• Distinguish differences in the organizational structures of for-profit entities and NFPs.
• Identify the differences between for-profit entities and NFPs.
• Recognize NFP-specific terminology.
• Indicate the basic financial statement presentation differences between for-profit entities and NFPs.

Key Topics

• The role of CPAs and finance professionals as trusted advisors working in and with NFP organizations
• An overview of NFP reporting standards
• Compliance requirements to obtain and maintain tax-exempt status
• Basic financial statement presentation
• Accounting terminology unique to NFPs