Not-for-Profit Financial Reporting

Bruce W. Chase, PhD, is professor of accounting at Radford University. He is also the Director of the University's Governmental and Nonprofit Assistance Center (GNAC). The GNAC provides support for the Government Finance Officers Association (GFOA) national Certified Public Finance Officer (CPFO) program. Prior to joining the faculty of Radford University, he spent over 15 years in governmental and nonprofit accounting.  He began his career with the Auditor of Public Accounts and then with Coopers and Lybrand.  He served as Treasurer of Virginia Commonwealth University and later as chief financial officer of Southern Seminary College. He has written numerous articles on governmental and nonprofit accounting and is a frequent speaker on these topics. He has authored two national educational courses dealing with governmental and nonprofit accounting for the American Institute of Certified Public Accountants (AICPA). He also does extensive training on governmental accounting and reporting issues.

• Chapter 1 1-1Financial Reporting 1-1Net assets 1-2The basic financial statements 1-4Reporting formats 1-15Notes to the financial statements 1-19Investments and investment income 1-20Summary 1-27Practice questions 1-28Chapter 2 2-1Exchange Transactions, Contributions, and Gains and Losses 2-1Resources for the mission 2-3Exchange (reciprocal) transactions 2-6Contributions 2-15Identifying gains and losses 2-24Agency transactions 2-25Summary 2-26Practice questions 2-27Chapter 3 3-1Expenses 3-1Expenses versus losses 3-2Functional reporting of expenses 3-4Reclassifications 3-16Summary 3-18Practice questions 3-19Chapter 4 4-1The Not-for-Profit Environment and Performance Measures 4-1The NFP environment 4-2Types of NFP organizations 4-6Fund accounting 4-9Measuring performance 4-10Reporting information in the statement of activities 4-11Ratios and other tools 4-13Input, output, and outcomes 4-16Summary 4-19Practice questions 4-20Appendix A A-1Excerpt of Appendix A of Chapter 5 of AICPA Audit and Accounting Guide Not-for-Profit Entities A-1Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 4Chapter 3 Solutions 8Chapter 4 Solutions 10