Cover image for Not-for-profit accounting, tax, and reporting requirements
Title:
Not-for-profit accounting, tax, and reporting requirements
Author:
McMillan, Edward J., 1949-
Personal Author:
Publication Information:
Hoboken, NJ : J. Wiley, [2003]

©2003
Physical Description:
xiii, 173 pages ; 28 cm
General Note:
Rev. ed. of: Essential accounting, tax, and reporting requirements for not-for-profit organizations. c2000.
Language:
English
Contents:
Classification of tax-exempt organizations -- 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.
ISBN:
9780471453161
Format :
Book

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Summary

Summary

Learn how to apply for tax-exempt status, handle IRS audits, set up a wholly owned taxable subsidiary, and anticipate tax implications of lobbying expenses with this step-by-step guide. Complete with checklists, sample letters, and illustrative charts, this easy-to-understand reference is an important resource for every not-for-profit executive who deals with financial issues.

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Author Notes

Edward J. McMillan, CPA, CAE, 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


Table of Contents

List of Exhibitsp. xi
Prefacep. xiii
Chapter 1 Classification of Tax-Exempt Organizationsp. 1
Chapter 2 Disclosure of Informationp. 9
Chapter 3 Using CPA Firms and Understanding Their Functionsp. 13
Chapter 4 Internal Revenue Service Auditsp. 33
Chapter 5 Tax on Unrelated Business Income and Form 990-Tp. 43
Chapter 6 Wholly Owned Taxable Subsidiariesp. 51
Chapter 7 Restricted-Fund Transactionsp. 55
Chapter 8 Internal Controlp. 63
Chapter 9 The Accounting Policies and Procedures Manualp. 69
Chapter 10 Tax Implications of Lobbying Expendituresp. 75
Chapter 11 Other IRS Issuesp. 77
Chapter 12 IRS Filing Requirements and Formsp. 83
Chapter 13 The Basics of Not-for-Profit Accounting and Financial Statementsp. 85
Chapter 14 The Basics of Intermediate Sanctionsp. 93
Chapter 15 The Basics of Filing IRS Form 990p. 97
Appendixes
Appendix A. Statement of Financial Accounting Standards #117: Financial Statements of Not-for-Profit Organizationsp. 101
Appendix B. Statement of Financial Accounting Standards #116: Accounting for Contributions Received and Contributions Madep. 133
Appendix C. Statement of Financial Accounting Standards #124: Accounting for Certain Investments Held by Not-for-Profit Organizationsp. 151
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 Othersp. 157
Glossaryp. 163
Indexp. 171