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CC 322 FINAL PROJECT TWO: NONPROFIT ACCOUNTING GUIDELINES

CC 322 FINAL PROJECT TWO: NONPROFIT ACCOUNTING GUIDELINES

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Author: Joyce Buda
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CC 322 Final Project Two: Nonprofit Accounting Guidelines and RubricOverviewThe second final project for this course is the creation of an accounting workbook and accompanying memo to management.Unlike traditional businesses, the purpose of nonprofit organizations is to provide services to society. The lack of profit motive and the focus on providing servicescreates the need for a different kind of accounting and accountability. Revenue sources are different, with nonprofits relying on donations and fees for services.Resources are also accounted for differently because of restrictions often placed on donations. It is the responsibility of the nonprofit accountant to provideaccountability for these funds through financial reports.By working through this project, you will understand how revenues and expenses are accounted for in nonprofits. Using this information can also help youanalyze the financial position of the organization. This analysis can be used to assess financial strengths and weaknesses.It is important to note that some types of organizationsuniversities and healthcare organizations, for examplecan be for-profit, nonprofit, or governmentoperated. As an accountant, you need to understand how the statements for these organizations would be different under different models.In the accounting workbook and memo, you will use course-provided information to (1) analyze transactions for a nonprofit in accordance with industrystandards; (2) create and use financial statements to assist in the analysis of the organization’s financial position; and (3) communicate the results of operationsto management.In this assignment, you will demonstrate your mastery of the following course outcomes:Prepare journal entries, financial statements, and supporting documentation that impact reporting for nonprofit and governmental entities usingappropriate accounting standardsEvaluate governmental and nonprofit accounting statements in determining the fiscal position of various entities using appropriate tools of the disciplineSelect accounting methods appropriate to the differentiated needs of governmental and nonprofit organizationsDetermine appropriate strategies for effectively communicating the differences between private sector, governmental, and nonprofit reporting tostakeholders

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