From the Back Cover
Completely revised and expanded edition of the nonprofit industry's bestselling finance and accounting standard
The accounting environment has changed dramatically over the past ten years, especially in the nonprofit sector. Filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations, this new updated Eighth Edition of Financial and Accounting Guide for Not-for-Profit Organizations addresses the many changes that have recently affected the finance and accounting practices of the nonprofit sector, with a focus on fair value accounting.
Representing the collaborative efforts of many expert PricewaterhouseCoopers professionals, Financial and Accounting Guide for Not-for-Profit Organizations presents the accounting and reporting guidelines for different types of nonprofits, complete guidance on tax and compliance reporting requirements, illustrated explanations of various acceptable financial statements, a how-to section on setting up and keeping the books with step-by-step procedures and forms, and commentary on computers and accounting software.
Highlighting organizations that have fully integrated "net asset" accounting into their financial reporting, this completely revised and streamlined Eighth Edition has been updated to include:
The latest updates on regulatory reporting and disclosure changes
The introduction of fair value accounting, which affects the ways in which investments, contributions receivable, and split interest agreements are viewed and valued
Completely revamped and revised AICPA accounting and audit guidelines for nonprofit organizations
Many new topics, including microfinance and expanded disclosure on gifts-in-kind accounting, valuation, and reporting
A new chapter on the municipal bond market
FASB Codification and how to find accounting literature
A new appendix addressing the convergence of IFRS with U.S. GAAP
Long recognized as the industry-standard reference on not-for-profit finance and accounting, Financial and Accounting Guide for Not-for-Profit Organizations is a must-have for nonprofit accountants and financial managers, nonprofit executives and directors, boards of directors/trustees, and CPAs for nonprofit organizations.
As a celebratory bonus, when you purchase this print version, you will also receive a free e-book download of Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition. For details, see the inside back cover of this book.
--This text refers to the
Hardcover
edition.
About the Author
Malvern J. Gross, Jr., was the author of the first edition of this text and a significant contributor to many of the subsequent editions. He is a retired partner of Price Waterhouse (a predecessor to PricewaterhouseCoopers LLP) and a nationally recognized authority on accounting and financial reporting for not-for-profit organizations. He was chairman of the AICPA Subcommittee on Nonprofit Organizations that wrote the 1978 landmark Statement of Position for Certain Nonprofit Organizations and of the Accounting Advisory Committee to the Commission on Private Philanthropy and Public Needs. He was a member of the committee that wrote the second edition of
Standards of Accounting and Financial Reporting for Voluntary Health and Welfare Organizations and a coauthor of the
Museum Accounting Handbook. He served as an advisor to the Financial Accounting Standards Board in the early phases of its work on setting accounting standards for not-for-profit organizations and to the New York State Charities Registration Office, as well as an adjunct professor of accounting at Lehigh University, his alma mater. After retirement from Price Waterhouse he was president of a not-for-profit organization, the National Aeronautics Association. He now lives in the San Juan Islands off the state of Washington.
John H. McCarthy is faculty member at Harvard University’s Kennedy School of Government and a principal in its Hauser Center for Nonprofit Organizations. Jack served as the National Leader of PricewaterhouseCoopers’ Education & Nonprofit Practice before his retirement from the firm in 2005. He was a co-author of the sixth and seventh edition of this text. He also is the co-author of Understanding Financial Statements: A Strategic Guide for Independent College & University Boards, published by the Association of Governing Boards of Universities and Colleges (1998), as well as several publications by PricewaterhouseCoopers including: The Changing Role of the Audit Committee: Leading Practices for Colleges, Universities and Other Not-for-Profit Educational Institutions (2004); A Foundation for Integrity (a 2004 guide for codes of conduct, conflicts of interest and executive compensation); Meeting The Challenges of Alternative Investments (2004); Understanding Underwater Endowment Funds (2003); and Financial Reporting and Contributions: A Decision Making Guide to FASB Nos. 116-117 (1996) among others. He is a CPA who, for 37 years, served PricewaterhouseCoopers’ education and not-for-profit clients, including many of the most prestigious institutions in the United States.
He currently serves on several not-for-profit boards. He is a past president of the Massachusetts Society of CPAs, Inc. (MSCPA) and a two-term member of the Governing Council of the AICPA. He has received numerous honors for his involvement in the community. He graduated from Boston College and holds an MBA from the University of Michigan Business School.
Nancy E. Shelmon is a senior partner of PricewaterhouseCoopers LLP and is the firm’s West Region Leader for the Education and Not-for-Profit Industry within the United States. She is a frequent speaker at AICPA and state CPA conferences on financial reporting and accounting issues affecting not-forprofit organizations and is currently a member of the AICPA Not-for-Profit Expert Panel. She is currently chair of the Planning Committee for the AICPA’s annual Not-for-Profit Conference. She has been serving education and not-for-profit clients for over 30 years and has been involved with some of the most widely respected organizations in North America. She serves on the Board of Directors of the Los Angeles Urban League, the California Journal, and Executive Service Corps of Southern California. In addition to being a CPA, she is also a Certified Fraud Examiner. She holds her accounting degree from the University of Minnesota.
