Financial and Accounting Guide for Not-for-Profit Organizations, Seventh Edition [Hardcover]

Malvern J. Gross Jr. (Author), John H. McCarthy (Author), Nancy E. Shelmon (Author)

Book Description

ISBN-10: 0471724459 | ISBN-13: 978-0471724452 | Publication Date: April 6, 2005 | Edition: 7

This Seventh Edition is filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations. It contains discussions of the accounting and reporting guidelines for different types of organizations, complete guidance on tax and compliance reporting requirements, illustrated explanations of various types of acceptable financial statements, and much more!

Editorial Reviews

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 an alternate 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 o f Standards of Accounting and Financial 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 of the state of Washington.

John H. McCarthy served as the National Leader of PricewaterhouseCoopers' Education & Nonprofit Practice before his retirement in 2005. He was a coauthor of the sixth edition of this text. He also is the coauthor of Understanding Financial Statements: A Strategic Guide for Independent College and University Boards, published by t4he Association of Governing Boards of Universities and Colleges (1998), as well as several publications by PricewaterhouseCoopers including: The Changing Role of the Audit Committee (2004); Leading Practices for Colleges, Universities and Other Not-for-Profit Educational Institutions (2004); 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 more than 36 years, served PricewaterhouseCoopers' education and not-for-profit clients, including many of the most prestigious institutions in the United States. He currently served 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 has 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. Nancy is a frequent speaker at AICPA and state CPA conferences on financial reporting and accounting issues affecting not-for-profit clients for over thirty years and has been involved with some of the most widely respected organizations in North America. Nancy served on the Board of Directors of the Los Angeles Urban Leaguer, 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.

Product Details

• Hardcover: 792 pages
• Publisher: Wiley; 7 edition (April 6, 2005)
• Language: English
• ISBN-10: 0471724459
• ISBN-13: 978-0471724452
• Product Dimensions: 9.8 x 6.9 x 1.3 inches
• Shipping Weight: 3.1 pounds (View shipping rates and policies)
• Average Customer Review: 3.3 out of 5 stars  See all reviews (7 customer reviews)
• Amazon Best Sellers Rank: #621,370 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

29 of 34 people found the following review helpful:

4.0 out of 5 stars midnight accounting help, December 6, 1999

By 

A Reader (Philadelphia, PA, USA) - See all my reviews

This review is from: Financial and Accounting Guide for Not-for-Profit Organizations (Wiley Nonprofit Law, Finance and Management Series) (Hardcover)

Sometimes you may be serving on the board of a nonprofit group and discover that your funder requires GAAP. Well what is that. This book will help you understand the nonprofit world of accounting. This work has been a resource that I have turned to at midnight myself aand have recommended many times. At times it is a little technical. But it helps to use some "accounting" language in the next board or committee meeting that you will be discussing budgets or finalcial presentatons.

Also, I have used this as a guideline when I consulted a small group that needed help with internal controls.

17 of 20 people found the following review helpful:

4.0 out of 5 stars It is helpful to me., May 25, 1999

By A Customer

This review is from: Financial and Accounting Guide for Not-for-Profit Organizations (Wiley Nonprofit Law, Finance and Management Series) (Hardcover)

It was lucky to find this book. I'm a college student. I am preparing to take a AICPA exam. The library of my college doesn't have enough books about Not-for-Profit Organization accounting. This book gives me friendly and detailed explanations. well, a shortness of this book is a tedious text, such as one color text, no graphic figures. I just worried about objective judgements, because I didn't study other Not-fot-Profit books. Anyway, this book makes me come to Not-for-Profit accounting more closely. I'd like to recommend this book.

16 of 19 people found the following review helpful:

4.0 out of 5 stars This book is very valuable for Not-For-Profit Organizations, October 18, 1999

By A Customer

This review is from: Financial and Accounting Guide for Not-for-Profit Organizations (Wiley Nonprofit Law, Finance and Management Series) (Hardcover)

I felt this book was basically well written. It at times is a little too technical, but basically is easy to follow. I do find it an invaluable tool for reference information in the not-for-profit industry.