This course discusses accounting for liabilities of not-for-profit entities (NFPs).
Learning Objectives
- Learning Outcomes
- Differentiate between and recognize the basic compliance requirements of various types of tax-exempt organizations and recall the activities that a tax-exempt organization should limit to protect its tax-exempt status.
- Identify the IRS filing requirements for tax exemption organizations.
- Recall the structure and core components of Form 990 and related schedules and identify common adjustments needed to reconcile Form 990 to financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP).
- Recall when a tax-exempt organization may be subject to unrelated business income taxes (UBIT) and identify the applicable filing requirements.
- Recognize the unique compliance requirements and restrictions related to private foundations.
