Ten days (Wednesday evenings from 6 p.m. to 8 p.m.)
March 4 to May 6 2015
To enroll in this program, visit Baruch College’s Continuing and Professional Studies website.
This is an in-class program. Textbook: Simplified Guide to Not-for-Profit Accounting, Formation, and Reporting, by Laurence Scot. ISBN-10: 0470575441 is included in your tuition.
Faculty: Laurence Scot.
Session 1: Introduction to Not-for-profit (NFP) FMR certificate program
Introductory session to provide a course overview; topics include differentiating not-for-profit types, characteristic and terminology (e.g. 501(c)(3) vs. 501(c)(6)) and how to form a 501(c)(3) public charity (Form 1023). This session aims to set the foundation of the unique characteristics of NFP organizations and the objectives of the program in order to develop an understanding of the financial reporting and regulatory environment affecting the NFP sector as to be discussed in the subsequent sessions.
Session 2: NFP Accounting System and Control Environment
This session will look at the basic components of the accounting system. Students will gain an understanding of the general ledger and chart of accounts as well as the necessity of proper internal controls to protect the organizations assets and ensure reliable and accurate
Session 3: Budget Development
This session provides definitions and an overview of budget development. Students will learn how to prepare accurate and realistic budgets and variance reporting. In addition this class will cover how to obtain government funding through proper grant submissions and subsequent reporting to governmental granting agencies.
Session 4 & 5: Financial Statements
These sessions focus on understanding the major components of all required NFP financial statements including the statements of financial position, activities, cash flows and functional expenses. Emphasis will be placed on assets, liabilities, support/revenue and expense classifications unique to NFP organizations. Examples include discussion on contributions receivable vs. deferred revenue, unrestricted, temporarily and permanently restricted net assets, classification and reporting of restricted contributions, events and presentation of functional expenses.
Session 6: Employee Classification & Board of Directors Oversight Responsibilities
This session will examine the proper classification of service providers such as employees and independent contractors and the consequences of misclassification along with required reporting to regulatory agencies such as the Social Security Administration, IRS and NYS Department of Labor. This session will also cover the fiduciary and ethical responsibilities/ duties of the Board of Directors and various committees such as the Executive and audit committees.
Session 7 & 8: Annual Returns
These sessions focuse
s on understanding and interpreting
required exempt organization annual returns such as Form 990, 990EZ,
990-N, 990-PF, and CHAR500. This class will discuss the importance of
accurate and timely reporting so that all stakeholders have the
information they need to make informed decisions. The need for
transparency ensures that all stakeholders will have the tools they
need to make informed decisions regarding the organization’s
activities, source and appropriate use of funds and allow regulatory
agencies to ensure that the organization is complying with its exempt
mission. Consequences of non-compliance will be discussed.
Session 9 & 10: Financial, Government, and Regulatory Audits
During these two sessions, students will gain an understanding of various regulatory bodies such as government agencies, (IRS, OMB, NYS Charities Bureau) and financial audits as they pertains to NFP organizations. They will gain an understanding of the tax consequence of unrelated business income and how to prepare for an audit and respond to Auditors inquiries. In depth coverage of the new 2013 Revitalization Act, which was the first major revision to NYS NFP laws in 40 years, will also be covered in these sessions.