Syllabus
Government and Not-for-Profit Accounting

Government and Not-for-Profit Accounting

ACNT-2330

Credit Fall 2018
08/27/2018 - 12/16/2018

Course Information

Section 001
Distance Learning
ONL DIL
Sheila Ammons

Section 001
Laboratory

Sheila Ammons

Section 002
Distance Learning
ONL DIL
Sheila Ammons

Section 002
Laboratory

Sheila Ammons

Office Hours

  • NULL - NULL
    On-line
    See Blackboard for information.
    Sheila Ammons' e-mail: sammons@austincc.edu

Instructor/Course Information

INSTRUCTOR INFORMATION

Instructor

Sheila Ammons, CPA, CMA, CGFM

Phone

(512) 223-4949

e-mail

sammons@austincc.edu

Web
Blackboard

http://www.austincc.edu/sammons
http://acconline.austincc.edu

Office Hours Office hours are on-line and by appointment.

Students work with the instructor in the following ways:

Send questions, comments and concerns to the instructor via the Blackboard e-mail feature.  Sheila checks e-mails at least 2 times each day, Monday - Saturday and responds to e-mails within 24 hours. Any departure from this schedule will the announced using the Blackboard Announcement Page.

Use the Blackboard Discussion to discuss chapter content.  This is equivalent to asking a question or making a comment in class.  By using the Blackboard Discussion board, all students benefit from the questions/comments and the responses.  Be sure to respond to the DB postings of your classmates.

If you need to work with the instructor via a phone call, video chat, or in-person meeting, send an e-mail (via Blackboard) and arrangements will be made.

Exam and other confidential student feedback will be made using the Blackboard Messages area. 

COURSE INFORMATION

CIP CODE AREA: 52.0301.00
COURSE LEVEL:
Advanced (Junior Level)
COURSE NUMBER: ACNT 2330 (Workforce Education Course Number)
COURSE TITLE: Governmental and Not-For-Profit Accounting
CREDIT HOURS: 3; Lecture Hours: 3, Lab Hours:  1
PREREQUISITE: ACNT 1371
METHOD OF PRESENTATION: 3 lecture hours/1 lab hour each week - ONL students use the Internet and email to complete coursework online. Discussion boards, streaming video, and instructional software may also be incorporated. Students use their own computers or the Computer Labs on campus.

COURSE DESCRIPTION:  A study of basic fund accounting and financial reporting concepts, applications, and practices for governmental and not-for-profit entities. The course coverage also includes budgeting; transaction analysis; general journal and special journals; journal entries; preparation, use and analysis of financial statements; auditing issues; and recent GASB and FASB pronouncements. Instructional program chair approval is needed. Course Fee:$50.00; Student Accident Insurance Fee: $1.00; Skills:0; Prerequisites  ACNT 1371: Course Type: W

INSTRUCTIONAL METHODOLOGY:  The objectives of this course will be met by incorporating a variety of instructional methods. These include Blackboard and myBusinessCourse (MBC) study tools, group activities, discussion board postings, problems/essays, quizzes, Spreadsheet and word processing activities, online research, and proctored exams.

COURSE RATIONALE:  The goals and objectives of this course prepare students for (1) completing degree requirements, (2) obtaining or improving job skills, (3) qualifying for a business or Accounting job, (4) working as an entrepreneur, (5) fulfilling personal goals, and/or (6) understanding financial statements and the basic accounting process.

This course is accepted by the Texas State Board of Public Accountancy as one of the 30 hours of upper division accounting courses.  To be accepted, students MUST HAVE completed a minimum of a bachelor’s degree PRIOR to taking this course.

 

ACNT 2330 Online course: OVERVIEW

ACNT 2330 – Governmental and Not-for-Profit Accounting:  A study of basic fund accounting and financial reporting concepts, applications, and practices for governmental and not-for-profit entities. The course coverage also includes budgeting; transaction analysis; general journal and special journals; journal entries; preparation, use and analysis of financial statements; auditing issues; and recent GASB and FASB pronouncements. Instructional program chair approval is needed.  (Course Fee $50 Student Accident Insurance Fee $1.00; Skills:  O Prerequisites:  ACNT 1371 Course Type:  W)

The prerequisite for ACNT 2330 is ACNT 1371 - Business Applications in Accounting  ACNT 1371  (3-3-1): Overview of accounting information system and accounting cycle, financial statement preparation and time value of money applications. Introduction to research and writing for accountants.  The completion of ACNT 2303 - Intermediate Accounting 1 - is equivalent of completing ACNT 1371.  Dr. Peoples will make this determination at the advising session.

The prerequisite course (ACNT 1371) should prepare ACNT 2330 students to work with the basic accounting cycle: (1) analyze transactions, (2) prepare journal entries, (3) post journal entries, (4) prepare a trial balance, (5) prepare and post adjusting entries, (6) prepare an adjusted trial balance, (7) prepare financial statements, (8) prepare and post closing entries, and (9) prepare a post closing trial balance. Students must also be prepared to work with the rules of debits and credits, the steps of the accounting cycle; accrual accounting; financial accounting concepts; current and long-term liabilities (including bonds); and current and long-term liabilities.  Chapter 15 (Fundamentals of Accounting) of the course text provides a refresher of these required skills and knowledge. 

ACNT 2330 covers generally accepted accounting principles (GAAP) for State and Local Governments (GASB) and GAAP for private Not-For-Profit (nonprofit) entities (FASB) . As we work with the accounting cycle, rules of debits/credits, and basic financial accounting concepts, it is necessary to understand and apply new terminology and unique accounting processes/rules.  Thus, any refresher of prerequisite skills and knowledge must be completed prior to the start of Chapter 1.

This online course has mandatory due dates which cannot be extended. Thus students must  stay on schedule and have sufficient time to work with all aspects of the course. Students must be active with all course components and tools throughout each week of the semester.

Before enrolling, make sure that this course format is right for you.

Step 1:   Read about Distance Learning . Take the Learning Style Survey.

Step 2:  Make sure that you have time for this course.  A 16 week, three-hour, upper-level accounting course generally requires a weekly commitment of 3.5 hours in the classroom and 7 to 10.5  hours outside of the classroom.  For an online course, the total commitment should be 11-14 hours per week.  An 11 week, three-hour, upper-level accounting course, generally requires a weekly commitment of 3.5 hours in the classroom and 10.5-14.5 hours outside of the classroom.  For an online course, the total commitment should be 14-18 hours per week.  The use of the Internet will range between 8 and 12 hours per week.    Because of the mandatory deadlines, students cannot fall behind.

Step 3:  Read the course syllabus to make sure you understand how this online course works.  The following videos provide insight about this course:

ACNT 2330 Course Introduction  (10 min)

ACNT Tips to Success  (4:30 min)

If this is the right course for you, work with Dr. Peoples' office to get approval and complete the enrollment process.

MANDATORY ORIENTATION

This orientation will become available in the Blackboard course on 8/22/18 and must be completed by 11:45 PM on 8/3018.  Students will be withdrawn from the course if they do not complete all components of the mandatory orientation by 11:45 PM on 8/30/18.

Readings

Accounting for Governmental & Nonprofit Organizations, 1st ed, Terry Patton, Suesan Patton, Martin Ives, Cambridge Business Publishers, ISBN:  978-1-61853-264. Students are required to obtain access to myBusinessCourse (MBC).  This access is free with a new text.  New texts can be purchased from the publisher in two options: (1) eText:  6 month subscription $120 and (2) Loose Leaf Text:  $160.  Both the eText and Loose Leaf Text come with access to MBC. 

Students who purchase a used text must also acquire the access code for MBC at a cost of approximately $60.

The text can also be acquired from the  ACC Bookstore

Free preview of chapters 1 and 2

About the Text

Coverage:

  • Chapters 1 through 10 focus on applying state and local governmental accounting and financial reporting principles.
  • Chapters 13 and 14 focus more attention on nongovernmental entities. The focus of Chapter 13 is nonprofit organizations, and the focus of Chapter 14 is nonprofit and governmental health care organizations.
  • Students who need a refresher of the material covered in principles of accounting can use Chapter 15, which provides a practice-oriented approach to learning basic accounting concepts.

Features:

  • Real-world situations which illustrate the application of theory
  • User-friendly discussion of modified accrual accounting
  • Inclusion of new accounting standards
  • Coverage of state and local governmental entities, nonprofit entities, including nonprofit hospitals
  • Analysis of actual financial statements
  • Continuing problems
  • Reviews for each learning objective

 

ACC Policies and Resources

ACC POLICIES

Attendance/Class Participation: Regular and punctual class and laboratory attendance is expected of all students. If attendance or compliance with other course policies is unsatisfactory, the instructor may withdraw students from the class.

Withdrawal Policy: It is the responsibility of each student to ensure that his or her name is removed from the roll should he or she decide to withdraw from the class. The instructor does, however, reserve the right to drop a student should he or she feel it is necessary. If a student decides to withdraw, he or she should also verify that the withdrawal is submitted before the Final Withdrawal Date. The student is also strongly encouraged to retain their copy of the withdrawal form for their records.Students who enroll for the third or subsequent time in a course taken since Fall, 2002, may be charged a higher tuition rate, for that course.State law permits students to withdraw from no more than six courses during their entire undergraduate career at Texas public colleges or universities. With certain exceptions, all course withdrawals automatically count towards this limit. Details regarding this policy can be found in the ACC college catalog.

Incompletes: An instructor may award a grade of “I” (Incomplete) if a student was unable to complete all of the objectives for the passing grade in a course. An incomplete grade cannot be carried beyond the established date in the following semester. The completion date is determined by the instructor but may not be later than the final deadline for withdrawal in the subsequent semester.

Statement on Scholastic Dishonesty: A student attending ACC assumes responsibility for conduct compatible with the mission of the college as an educational institution. Students have the responsibility to submit coursework that is the result of their own thought, research, or self-expression. Students must follow all instructions given by faculty or designated college representatives when taking examinations, placement assessments, tests, quizzes, and evaluations. Actions constituting scholastic dishonesty include, but are not limited to, plagiarism, cheating, fabrication, collusion, and falsifying documents. Penalties for scholastic dishonesty will depend upon the nature of the violation and may range from lowering a grade on one assignment to an “F” in the course and/or expulsion from the college.

See the Student Standards of Conduct and Disciplinary Process.

Student Rights and Responsibilities Students at the college have the rights accorded by the U.S. Constitution to freedom of speech, peaceful assembly, petition, and association. These rights carry with them the responsibility to accord the same rights to others in the college community and not to interfere with or disrupt the educational process. Opportunity for students to examine and question pertinent data and assumptions of a given discipline, guided by the evidence of scholarly research, is appropriate in a learning environment. This concept is accompanied by an equally demanding concept of responsibility on the part of the student. As willing partners in learning, students must comply with college rules and procedures.

Statement on Students with Disabilities: Each ACC campus offers support services for students with documented disabilities. Students with disabilities who need classroom, academic or other accommodations must request them through the office of Student Accessibility Services (SAS). Students are encouraged to request accommodations when they register for courses or at least three weeks before the start of the semester, otherwise the provision of accommodations may be delayed. Students who have received approval for accommodations from SAS for this course must provide the instructor with the ‘Notice of Approved Accommodations’ from SAS before accommodations will be provided. Arrangements for academic accommodations can only be made after the instructor receives the ‘Notice of Approved Accommodations’ from the student. Students with approved accommodations are encouraged to submit the ‘Notice of Approved Accommodations’ to the instructor at the beginning of the semester because a reasonable amount of time may be needed to prepare and arrange for the accommodations. Additional information about Student Accessibility Services.

Safety Statement: Austin Community College is committed to providing a safe and healthy environment for study and work. You are expected to learn and comply with ACC environmental, health and safety procedures and agree to follow ACC safety policies. Additional information on these can be found at . Because some health and safety circumstances are beyond our control, we ask that you become familiar with the Emergency Procedures poster and Campus Safety Plan map in each classroom.

Additional information about emergency procedures and how to sign up for ACC Emergency Alerts to be notified in the event of a serious emergency can be found at.

Please note, you are expected to conduct yourself professionally with respect and courtesy to all. Anyone who thoughtlessly or intentionally jeopardizes the health or safety of another individual will be immediately dismissed from the day’s activity, may be withdrawn from the class, and/or barred from attending future activities.

Concealed Handgun Policy

The Austin Community College District concealed handgun policy ensures compliance with Section 411.2031 of the Texas Government Code (also known as the Campus Carry Law), while maintaining ACC’s commitment to provide a safe environment for its students, faculty, staff, and visitors.

Beginning August 1, 2017, individuals who are licensed to carry (LTC) may do so on campus premises except in locations and at activities prohibited by state or federal law, or the college’s concealed handgun policy.

It is the responsibility of license holders to conceal their handguns at all times. Persons who see a handgun on campus are asked to contact the ACC Police Department by dialing 222 from a campus phone or 512-223-7999.

Refer to the concealed handgun policy online at austincc.edu/campuscarry.

Use of ACC Email: All College e-mail communication to students will be sent solely to the student’s ACCmail account, with the expectation that such communications will be read in a timely fashion. ACC will send important information and will notify you of any college related emergencies using this account. Students should only expect to receive email communication from their instructor using this account. Likewise, students should use their ACCmail account when communicating with instructors and staff. Instructions for activating an ACCmail account.

Testing Center Policy: Under certain circumstances, an instructor may have students take an examination in a testing center. Students using the Academic Testing Center must govern themselves according to the Student Guide. Use of ACC Testing Centers and should read the entire guide before going to take the exam. To request an exam, one must have:

  • ACC Photo ID
  • Course Abbreviation (e.g., ENGL)
  • Course Number (e.g.,1301)
  • Course Synonym (e.g., 10123)
  • Course Section (e.g., 005)
  • Instructor's Name

Do NOT bring cell phones to the Testing Center. Having your cell phone in the testing room, regardless of whether it is on or off, will revoke your testing privileges for the remainder of the semester. ACC Testing Center policies.

Student And Instructional Services: ACC strives to provide exemplary support to its students and offers a broad variety of opportunities and services. Information on these services and support systems is available here. Links to many student services and other information can be found at Current Students. ACC Learning Labs provide free tutoring services to all ACC students currently enrolled in the course to be tutored. The tutor schedule for each Learning Lab may be found here.

Instructions for activating an ACCmail account.

 

Course Requirements

COURSE POLICIES 


Incomplete:  An incomplete (I) will be granted to a student in rare circumstances. Generally, to receive a grade of I, a student must have completed all examinations and assignments to date, be passing, and have personal circumstances that prevent course completion that occur after the deadline to withdraw with a grade of W. 

Attendance:  On line class

Withdrawal:  The instructor may withdraw a student for lack of progress.  Lack of progress includes:  if the student has missed more than 2 assignments (discussion board, MBC assignment, lab, project, etc) and has not discussed the acceptable reason for missing with the instructor (forgetting a due date or being too busy is not an acceptable reason). The instructor has the right to withdraw a student who has missed more than 2 assignments without notifying the student.  Thus, it is critical that students complete the assignments and keep in touch with the instructor.   In addition if Exam 1 is not completed by the mandatory date (or extended date - see Due Dates for Exams Policy), the student will be withdrawn.  The last day to withdraw from this course is 11/26/18.

See Blackboard for details on all grading components.

Early Grade Release:  Course grades cannot be released before the semester has officially ended.

Due Dates for Exams:   An extension may be granted in the case of an emergency.  If this happens:  (1) contact the instructor by phone or e-mail before the exam deadline and (2) submit verification of the emergency (for example, in case of personal illness, submit a statement from the doctor which shows the period of time you are unable to attend work or school; in case of death or serious illness of a close friend or family member, submit information about the nature and location of the emergency and when you will be able to take the exam; in case of work or military orders, submit a letter from the supervisor which states the dates and location of the assignment).  If the verification is submitted, one extension may be granted.  If the exam is not taken by the extended due date, the student will be withdrawn from the course.  Stay on schedule and complete all assignments a few days early.  This allows you to meet deadlines and keep from getting behind.

No notes, electronic devices, or texts can be used during Exams 1, 2, and 3.

Exams are taken at any  ACC testing centers. Students who live outside the Austin area and cannot travel to an ACC Testing Center must have their exams proctored at a college or university testing center  through the Distance Testing procedures.  The required form must be submitted online by the end of the second week of the semester.  All exams are administered in testing centers using Respondus (see Blackboard for details).  Use of the Internet is strictly limited to the Respondus delivery.

The ACC Accounting Department has a secure exam policy.  For this reason, exams cannot be released via Blackboard. Because this is an online course which includes students who live outside of the ACC service area, students are not allowed to review completed exams.  The professor will provide detailed feedback to students who request it.  The best approach to the exams is to invest sufficient time and know the exam material.

Review the student testing guidelines  prior to taking the first exam.

Exam Curve:  If an exam curve is necessary, the amount of curve will be based on the percentage of points earned for homework assignments (see the Homework policy) for the related chapters.  For example, if the total homework points equal 25 and a student has earned 15 points, the student will receive 60% of the exam curve.

Homework–  Late homework is not accepted for grading.  Homework assignments include:  Quizzes, myBusinessCourse (MBC) exercises/problems, Group Blogs, and Ch 7 Essay.  Assignment instructions, grading rubrics, and technology guidance/help are provided in Blackboard.

Labs and Project -- Instructions and grading rubrics are provided in Blackboard.  These will be submitted via Blackboard.  No late papers will be accepted for grading.

For all grading components:

  • Submit all assignments before the posted due date.  Late papers are not accepted for grading.
  • Do not submit assignments via e-mail (unless the assignment specifically states to do this). Use doc, docx, rtf, xls, or xlsx (no power point or pdf).  Each Blackboard lesson provides the method of submitting assignments
  • Use complete sentences, proper grammar, and correct spelling.  It is not necessary to type the assignment instructions.
  • Always put your name on every paper.  There will be a 10% deduction for any paper that does not have your name on it.
  • Do your own work.  Be sure that you understand the consequences of plagiarism.  Do not copy from sources – paraphrase or summarize – and make proper citations.
  • Your work must reflect your understanding of the concepts covered
  • Take pride in every assignment submitted.  Allow sufficient time to submit quality work.

Academic Honesty Policy --  A student attending ACC assumes responsibility for conduct compatible with the mission of the college as an educational institution. Students have the responsibility to submit coursework that is the result of their own thought, research, or self-expression. Students must use their own words and submit assignments that they have prepared. Actions constituting scholastic dishonesty include, but are not limited to, plagiarism, cheating, fabrication, collusion, and falsifying documents. Penalties for scholastic dishonesty will depend upon the nature of the violation and may range from a grade of zero on an assignment to an “F” in the course and/or expulsion from the college. If 2 papers are identical, each paper will receive a grade of zero. View additional information.


GRADING:

       

Component

 

Points

%

   

Orientation

 

50

5%

 

 

Exams

 

400

40%

   

Assignments*

 

250

25%

 

 

Project

 

100

10%

   

Labs 

 

100

10%

   

DB Postings

100

10%

   

Total

 

1,000

100%

   

Final Grade Determination

   
 

A

900 – 1,000 pts

     
 

B

800 – 899 pts

     
 

C

700 – 799 pts

     
 

D

600 – 699 pts

     
 

F

below 600

   

Assignments include:  Quizzes, myBusinessCourse (MBC) exercises/problems, Group Blogs,  Ch 7 Essay.

 

Course Subjects

ACNT 2330  -  GOVERNMENTAL AND NOT-FOR-PROFIT ACCOUNTING

Fall 2018

SCHEDULE, ASSIGNMENTS, GRADING INFO

See the Student Learning Outcomes/Learnng Objectives for specific course and lesson objectives.

 

TOPIC

ASSIGNMENTS

Due Date (CST/CDT))

 

Module A

 

Orientation

DB Postings (10 pts)|
Prerequisite Quiz (20 pts)
Assignment (20 pts)

Thurs. 8/30, 11:45 PM

 

Chapter 1 Government and Nonprofit Accounting Environment and Characteristics

Group Blog (15 pts)
Lab 1 (10 pts)
 

Thurs. 9/6, 11:45 PM

 

Chapter 13 Accounting for Nonprofit Organizations

DB Postings (10 pts)
MBC (10 pts)
Quiz (5 pts)
Lab  2 (20 pts)

Thurs. 9/13, 11:45 PM

 

Chapter 14 Accounting for Health Care Organizations

DB Postings 10 pts)
MBC (10 pts)
Quiz (5 pts)
Lab 3(10 pts)

Thurs. 9/20, 11:45 PM

 

Exam 1: Ch 1,13,14 (100 pts)

Exam Review located in Blackboard

Anytime between  9/20 and 9/27, close of testing center

 

Module B

 

Chapter 2 The Use of Funds in Governmental Accounting

DB Postings (10 pts)
MBC (10 pts)
Quiz (5 pts)
Lab 4 (20 pts)

Thurs. 10/4, 11:45 PM

 

Chapter 3 Budgetary Considerations in Governmental Accounting

DB Postings (10 pts)
MBC (10 pts)
Quiz (5 pts)
Group Blog (20 pts)

Thurs. 10/11, 11:45 PM

 

Chapter 4 An Introduction to General and Special Revenue Funds

DB Postings (10 pts)
MBC (15 pts)
Quiz (5 pts)
Lab (20 pts)

Thurs. 10/18, 11:45 PM

 

Chapter 5 General and Special Revenue Funds (Continued)

DB Postings (10 pts)
MBC (15 pts)
Quiz (5 pts)
Group Blog (25 pts)

Thurs. 10/25, 11:45 PM

 

Exam 2: Ch 2 - 5 (125 pts)

Exam Review located in Blackboard

Anytime between 10/25 and 11/1, close of testing center

 

Module C

Chapter 6 Capital Projects Funds, Debt Service Funds, and Permanent Funds

DB Postings (10 pts)
MBC (10 pts)
Quiz (5 pts)

Thurs. 11/8, 11:45 PM

Chapter 7 Proprietary Type Funds – Enterprise and Internal Service Funds

DB Postings (10 pts)
MBC (10 pts)
Quiz (5 pts)
Essay (30 pts)

Thurs. 11/15, 11:45 PM

Chapter 9 Reporting Principles and Preparation of Fund Financial Statements

DB Postings (10 pts)
MBC (10 pts)
Quiz (5 pts)

Wed. 11/21, 11:45 PM

Chapter 10 Government-Wide Financial Statements

DB Postings (10 pts)
MBC (10 pts)
Quiz (5 pts)
Lab 6 (20 pts)

Wed. 11/28, 11:45 PM

Project

Chapters 1.9 and 13 (100 pts)

Sat. 12/8, 11:45 PM

Exam 3: Ch 6,7,9,10 and  course outcomes assessment (175  pts)

Exam Review located in Blackboard

Anytime between 12/8 and 12/15
close of testing center

 

This is subject to change.  Last update:  7/1/18

All assignments are due no later than 11:45 PM on the stated due date.

Exams must be completed by the close of business of the testing facility.

           

Each paper submitted must have your name on it.  10% will be deducted for each occurrence.   Discussion Board postings must be made on at least 2 separate days.

         
       

GRADING:

       

Grading Components

     

Component

 

Points

%

   

Orientation

 

50

5%

 

 

Exams

 

400

40%

   

Assignments*

 

250

25%

 

 

Projects

 

100

10%

   

Labs 

 

100

10%

   

DB Postings

100

10%

   

Total

 

1,000

100%

   
           

Final Grade Determination

   
 

A

900 – 1,000 pts

     
 

B

800 – 899 pts

     
 

C

700 – 799 pts

     
 

D

600 – 699 pts

     
 

F

below 600

   

Assignments include:  Quizzes, myBusinessCourse (MBC) exercises/problems, Labs, Group Blogs, Ch 4 Problem, Ch 7 Essay)

This is subject to change.  Last update:  7/1/18

Student Learning Outcomes/Learning Objectives

COURSE KNOWLEDGE and SKILLS

Knowledge:  Explain generally accepted accounting principles as they apply to economic transactions of governmental and not-for-profit entities. 

Skills:  Identify accounting standards and procedures for governmental and non-profit entities. Apply generally accepted accounting principles in the preparation of reports for public institutions

The knowledge and skills will be covered and assessed in the course outcomes and module objectives.

Course Outcomes:  Upon completion of this course, students should be able to:

State and Local Governmental Entities:

CO 1: Identify and apply the sources of generally accepted accounting principles for state and local governmental entities.

CO 2:  Explain the objectives of financial reporting for state and local governmental entities

CO 3:  Explain the balanced budget requirement, apply budgetary accounting, and evaluate budgetary reporting for state and local governmental entities

CO 4:  Apply governmental accounting and reporting terminology

CO 5:  Analyze and record transactions of state and local governmental entities

CO 6:  Apply the financial reporting requirements for fund and government-wide financial statements for state and local governmental entities.

Nonprofit Organizations:

CO 7:  Identify and apply the sources of generally accepted accounting principles for nonprofit organizations

CO 8:  Explain the objectives of financial reporting for nonprofit organizations

CO 9:  Apply nonprofit accounting and reporting terminology

CO 10:  Analyze and record transactions of nonprofit organizations

CO 11:  Apply the financial reporting requirements for nonprofit organizations

LESSON OBJECTIVES:

Module A Objectives

Lesson 2 (Chapter 1):  By the end of this lesson, you will be able to:

1.1 List and describe the differences between governmental, nonprofit, and commercial entities.

1.2

  1. List the objectives and distinctive characteristics of financial reporting for state and local governmental and nonprofit entities.
  2. Evaluate the objectives and distinctive characteristics of financial reporting for state and local governmental and nonprofit entities.

1.3

  1. Identify the sources of generally accepted accounting principles for state and local governmental and nonprofit entities.
  2. Describe the due process used by the FASB and GASB.
  3. Discuss the hierarchy of GAAP for state and local governments and nonprofit entities,

Lesson 3 (Chapter 13):  By the end of this lesson, you will be able to:

13.1

  1. List the four categories of nonprofit organizations.
  2. Distinguish between the characteristics of state and local governmental entities and nonprofit organizations.
  3. Identify the source of GAAP that applies to nonprofit organizations.

13.2

  1. State the objectives of nonprofit financial reporting.
  2. State the headings and components of each of the required financial statements.
  3. Prepare the statement of financial position and the statement of activities.
  4. Discuss the importance of net asset classifications.

13.3 Prepare journal entries to record transactions for contributions other than services and collections.

13.4 Prepare journal entries to record transactions for contributed services contributions and for collections contributions.

13.5

For investments received from donor contributions:

  1. Prepare journal entries at date of receipt, at the end of the fiscal year, and at the time of disposal.
  2. State the related financial statement disclosures.

13.6

  1. Prepare journal entries to record exchange transaction revenue, depreciation, and fundraising expenses.
  2. Evaluate the FASB’s requirement to provide additional liquidity information.

Lesson 4 (Chapter 14): By the end of this lesson, you will be able to:

14.1

  1. List the types of health care providers and their source of GAAP.
  2. Demonstrate how governmental and nonprofit hospitals handle restricted resources.

14.2

  1. Apply GAAP requirements to transactions involving hospital revenue recognition, including the effects of third-party payers, contractual adjustments, and charity care.
  2. Prepare journal entries for these transactions.

14.3 Prepare journal entries to record contributed services, unrestricted contributions, donor restricted contributions, sales of goods and services, and investment income.

14.4 Prepare journal entries and disclosure statements to record operating expenses, medical malpractice claims, and judgments.

14.5 Prepare the balance sheet and statement of operations for nongovernmental nonprofit hospitals.

Module B Objectives

Lesson 6 (Chapter 2):  By the end of this lesson, you will be able to:

2.1

  1. Discuss the definition of a fund and the purpose of fund accounting.
  2. Explain why state and local governments use fund accounting.
  3. Describe the measurement focus and basis of accounting for each of the three fund categories.
  4.  List the financial statements issued by state and local governmental entities.

2.2 

  1. Apply full-accrual and modified accrual accounting.
  2. Apply the economic resources and the current financial resources measurement focus.
  3. List and discuss the purpose of each of the five governmental funds.
  4. Identify activities of each of the five governmental funds.
  5. Use the governmental fund accounting equation to analyze transactions of each of the five governmental funds.

2.3 For internal service and enterprise funds: 

  1. Discuss the purpose of each.
  2. Identify activities of each.
  3. List the required financial statements.
  4. Describe the measurement focus and basis of accounting.

2.4 For fiduciary funds:

  1. List and discuss the purpose of each fund type.
  2. State the required financial statements.
  3. Describe the measurement focus and basis of accounting

Lesson 7 (Chapter 3):  By the end of this lesson, you will be able to:

3.1

  1. Evaluate the purpose of the balanced budget law.
  2. List and discuss the budgetary types and approaches.
  3. List the steps involved in the process of enacting a budget.

3.2 Calculate the property tax millage rate.

3.3 Describe the execution phase of the budget process.

3.4 Classify revenues and expenditures.

3.5 Prepare journal entries to record the adopted budget and subsequent revisions.

3.6 Prepare journal entries to record encumbrance and related expenditures.

3.7 Post transactions to revenues and appropriations subsidiary ledgers.

Lesson 8 (Chapter 4):  By the end of this lesson, you will be able to:

4.1

For general and special revenues funds:

  1. Describe the purpose and organization of each fund.
  2. Discuss the accounting measurements that apply.
  3. Describe the revenue and expenditure recognition requirements.

4.2 Prepare journal entries to record short-term financing and investing transactions for the general and special revenue funds.

4.3 Prepare journal entries to record basic budgetary and financial accounting transactions for the general and special revenue funds.

4.4 Prepare financial and budgetary comparison statements for the general and special revenue funds.

4.5 Prepare year-end budgetary and financial accounting closing entries for the general and special revenue funds.

Lesson 9 (Chapter 5):  By the end of this lesson, you will be able to:

5.1 Discuss how the general principles of the current financial resources measurement focus/modified accrual accounting basis of accounting are necessary for recording transactions of government-type funds.

5.2 Prepare journal entries to record transactions involving property tax revenues and receivables transactions.

5.3 Prepare journal entries to record transactions involving revenues and receivables from sales taxes, personal income taxes, intergovernmental grants, and other revenue sources.

5.4 Prepare journal entries to record transactions involving expenditures and liabilities using the current financial resources measurement focus/modified accrual accounting basis of accounting.

5.5

  1. List, define, and apply the types of interfund transactions.
  2. Explain the effects of interfund transactions on the financial statements.
  3. Prepare journal entries to record interfund transactions.

5.6 Prepare journal entries to record the acquisition and disposition of capital assets and supplies.

5.7 Describe the content and structure of general fund and special revenue fund financial statements.

5.8

  1. List and define the factors affecting the five classifications of fund balance.
  2. Prepare the Fund Balance section of the governmental funds balance sheet.
  3. Prepare journal entries to classify and to close year end encumbrances.

Module C Objectives

Lesson 11 (Chapter 6):  By the end of this lesson, you will be able to:

6.1 Prepare journal entries to record common transactions in capital projects funds.

6.3 Compare the common types of debt for governments.

6.4 Prepare journal entries to record common transactions in debt service funds.

Omit 6.2, 6.5 Omit, 6.6

Lesson 12 (Chapter 7):  By the end of this lesson, you will be able to:

7.1

  1. Contrast the similarities and differences between internal service funds and enterprise funds.
  2. List and discuss the contents of proprietary funds financial statements.
  3. Analyze scenarios and determine which fund should be used (general, internal service, or enterprise).

7.2

  1. Explain how state and local government entities use internal service funds.
  2. Discuss how budgeting procedures and cost allocation affect the operation of internal service funds.
  3. Prepare journal entries to record transactions of the internal service funds.

7.3

  1. Prepare journal entries to record common transactions reporting in enterprise funds.
  2. Prepare enterprise funds financial statements.

Lesson 13 (Chapter 9):  By the end of this lesson, you will be able to:

9.1

  1. List the objectives of governmental financial reporting.
  2. Discuss the purpose of and the need for GASB Statement No. 34.
  3. List the components of a CAFR.

9.2 Apply financial reporting entity standards to identify and report component units.

9.3 Analyze the content of Management’s Discussion and Analysis (MD&A).

9.4 Discuss reporting issues related to preparing financial statements for governmental and proprietary financial type funds.

9.5 Describe the purpose of the notes to the financial statements.

9.6 Describe the content and purpose of required supplementary information, other than the MD&A.

9.7 Describe the content of the statistical section of the CAFR.

9.8 List the types of reports and discuss the content of the reports that auditors must prepare as part of a single audit.

Lesson 14 (Chapter 10):  By the end of this lesson, you will be able to:

10.1 Analyze the major differences in accounting measurements and format between the government-wide and the fund financial statements.

10.2 Describe how interfund and internal service fund balances and activity are reported in the government-wide financial statements.

10.3 Convert fund financial statements to government-wide statements as applicable to capital assets and debt adjustments.

10.4 Convert fund financial statements to government-wide statements as applicable to revenue adjustments.

10.5 Convert fund financial statements to government-wide statements as applicable to expense adjustments.

10.6

  1. List the components of the government-wide financial statements
  2. Reconcile government-wide financial statements with the fund financial statements.

10.7 Apply the accounting standards for special treatment of certain infrastructure assets.

Lesson 15 (Project):  Upon completion of this lesson, you will be able to:

1.2a List the objectives and distinctive characteristics of financial reporting for state and local governmental and nonprofit entities.

1.2 b Evaluate the objectives and distinctive characteristics of financial reporting for state and local governmental and nonprofit entities.

2.4 a For Fiduciary Funds – List and discuss the purpose of each fund type

2.4 b For Fiduciary Funds – State the required financial statements

9.1 List the components of a CAFR

9.3 Analyze the content of Management’s Discussion and Analysis (MD&A).

9.4 Discuss reporting issues related to preparing financial statements for governmental and proprietary financial type funds.

9.5 Describe the purpose of the notes to the financial statements.

9.6 Describe the content and purpose of required supplementary information, other than the MD&A.

9.7 Describe the content of the statistical section of the CAFR.

9.8  List the types of reports and discuss the content of the reports that auditors must prepare as part of a single audit

10.6b Reconcile government-wide financial statements with the fund financial statements

13.1b Distinguish between the characteristics of state and local governmental entities and nonprofit organizations

13.2c Prepare the statement of financial position and the statement of activities.

14.5 Prepare the balance sheet and statement of operation for nongovernmental nonprofit hospitals.

CO 1:   Identify and apply the sources of generally accepted accounting principles for state and local governmental entities.
CO 2:   Explain the objectives of financial reporting for state and local governmental entities
CO 3:   Explain the balanced budget requirement, apply budgetary accounting, and evaluate budgetary reporting for state and local governmental entities
CO 4:  Apply governmental accounting and reporting terminology
CO 6:  Apply the financial reporting requirements for fund and government-wide financial statements for state and local governmental entities.
CO 7:   Identify and apply the sources of generally accepted accounting principles for nonprofit organizations
CO 8:    Explain the objectives of financial reporting for nonprofit organizations
CO 9:    Apply nonprofit accounting and reporting

Last Updated:  10/22/18

Information for potential texas Cpas

"To become a CPA in Texas, the Board has a statutory obligation (Section 901.253) to determine that any person awarded a Texas CPA certificate is of good moral character.

Good moral character is demonstrated by the lack of a history of dishonest or felonious acts. The Board considers several areas in evaluating an applicant's moral character. These include

  • Responses to questions on the application relating to arrests, charges, convictions, probations and/or deferred adjudications of a felony or misdemeanor other than misdemeanor driving offenses such as moving violations (NOTE: DWIs are not considered misdemeanor driving offenses).
  • The Board will access the Federal Bureau of Investigation (FBI) database and the Texas Department of Public Safety – Crime Records Division files using an established fingerprint process for each person who submits an Application of Intent. The fingerprint process allows the Board to receive information on all arrests, charges, convictions, probations and deferred adjudications of misdemeanor and felony offenses that occur in any U.S. state or territory. Records of these activities are reported to the Board for further investigation. If an applicant was 17 years of age or older at the time of the arrest, it should be reported to the Board. You are not required to report criminal records that have been expunged or sealed by an order of the court. You are required to report criminal records subject to a non-disclosure order.  Any subsequent arrest will automatically be reported to the Board for further investigation."