Nonprofit Accounting & Financial Statements: Overview for Board, Management, and Staff

by Thomas R. Ittelson

NEW 2nd EDITION with 2017 FASB Accounting Standards Update.

A simple, yet complete (and very readable) guide to nonprofit accounting and financial statement reporting. Teaches how money enters the organization as donations and grants and then exits the organization as expenses or capital purchases. Shows how nonprofit financial transactions are recorded and how summaries are prepared and presented to stakeholders. No prior accounting knowledge is required. Immensely helpful information made accessible in an informal and witty way. An accounting book that is actually as enjoyable as it is useful!

Nonprofit Accounting & Financial Reporting: Overview for Board, Management, and Staff by Thomas R. Ittelson will teach you how the financial accounts of your nonprofit organization function. Written for non-financial types, this book focuses on the four major financial statements of a nonprofit organization: the Statement of Activities, Statement of Financial Position, Statement of Cash Flows, and the Statement of Functional Expenses.

You will learn:

-- How accounting entries and financial statements of your nonprofit organization interact to give a clear picture of the financial health of the organization.

-- All the accounting words you will need to know to communicate effectively and participate in financial decision-making discussions in your organization.

-- Only the accounting and financial reporting proficiency that is both necessary and relevant, leaving all the esoterica to the professionals.

-- Skills required to satisfy your fiduciary duty to the organization, its donors, its clients, the community, funding sources, and the Feds.

-- Nonprofit accounting can be fun!

Genres: Accounting, Finance, Academic

256 pages, Paperback

Published September 23, 2017

Reviews

[Ellen · Rating 4 out of 5]

A super quick refresher in preparation for my first board meeting.

[Carolyn · Rating 5 out of 5]

A quick and practical read for anyone who works or serves in the nonprofit sector on understanding financial basics and board members responsibility to an organization. Easy to understand with great examples to walk one through all necessary financial forms for a fully overview of an organization’s financial health. Favorite chapters for future use - Ch. 16 Measuring Financial Performance and Ch. 17 Ratios & Benchmarking. Highly recommended.

[Daphne · Rating 4 out of 5]

Clear, creative enough (uses a case study to show how various types of transactions appear on financial statements), and repetitive in a good way (drills home the most important aspects of reading and understanding nonprofit financial transactions).

[Jess · Rating 4 out of 5]

I found this a helpful book for nonprofit accounting and financial statements. The author made this book easy to read and understand so I would recommend this for anyone interested in this topic.

[Jessica · Rating 4 out of 5]

This was a really straightforward book on accounting for managers, directors, and board members. One I might keep on hand to reference and it was very reasonably priced!