Not-For-Profit Accounting and Issues

Overview

Course description

Not-For-Profit Accounting is a foundation course in accounting for not-for-profit sector. It will emphasize the application of accounting concepts used in the not-for-profit sector. It also includes an overview of the government (public sector) financial reporting standards. The purpose of the course is to produce a mid-level accountant with skills in the not-for-profit sector able to function in environments of low-level complexity. This course will focus on applied knowledge, using not-for-profit scenarios that require the student to demonstrate the application of technical knowledge.

Course content

1. Introduction to not-for-profit organizations

2. Governance and oversight

3. Financial statements concepts

4. Fund accounting

5. Deferral method, restricted funds and endowments

6. Registered charities

7. Not-for-profit and public sector accounting

Learning activities

In-class and/or on-line lectures and group discissions.

Means of assessment

Quizzes and/or Assignments and/or Project	30%
Midterm Examination	30%
Final Examination	40%
Total	100%

Students must write both the midterm examination and the final examiniation to obtain credit for the course.

To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.

Invigilated assessments include, in-class quizzes, in-class tests, midterm exam and the final exam.

Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.

Learning outcomes

1. Explain the basic process of setting up a not-for-proft organization and obtaining the appropriate governmental approval.

2. Describe the basics of charitable and not-for-profit governance.

3. Analyze the major financial reporting issues in not-for-profit organizations.

4. Explain the basics of accounting for and reporting contributions under the restricted fund and deferred contribution methods.

5. Demonstrate understanding of the purposes and accounting for endowments.

6. Analyze the approaches to measuring and valuing outputs.

7. Compare and contrast the performance measurements of for-profit organizations to not-for-profit organizations.

8. Describe the objectives of public sector financial statements.

9. Use the CPA Canada Handbook applicable to the public sector.

Textbook materials

Textbook(s) and/or materials as approved by the department.

Requisites

Prerequisites

ACCT 2320 with a grade of "C" or better

AND

(ACCT 3310 OR ACCT 3410 with a grade of "C" or better)

AND

(ACCT 1222 with a grade of "C" or better OR currently active in the PDD Accounting, PDD Accounting Studies or PBD Accounting program.)

Corequisites

No corequisite courses.

Equivalencies

Courses listed here are equivalent to this course and cannot be taken for further credit:

No equivalency courses

Course Guidelines

Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester / year of the course, consider the previous version as the applicable version.

January 2021 (Current)