Exchange and Agency Transactions: Not-for-Profit Accounting & Financial Reporting

Description

To achieve financial sustainability, NFPs diversify their revenue streams. Funding sources may include a mix of contributions, grants, awards and sponsorships, and earned income from the sale of goods or services. Under GAAP, these transactions are classified as contributions or exchange transactions, or a combination of both. Some exchange transactions take the form of agency arrangements when the NFP has little discretion over the use of the assets that it receives. Your ability to differentiate between these types of transactions is vital to successful preparation of financial statements in the NFP reporting environment.

This CPE course provides real-world examples to help you understand how to distinguish contributions from exchange transactions. You will also learn about basic financial statement presentation and disclosures related to these transactions.

Learning Objectives
  1. When you complete this course, you will be able to:
  2. Differentiate between exchange transactions, contributions and agency transactions
  3. Identify the indicators useful in distinguishing contributions from exchange transactions
  4. Recall key concepts regarding exchange transactions
Major Topics
  1. Grants, awards and sponsorships
  2. Service fees
  3. Special fundraising events and campaigns
  4. Product and merchandise sales
  5. Membership dues
  6. Donor-advised funds
  7. Agency transactions
  8. Variance power
  9. Financially interrelated entities
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Accounting
1.0
Who Should Attend
CPAs, financial professionals and NFP board members involved in financial reporting for NFPs or reviewing NFP financial statements
Course Level
Basic
Instructor(s)
Karen Craig
Prerequisites
None
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When
Available 24/7
Location
Online
Total CPE Credits
1.0
Format
On-Demand
Instructor
Karen Craig

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Exchange and Agency Transactions: Not-for-Profit Accounting & Financial Reporting


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