Course Agenda
Course Agenda Topics | |
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Module 1 | Introduction to not-for-profit organizations+• Explain the relevance of NFPOs in Canada. • Describe the differences between an NFPO and a charity. • Identify and describe different methods of creating an NFPO. • Explain how to formally register as a charity and why an organization would choose to do so. • Describe the financial reporting obligations of an NFPO and the sources of these obligations. |
Module 2 | Governance and oversight+• Describe the nature of NFPO governance and the roles and responsibilities of members, the Board of Directors, employees, and volunteers. • Describe the composition and responsibilities of the Board of Directors, including committee and officer position responsibilities. • Describe the operating procedures of a Board of Directors, including reporting relationships and liability. • Describe appropriate ethical considerations in the NFPO context. • Explain the role of internal controls within an NFPO. • Explain how an external audit contributes to good internal control. • Describe the role of budgeting within the context of planning and internal control. • Explain the role of accounting information in the preparation of grant and funding applications. |
Module 3 | Financial statement concepts+• Understand the accounting concepts and principles that are unique to NFPOs. • Describe the information needs of not-for-profit financial statement users and explain how these are different from those of for-profit organizations. • Describe the key NFPO accounting concepts of contributions and matching, and explain how each is accounted for. • Describe how NFPOs determine the criteria for performance measurement, the types of measures that may be used, and how these are communicated. • Become familiar with Part III of the CPA Canada Handbook – Accounting and identify which accounting standards are unique to NFPO reporting. |
Module 4 | Registered charities+• Understand the unique requirements for registered charities, including the categories of registered charities and the requirement to use assets for charitable purposes. • Understand the characteristics of donations and how to issue correct receipts. • Prepare a basic annual Registered Charity Information Return. • Describe the process of dissolving a registered charity. |
Module 5 | Fund accounting+• Describe fund accounting and the aspects of using fund accounting that are not obvious from reviewing the financial statements. • Record revenue transactions using the restricted fund method of revenue recognition. • Provide required disclosure when financial statements are prepared using fund accounting and the restricted fund method of revenue recognition. • Record basic transactions using fund accounting. |
Module 6 | Deferral method+• Record revenue transactions using the deferral method of revenue recognition. • Prepare the required disclosure and accounting entries when NFPOs receive tangible capital assets as contributions. • Provide required disclosure when financial statements are prepared using the deferral method of revenue recognition. • Explain when revenues and expenses must be presented at gross amounts rather than at net amounts. • Contrast the key differences between the two methods of revenue recognition for restricted contributions. |
Module 7 | Endowments and other key NFPO concepts+• Prepare the required disclosure and accounting entries when NFPOs receive endowment contributions. • Distinguish between a registered charity and other NFPOs. • Understand basic GST/HST implications for charities and other NFPOs. • Explain the ethical responsibilities of volunteers, employees, and board members, and the various ethical opportunities that arise in the not-for-profit sector of accounting. |