Nonprofit Accounting & Financial Statements - by Thomas R Ittelson (Paperback)

About the Book

Book Synopsis

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!

Review Quotes

"At last, a simple but complete (and very readable) guide to non-profit accounting for the non-accountant! Invaluable for nonprofit managers and particularly useful for board members who may have no background in this arcane area. The secrets of restricted revenue, net assets, and other terms new to those from the for-profit world are explained straightforwardly and with enough detail to ensure understanding." --Lita Nelsen, consultant and board of directors member of nonprofit institutions, retired director, MIT Technology Licensing Office

"Ittelson has done a public service by providing a fast-moving, readable guide to a subject not every board member finds thrilling, yet with which everyone should have at least a nodding acquaintance. Clear, simple examples to illustrate every point is especially useful." --David T. Flanagan, former President, University of Southern Maine

"This is the book I have been looking for for two decades! It is clear, practical and breaks down complex information in a way that is relevant to the work all of us in the nonprofit sector do. Highly recommended." --Marjorie Schwarzer, Professor of Museum Studies, University of San Francisco

"A must read for grantees. Provides the financial understanding we expect at all levels in supported organizations." --Irina Simmons, foundation executive, former corporate treasurer, Fortune 500 company

"Just think of this book as an in-depth, one semester-long course condensed into 220 readable pages."--Peter Lowy, editor and publisher, Massnonprofit News

"A clear and effective financial primer for the board and everybody else in the organization." --Barbara Kemp, former school board chair, Scarsdale, NY, and trustee Occidental College

"Rare that a book on understanding nonprofit financials is actually entertaining--but this one is. A clear, thorough and highly accessible walkthrough of the essentials of nonprofit accounting, this should be required reading for all nonprofit board members." --Kate Merritt, CEO, KMP Consulting and consultant to nonprofit boards

"A must-have guide to the nonprofit world. "A must-have guide to the nonprofit world. Excellent, highly readable book that all board members should have in their library. Spells out our fiduciary responsibility clearly. Staff would benefit from this book as well." --Ed Bailey, 5-Star Amazon.com review

"An easy read for conscientious board members. Will be a reference for years to come. Ittelson incorporates a down-to-earth style while demystifying financial reports for newcomer and veteran nonprofit leaders alike."--Douglas Long, 5-Star Amazon.com review