<p/><br></br><p><b> Book Synopsis </b></p></br></br>Sponsored by CompassPoint Nonprofit Services, formerly known as theSupport Center for Nonprofit Management/ Nonprofit DevelopmentCenter <p/> Nothing can be more important to an organization's health andsuccess than the quality of its financial reporting. Thiscomprehensive guide is for all nonprofits that are required tocomply with financial reporting standards set by the IRS andthirty-five state charity regulators (Form 990), FASB and AICPA(GAAP), grantmakers, and the like. It shows how to unify financialreporting requirements without compromising the organization'saccuracy and accountability.<p/><br></br><p><b> From the Back Cover </b></p></br></br>Sponsored by CompassPoint Nonprofit Services, formerly known as the Support Center for Nonprofit Management/Nonprofit Development Center <p>Nothing can be more important to an organization's health and success than the quality of its financial reporting. This comprehensive guide is for all nonprofits that are required to comply with financial reporting standards set by the IRS and thirty-five state charity regulators (Form 990), FASB and AICPA (GAAP), grantmakers, and the like. Much more than a standard accounting manual, this book is a thoughtful guide to improving financial reporting so organizations can focus on the business of fulfilling mission, developing essential programs, and serving communities.</p> <p>In playing chess, the move that accomplishes several purposes is the strongest. This book does exactly that for nonprofits. It gives computer technology the ability to produce reports for funders, budget managers, governmental regulators, and taxing authorities, all from one set of financial data, input only once.--Charles Kirkland, former chair, AICPA Not-for-Profit Organizations Committee, and founder, Kirkland, Eckels & Co.</p> <p>Well-defined, relevant, and reliable guidelines that should enhance the quality and credibility of financial reports.--Kevin A. Kavanaugh, vice president, financial services, American Diabetes Association</p> <p>Helps to simplify and align the federal/state record keeping and reporting.--James J. Caputo Sr., consultant, and chair, the Greater Washington Society of CPA's Not-For-Profit-Organizations Committee</p> <p>Provide[s] management with a wide variety of information that was not previously available--Dennis F. Dycus, director, Office of the Comptroller of the Treasury, Division of Municipal Audit, State of Tennessee</p> <p>As we move into the age of nonprofit financial transparency and instant Web access to reporting documents. . . .it is imperative that nonprofit practitioners, accountants, and lawyers understand and implement the concepts embodied in this guide.--Arthur W. Schmidt, Jr., president, Philanthropic Research, Inc., and publisher of the GuideStar Web site</p> <p><br /> Complete Copy/Written and approved by author when book was originally scheduled for hardcover</p> <p>Sponsored by CompassPoint Nonprofit Services, formerly known as the Support Center for Nonprofit Management/Nonprofit Development Center</p> <p>Nothing can be more important to an organization's health and success than the quality of its financial reporting. This comprehensive guide is for all nonprofits that are required to comply with financial reporting standards set by the IRS and thirty-five state charity regulators (Form 990), FASB and AICPA (GAAP), grantmakers, and the like. It shows how to unify financial reporting requirements without compromising the organization's accuracy and accountability.</p> <p>Authors Russy D. Sumariwalla and Wilson C. Levis combine over fifty years of experience in nonprofit accounting and reporting to describe the key elements of a unified financial reporting system. They also draw valuable lessons from a three-year project formed to improve the quality of reporting on IRS Form 990 and to strengthen public accountability. Known as 990 in 2000, this sectorwide project involved the IRS, the National Association of Attorneys General, the National Association of State Charity Officials, the Greater Washington Society of CPAs, the California Society of CPAs, the National Health Council, the United Way of America, and other organizations.</p> <p>Armed with the latest information, the authors discuss a unified chart of accounts, activity-level accounting, cost allocation, and computerization. They also explore ways of unifying internal and external financial reports, including GAAP statements, grant reports, and others. This guide offers a powerful resource section including information on various appendices program service reporting, government regulation, voluntary standards expert review groups, and more. Much more than a standard accounting manual, Unified Financial Reporting System for Not-for-Profit Organizations is a thoughtful guide to improving financial reporting so organizations can focus on the business of fulfilling mission, developing essential programs, and serving communities.</p><p/><br></br><p><b> Review Quotes </b></p></br></br><br>Provide[s] management with a wide variety of information that wasnot previously available --Dennis F. Dycus, director, Office ofthe Comptroller of the Treasury, Division of Municipal Audit, Stateof Tennessee <p/> In playing chess, the move that accomplishes several purposes isthe strongest. This book does exactly that for nonprofits. It givescomputer technology the ability to produce reports for funders, budget managers, governmental regulators, and taxing authorities, all from one set of financial data, input only once. --CharlesKirkland, former chair, AICPA Not-for-Profit OrganizationsCommittee, and founder, Kirkland, Eckels & Co <p/> Well-defined, relevant, and reliable guidelines that shouldenhance the quality and credibility of financial reports. --KevinA. Kavanaugh, vice president, financial services, American DiabetesAssociation <p/> Helps to simplify and align the federal/state record keeping andreporting. --James J. Caputo Sr., consultant, and chair, theGreater Washington Society of CPA's Not-For-Profit-OrganizationsCommittee <p/> As we move into the age of nonprofit financial transparency andinstant Web access to reporting documents. . . .it is imperativethat nonprofit practitioners, accountants, and lawyers understandand implement the concepts embodied in this guide. --Arthur W.Schmidt, Jr., president, Philanthropic Research, Inc., andpublisher of the GuideStar Web site<br><p/><br></br><p><b> About the Author </b></p></br></br>RUSSY D. SUMARIWALLA is former president and CEO of United WayInternational and has been a leader in the nonprofit sector forover thirty years. He is the author of several publications, including the first and second editions of United Way of America'sAccounting and Financial Reporting Guide. He was also the projectdirector for the 1988 edition of Standards of Accounting andFinancial Reporting for Voluntary Health and Welfare Organizations, also known as The Black Book. <p/> WILSON C. LEVIS is manager of the Nonprofit Management Group in theSchool of Public Affairs, Baruch College, the City University ofNew York. He also serves as project manager for Baruch College'squality reporting projects. He is former vice president of theNational Charities Information Bureau.
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