Accounting for Nonprofit Board Members

Overview

Serving on a nonprofit board can be exciting and fulfilling. However, unique FASB standards for nonprofits can make reading financial statements a frustrating task. Learn about accounting errors and risk management. Being a board member can also lead to personal liability if the organization’s policies and procedures are not set up properly and monitored effectively. Examine the core principles and practices of nonprofit accounting and what questions to ask your organization to protect leadership.

Highlights

• Nonprofit GAAP • Common accounting errors • Risk management

Objectives

• Identify accounting and reporting differences between for-profit and not-for-profit organizations. • Determine fundamental accounting rules of not-for-profits and common accounting errors. • Identify board member responsibilities and potential risk areas for board member liability.