Richard F. Larkin, CPA (Bethesda, MD) is technical director of not-for-profit accounting and auditing for Long Group, Chartered, in Bethesda, Maryland. He is a certified public accountant with over 35 years of experience serving not-for-profit organizations. He teaches, speaks, and writes extensively on not-for-profit industry matters.

• Preface viiAbout the Authors ixNot-for-Profit Accounting Literature xiPart 1 Overview of Not-for-Profit Organizations 1Chapter 1 Overview of Not-for-Profit Organizations 3Chapter 2 Cash versus Accrual-Basis Accounting 11Part 2 Basic Financial Statements 21Chapter 3 Statement of Financial Position 23Chapter 4 Statement of Activities 31Chapter 5 Statement of Cash Flows 39Chapter 6 Other Financial Statement Issues 55Part 3 Specific Not-for-Profit Accounting Topics 73Chapter 7 Fund Accounting 75Chapter 8 Net Assets 87Chapter 9 Contributions, Pledges, Noncash Contributions, and Exchange Transactions 97Chapter 10 Investments 143Chapter 11 Affiliated Organizations 163Chapter 12 Split-Interest Agreements 185Chapter 13 Fundraising and Joint Costs 195Chapter 14 Functional Reporting 209Chapter 15 Collections 215Part 4 Other Accounting-Related Not-for-Profit Topics 219Chapter 16 Accounting for Specific Types of Not-for-Profits 221Chapter 17 Importance of Budgets to a Not-for-Profit 235Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 253Part 5 General Accounting Topics Applied to Not-for-Profit Organizations 315Chapter 19 Current Assets and Current Liabilities 317Chapter 20 Inventory 325Chapter 21 Long-Lived Assets, Depreciation, and Impairment 333Chapter 22 Intangible Assets 345Chapter 23 Contingencies 355Chapter 24 Mergers and Acquisitions 371Chapter 25 Accounting for Pensions and Postretirement Benefits 385Chapter 26 Long-Term Liabilities 423Chapter 27 Accounting Changes 441Chapter 28 Accounting for Leases 447Chapter 29 Financial Instruments 485Chapter 30 Capitalization of Interest Costs 497Appendix: Disclosure Checklist 503Index 533

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Richard F. Larkin, CPA (Bethesda, MD) is technical director of not-for-profit accounting and auditing for Long Group, Chartered, in Bethesda, Maryland. He is a certified public accountant with over 35 years of experience serving not-for-profit organizations. He teaches, speaks, and writes extensively on not-for-profit industry matters.

• Preface viiAbout the Authors ixNot-for-Profit Accounting Literature xiPart 1 Overview of Not-for-Profit Organizations 1Chapter 1 Overview of Not-for-Profit Organizations 3Chapter 2 Cash versus Accrual-Basis Accounting 11Part 2 Basic Financial Statements 21Chapter 3 Statement of Financial Position 23Chapter 4 Statement of Activities 31Chapter 5 Statement of Cash Flows 39Chapter 6 Other Financial Statement Issues 55Part 3 Specific Not-for-Profit Accounting Topics 73Chapter 7 Fund Accounting 75Chapter 8 Net Assets 87Chapter 9 Contributions, Pledges, Noncash Contributions, and Exchange Transactions 97Chapter 10 Investments 143Chapter 11 Affiliated Organizations 163Chapter 12 Split-Interest Agreements 185Chapter 13 Fundraising and Joint Costs 195Chapter 14 Functional Reporting 209Chapter 15 Collections 215Part 4 Other Accounting-Related Not-for-Profit Topics 219Chapter 16 Accounting for Specific Types of Not-for-Profits 221Chapter 17 Importance of Budgets to a Not-for-Profit 235Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 253Part 5 General Accounting Topics Applied to Not-for-Profit Organizations 315Chapter 19 Current Assets and Current Liabilities 317Chapter 20 Inventory 325Chapter 21 Long-Lived Assets, Depreciation, and Impairment 333Chapter 22 Intangible Assets 345Chapter 23 Contingencies 355Chapter 24 Mergers and Acquisitions 371Chapter 25 Accounting for Pensions and Postretirement Benefits 385Chapter 26 Long-Term Liabilities 423Chapter 27 Accounting Changes 441Chapter 28 Accounting for Leases 447Chapter 29 Financial Instruments 485Chapter 30 Capitalization of Interest Costs 497Appendix: Disclosure Checklist 503Index 533

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Richard F. Larkin, CPA (Bethesda, MD) is technical director of not-for-profit accounting and auditing for Long Group, Chartered, in Bethesda, Maryland. He is a certified public accountant with over 35 years of experience serving not-for-profit organizations. He teaches, speaks, and writes extensively on not-for-profit industry matters.

• Preface viiAbout the Authors ixNot-for-Profit Accounting Literature xiPart 1 Overview of Not-for-Profit Organizations 1Chapter 1 Overview of Not-for-Profit Organizations 3Chapter 2 Cash versus Accrual-Basis Accounting 11Part 2 Basic Financial Statements 21Chapter 3 Statement of Financial Position 23Chapter 4 Statement of Activities 31Chapter 5 Statement of Cash Flows 39Chapter 6 Other Financial Statement Issues 55Part 3 Specific Not-for-Profit Accounting Topics 73Chapter 7 Fund Accounting 75Chapter 8 Net Assets 87Chapter 9 Contributions, Pledges, Noncash Contributions, and Exchange Transactions 97Chapter 10 Investments 143Chapter 11 Affiliated Organizations 163Chapter 12 Split-Interest Agreements 185Chapter 13 Fundraising and Joint Costs 195Chapter 14 Functional Reporting 209Chapter 15 Collections 215Part 4 Other Accounting-Related Not-for-Profit Topics 219Chapter 16 Accounting for Specific Types of Not-for-Profits 221Chapter 17 Importance of Budgets to a Not-for-Profit 235Chapter 18 Principal Federal and State Tax Reporting and Regulatory Requirements 253Part 5 General Accounting Topics Applied to Not-for-Profit Organizations 315Chapter 19 Current Assets and Current Liabilities 317Chapter 20 Inventory 325Chapter 21 Long-Lived Assets, Depreciation, and Impairment 333Chapter 22 Intangible Assets 345Chapter 23 Contingencies 355Chapter 24 Mergers and Acquisitions 371Chapter 25 Accounting for Pensions and Postretirement Benefits 385Chapter 26 Long-Term Liabilities 423Chapter 27 Accounting Changes 441Chapter 28 Accounting for Leases 447Chapter 29 Financial Instruments 485Chapter 30 Capitalization of Interest Costs 497Appendix: Disclosure Checklist 503Index 533

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