Written in non-complicated prose and reducing complex rules to easily understandable concepts, this book offers a fundamental understanding of how not-for-profit organizations are formed, their structure, and the unique accounting and reporting issues they face.

In the US, the not-for-profit (NFP) sector accounts for just over 10% of all private sector workers, and NFPs must comply with hundreds of rules imposed by the IRS, federal and state government agencies, foundations, and even donors. Yet there is a dearth of informative guidance, and a shortage of knowledgeable bookkeepers and accountants who understand the nuances of NFP accounting and financial reporting. Neither overly technical or complex, this comprehensive and easy-to-read practical guide provides desperately needed information to a wide range of NFP stakeholders such as those who handle the bookkeeping and accounting functions, manage a NFP organization, provide funds or services to NFPs or regulate NPF organizations. It covers topics such as the four required NFP financial statements, accounting for different types of revenue including conditional, restricted and in-kind donations and sponsorships, IRS reporting on forms 990, 990-T and 990-PF, and how to understand and prepare for different types of audits.

Including a glossary of important terms that are vital to running a successful NFP, and drawn from the author's decades of experience focused solely on the NFP sector, this is an indispensable guide for NFP leaders and staff, donors and grantors, regulatory agencies, consultants, accountants, bookkeepers, bankers and any professionals whose work intersects the NFP sector.

About the Author

Laurence Scot is the co-managing partner of Skody Scot & Company, a NYC based CPA firm formed in 1990 that specializes in servicing local, national and international Not-For-Profits. He is certified in NJ & NY, taught undergraduate & graduate courses at several colleges, been lecturing & giving seminars on many subjects for 25+ years, has written peer reviewed articles, and has received several awards for his civic activities.

Reviews

As one who serves the nonprofit sector, I find it imperative to leverage resources that bring value to my clients. It is rare that I come across a resource like this book, able to offer a concise, clearly articulated view and provide a deep understanding of the essential, often complex, topic of Not-for-Profit accounting. This step-by-step guide deserves a spot on the bookshelf of every financial professional in the sector and anyone who serves on a nonprofit board.

Roger M. Matloff, CAP (R), CIMA (R), CRPC (R)Managing Director-Wealth Management Advisor
Global Institutional Consulting
NMLS ID: 578852
The JEMM Group Website

Merrill Lynch, Pierce, Fenner & Smith Inc.57 Hampton Road
Southampton, NY 11968
Team Location: 225 Liberty Street, 40th Floor
New York, New York 10281
phone: 212.236.7190 I 631.204.2391 I fax: 917.267.7170 I cell: 631.405.8084 I e-mail: roger_matloff@ml.com

'The ABC's of Not-for Profit Accounting & Financial/990 Reporting' expertly blends theory and practice and draws upon Larry Scot's decades of experience in supporting his clients, students, and practitioners as they solve real-world problems. Scot's masterful guidance makes the book relevant and compelling for all professionals within the not-for-profit ecosystem including a bookkeeper just starting out, a CFO designing internal controls, a Board establishing roles and responsibilities, or the visionary forming an organization to change the world.

Vik Gupta, Partnership for Financial ExcellencePrincipalP: (646) 450-6146 | E: vik@vikny.comwww.vikny.comAccounting and Consulting Services

"Running a not-for-profit organization of any size is complex, and this book distills one of the most complex tasks -- accounting -- into digestible, practical, and actionable information that accountants, fiscal officers, bookkeepers, board members, and mission-driven individuals can use to make informed decisions. Those informed decisions support the long-term health of any organization, while keeping it compliant and focused on the mission. It's a must-read for anyone in the not-for-profit space."

Elaine Grogan Luttrull
Founder, Minerva Financial Arts212.729.6422
she.her.hers

Laurence Scot's book is a beacon of clarity for the not-for-profit industry. Its simplicity and practical guidance make it an invaluable resource for anyone involved in not-for-profits. Whether you're a newcomer or a seasoned professional, this book offers essential insights, and provides clear and direct instruction that will greatly benefit your organization. A must-read, must-have resource!

Christina RiveraDirector of Finance & Operations
(646)740-8428 | christina@immschools.org
www.immschools.org | @immschools

"The ABC's of Not-for-Profit Accounting and Financial/990 Reporting" provides a wonderfully comprehensive roadmap for all those interested in forming and understanding the nuances of the Not-for-Profit Organization. In simple to follow language covering the most up-to-date accounting and tax requirements and rules, the book serves as a handy reference tool for the NPO accountant and enthusiast. As an instructor and fellow practitioner, Larry Scot's passion and expertise in the field is clearly evident."

Dr. Louis P. D'Elia, CPAChair, Department of Accounting and Business LawAssistant Professor, Dept. of Accounting and Business Law
Director, MS Program and Combined BS/MS Program in Accounting
Saint Francis College

Thank you again - Laurence Scot - for giving us another how to and reference book that is clear, concise and very helpful. The ever-evolving rules for NFP accounting and financial reporting can be complex and time-consuming to keep up with. "The ABC's for Not for Profit Accounting..." is a great help (and time saver) in this regard. As with Mr. Scot's previous book "The Simplified Guide..." I know that I will refer to The ABC's time and time again. It's a must have resource for new and seasoned board members, ED's and finance directors/managers working or volunteering in the NFP world.

Karen JohnsonKEJ Consulting Services, Inc.
Finance Management and Consulting Services for Not for Profits and Small Business

"The NFP industry is loaded with information about the importance of programs & funding, but precious little is said about the proper accounting for it all. Until now. Larry Scot writes a direct, clear guide on nonprofit accounting and reporting. Whether you are a financial executive or not, I highly recommend that you get this book. A great resource for the whole organization."

Mary De RosaDirector of Finance and Operations
AIANY | Center for Architecture
536 LaGuardia Place, New York, NY 10012
212-358-6131 (direct) | mderosa@aiany.org
aiany.org | centerforarchitecture.org

Larry's book is an invaluable resource for anyone who plays a role in nonprofit financial operations. People at all skill and experience levels, from boards to new staff, will learn something valuable by reading it. Nonprofits are complicated, and this book makes them easier to navigate!"

Howie Stanger (he/they)Founder & Director
310-929-0276

At last! This is the book those of us who work with NFPs have been waiting for. While Larry's courses and "Simplified" kept us going, the changes in accounting and reporting rules over the last decade have made an update to the earlier work an imperative. The text and examples are clear and helpful, and the author has kept the essential framework of the earlier book intact. But this is more than just an update. It will be the new bible for us for years to come.

Ted Gerbracht, MBA, Ph.D. Volunteer NFP board treasurer and investment portfolio trustee.

Laurence Scot's new book, "The ABCs of Not-for-Profit" is an essential asset for any not-for-profit organization, old or new. It provides essential instructions and background from A to Z about all aspects of bookkeeping and accounting, tailored specifically for non-profits. Starting from registering your organization and obtaining a tax exemption status, through reporting, budgeting, and annual IRS reports. It is a valuable resource based on years of knowledge and experience in the industry that is highly recommended for anyone who's establishing or running a non-profit organization.

Miki GolodNational Director
Ameinu Our People
17 State St. Suite 4000
New York, NY 10004
https://www.ameinu.net

Larry's book on the ABC for Not-For-Profit entities equips in simple language any entrepreneurial founder interested in creating and running an NFP with the tools needed to succeed. I cannot count anymore how many friends and colleagues have asked me, "How do I create a nonprofit organization?" I have a book I feel comfortable recommending to them to read and use as a guide for their venture to flourish."
Dr. Edgar Zavala Director of Advanced Placement Summer Institute & NC Programs4513 Manhattan College Parkway
Riverdale, NY 10471, MGL 304A
Phone: 718-862-7428
edgar.zavala@manhattan.edu

Book Information
ISBN 9781032818665
Author Laurence Scot
Format Paperback
Page Count 186
Imprint Routledge
Publisher Taylor & Francis Ltd