accounting project 21

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The purpose of this Project is to:

  • develop knowledge about the rules associated with Accounting for Non- Profit Organizations NPO’s;
  • apply your knowledge about for-profit organizations acquired through course coverage MGMT2101 in comparing differences in Financial Statements of a NPO of your choice; and
  • inform yourself about the activities and performance of your chosen NPO.

The project requires you to:

  • do research on a Canadian NPO involved in charitable/not-for-profit activity, and
  • comment on how they undertake their financial reporting to the public based on rules established by the Canadian Institute of Chartered Accountants (CICA).

paper must be done using word processing and / or spreadsheet

software.

SPECIFIC REQUIREMENTS:

  1. Select a Canadian Non- Profit Organization / Charity1 as your research entity:

https://www.charityintelligence.ca/research/a-z-charity-listing

  1. Obtain the most recent Audited Financial Statements, 2017 and 2016.
  1. Prepare a brief research report:
  • Describe your NFP
  • Summarize the purpose and nature of financial reporting rules for NPOs.
  • Identify the main differences between NPO and for profit organizations with specific reference to your NPO’s financial statements.
  • Review and comment on the auditor’s report.
  • Assess and report on the performance of your NPO.

REPORT STRUCTURE / GUIDANCE

Your submission should include the following sections:

1) Introduction: Describe your NFP. Max.1 page double-spaced

2) Financial ReportingMax.1 page double-spaced

Refer to the financial reporting rules for NFP’s. Summarize what you think are the purpose and nature of the reporting rules.

Compare the NFP financial reporting to the for profit financial reporting. Specifically identify differences that you see when comparing for profit financial statements to your NFP’s financial statements.

3) Auditor’s Report Max.1 page double-spaced

Review the auditor’s report for both years and answer the following question:

“Does your Organization adhere to / follow the current Financial Reporting/Accounting Rules for NFP’s”?

If the auditors say “NO” they did not follow the rules, what specifically did they do that did not adhere to the rules?

4) Performance Assessment Max. 1.5 pages double-spaced

a. Summarize, in point-form, the:

  • cash sources, and
  • major areas of expenditures.

b. For each fiscal year (2017 & 2016), determine the amount of:

  • the revenue / fees used for specific programs, and
  • administrative costs (non-program related) as a percentage of total revenue/fees for the period.

c. Comment on:

  • what you have learned about the organization,
  • how well it is fulfilling its mission/purpose, and
  • effectiveness in raising both funds and awareness for its cause(s) in the public domain.

Explain the reasons for your conclusions.

 
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