University of Illinois at Urbana-Champaign
Governmental Accounting II and Nonprofit Accounting
University of Illinois at Urbana-Champaign

Governmental Accounting II and Nonprofit Accounting

Taught in English

Course

Gain insight into a topic and learn the fundamentals

Jenny Ulla

Instructor: Jenny Ulla

Intermediate level
Some related experience required
24 hours to complete
3 weeks at 8 hours a week
Flexible schedule
Learn at your own pace

What you'll learn

  • Create government-wide financial statements as well as the required governmental fund financial statements.

Details to know

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Recently updated!

December 2023

Assessments

78 quizzes, 1 assignment

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There are 8 modules in this course

This module covers the key characteristics of fiduciary funds. We will also learn how to account for transactions for fiduciary funds and practice creating the fiduciary funds’ required financial statements. We will also refine our understanding of the five Categories of Fund Balance and practice classifying transactions into the five Categories of Fund Balance. Lastly, we will cover key concepts related to reconcile the Balance Sheet of Governmental Funds to the Statement of Net Position.

What's included

14 videos6 readings13 quizzes1 discussion prompt1 plugin

Government-wide financial reporting is a critical aspect of transparent and accountable financial reporting for state and local governments. It provides stakeholders with a comprehensive view of a government's financial health and activities. This module outlines the steps involved in preparing the government-wide Statement of Net Position and the government-wide Statement of Activities from trial balances and supporting documentation.

What's included

6 videos2 readings7 quizzes

Government entities, including state and local governments, are responsible for preparing various fund financial statements, along with government-wide statements, to report on the financial activities of governmental funds, proprietary funds, and fiduciary funds. These financial statements play a crucial role in transparent and accountable financial reporting. This overview outlines the steps involved in preparing the required financial statements.

What's included

5 videos2 readings6 quizzes

In addition to the government-wide and fund financial statements, GASB requires state and local governments to include three other components: Management’s Discussion and Analysis, Notes to the Financial Statements, and Required Supplementary Information. This module provides an overview of key concepts related these other three components of financial reporting. Additionally, we will cover other disclosure and reporting topics such as inventory accounting methods and reporting requirements for required supplementary information. Lastly, this module will highlight a few key financial performance concepts and financial performance ratios.

What's included

13 videos2 readings9 quizzes1 assignment

This module introduces the fundamental aspects of nonprofit entities, including their definition and the standards-setting body for nonprofit accounting principles. We will identify users of nonprofit financial statements and the procedures for obtaining 501(c)(3) tax-exempt status. We will further our understanding of the requirements and steps for 501(c)(3) qualification as well as identify potential events leading to the loss of tax-exempt status. Additionally, we will learn about the major components in the Statement of Financial Position. Lastly, we will identify the two components of nonprofit net assets and differentiate between conditional and unconditional promises to give.

What's included

13 videos2 readings9 quizzes

This module provides a comprehensive understanding of financial aspects in nonprofit organizations. It includes analyzing the Statement of Activities components, and handling various revenue recognition issues as they relate to support or contributions, in-kind gifts and donations, revenues from exchange transactions, and gains on investment income. We will create journal entries for basic nonprofit transactions and prepare financial statements like the Statement of Activities and Statement of Financial Position from trial balances. Additionally, we will get a better understanding of FASB’s nonprofit requirements as they relate to reporting expenses by function and nature as well as the requirements for the components of a nonprofit's Statement of Cash Flow.

What's included

13 videos2 readings14 quizzes

This module will teach you how to prepare financial statements following generally accepted accounting principles for nonprofit entities. Additionally, it encompasses the preparation of journal entries, and the necessary adjusting and closing of journal entries. We will create the required sets of financial statements for nonprofit entities. Lastly, it involves combining concepts from previous modules to create comprehensive financial statements, from inception to disclosure.

What's included

10 videos2 readings11 quizzes

In this module, you will get a better understanding of the difference between private foundations and public charities. We will practice calculating the Public Support Test for tax-exempt status and highlight reporting financial and operational details in Form 990. We will also review key concepts unique to the nonprofit sector, including tax-exempt status, unrelated business income tax, political activity restrictions, and preventing excessive officer benefits. Lastly, we will cover governance issues that arise in nonprofit boards and discuss how to analyze financial statements.

What's included

13 videos4 readings9 quizzes1 plugin

Instructor

Jenny Ulla
University of Illinois at Urbana-Champaign
2 Courses655 learners

Offered by

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