AICPA Debuts Not-for-Profit Section

The American Institute of CPAs has created a new membership section for practitioners and others who serve or work for the not-for-profit sector.

The AICPA’s Not-for-Profit Section, or NFP Section, will provide support and resources in the areas of audit, financial accounting and tax for members and other finance professionals.

The NFP Section comes in response to calls from AICPA members for additional resources for not-for-profit accounting. The Financial Accounting Standards Board recently unveiled a set of proposals that promise to bring big changes to the not-for-profit world (see FASB Proposes Major Changes in Nonprofit Accounting).

The AICPA’s new section will offer tools and training throughout the nonprofit sector, those who have management or governance responsibilities with respect to a not-for-profit entity, including those who serve as board members or as volunteers, are eligible to join the AICPA as a non-CPA Associate.

AICPA members, including Associate and non-CPA Associates, are eligible to join the NFP Section.

“The Not-for-Profit Section provides high-quality, timely information, tools and resources that are designed to improve the governance, financial reporting and tax reporting of not-for-profits,” said AICPA vice president for member learning and competency Clar Rosso in a statement. “Additionally, the Section is a valuable educational hub for those who are new to not-for-profits and want to learn more about the business of running one.”

A recent survey commissioned by the AICPA underscored the importance of staff and consultant competencies to support non-profit organizations. It found that more than half of those polled (57 percent) would be more likely to contribute to a not-for-profit organization whose employees receive regular updates about financial management issues and trends. The survey results provide incentive for accountants and others who work in or with the nation’s not-for-profit sector to both join the NFP Section and enroll in a Not-for-Profit Certificate Programthat was unveiled by the AICPA last month (see AICPA survey says four in five Americans in favor of finance training for not-for-profit staff).

NFP Section members will be able to access financial management and governance resources along with a learning library. Tools there include work paper templates, checklists, illustrative examples, and sample letters, reports and policies in areas such as tax compliance, governance, financial reporting, auditing and accounting.

Section members will also be able to listen to webcasts covering current topics and receive timely e-alerts that provide breaking news and insights on the issues not-for-profit organizations can expect to encounter. However, the issues faced by health care entities will not be included in the scope of the NFP Section.