GSN486 Accounting issues for philanthropic and nonprofit organisations Course Co-ordinator: Dawn Butler Contact info: [email protected] ; 3864 9298 Lecturers: Ted Flack and Pat Hoiberg Accounting for NPOs Nonprofit organisations (NPOs) have unique accounting issues and transactions.
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Nonprofit organisations (NPOs) have unique accounting issues and transactions.
But there are inadequate accounting standards to deal with these transactions. Because of the lack of accounting standards, NPO financial reporting contains many inconsistencies and incompatibilities.
NPO financial reports, therefore, are evaluated within the framework of existing accounting standards, which are written for profit (or govt) organisations – and which do not accurately reflect NPO activities and achievements.
Queensland NPO Chart of Accounts
Over the past two years, QUT/CPNS has made a special contribution to NPO accounting in Australia. So we can claim a special expertise.
We have developed a Chart of Accounts for small and medium sized NPOs. This work was done in collaboration with Queensland Treasury, five major government departments, and a number of NPO accounting practitioners.
The Chart of Accounts has been specially developed for NPOs who receive government funding to perform social services.
Each government department has its own requirements, and its own categories to be reported on.
Some NPOs have multiple accountabilities. There is at least one NPO which has to report on 37 grants from different government departments. They complain that they spend their time reporting – rather than providing services!
What’s in the Chart of Accounts ?
The Chart will simplify the process of acquitting government grants, and will also improve the accountability of NPOs.
It has been welcomed by both government departments and the nonprofit sector.