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Lecture Accounting for Governmental & Nonprofit Entities (16/e): Chapter 14 - Jacqueline L. Reck, Suzanne L. Lowensohn

Chapter 14 - Not-for-profit organizations - Regulatory, taxation, and performance issues. After studying Chapter 14, you should be able to: Identify oversight bodies and the source of their authority over not-for-profit organizations (NFPs); describe how and why states regulate NFPs; describe not-for-profit incorporation laws, registration, licenses, and tax-exemption;. | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Not-for-Profit Organizations – Regulatory, Taxation and Performance Issues C H A P T E R 14 2 Learning Objectives 14-1 Identify oversight bodies and the source of their authority over not-for-profit organizations (NFPs). 14-2 Describe how and why states regulate NFPs and describe the following: Not-for-profit incorporation laws. Registration, licenses, and tax exemption. 3 1 Learning Objectives 14-3 Identify how the federal government regulates NFPs and describe the following: Tax-exempt status—public charities and private foundations. Unrelated business income tax. Restricting political activity. Excessive benefits received by officers. Reorganization and dissolution. 4 1 Learning Objectives 14-4 Describe governance issues of NFP boards, . | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Not-for-Profit Organizations – Regulatory, Taxation and Performance Issues C H A P T E R 14 2 Learning Objectives 14-1 Identify oversight bodies and the source of their authority over not-for-profit organizations (NFPs). 14-2 Describe how and why states regulate NFPs and describe the following: Not-for-profit incorporation laws. Registration, licenses, and tax exemption. 3 1 Learning Objectives 14-3 Identify how the federal government regulates NFPs and describe the following: Tax-exempt status—public charities and private foundations. Unrelated business income tax. Restricting political activity. Excessive benefits received by officers. Reorganization and dissolution. 4 1 Learning Objectives 14-4 Describe governance issues of NFP boards, including incorporating documents and board membership. 14-5 Identify how benchmarks and performance measures can be used to evaluate NFPs. 5 1 Creation of a Not-for-profit Not-for-profit Incorporation Laws A group of individuals who share a philanthropic or other vision may operate as an unincorporated association if the association is small or if the organizers expect the endeavor to have a limited life; however, organizers are treated as partners and share liability for any debts incurred by the association. If the organization plans to grow into a long-lived operation, organizers may choose to file articles of incorporation with a state under the not-for-profit corporation statutes or charitable trust laws to create a legal entity and limit the liability of the incorporators and directors. Not-for-profit Incorporation Laws State and/or Local Government Regulations Application to operate under an assumed name. Application to incorporate as a not-for-profit corporation or a limited .