In this comprehensive course, you will cover a range of topics related to financial reporting for state and local governments. You'll explore fiduciary funds, reconciliation statements, government-wide financial statements, and financial performance analysis. These modules provide a deep dive into the financial reporting requirements and analysis for state and local governments.
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The course also shifts the focus to nonprofit organizations, regulatory requirements, and financial reporting. You'll learn about nonprofit entities, standards-setting bodies, financial reporting objectives, and various aspects of accounting and financial reporting for nonprofit organizations. Additionally, you'll delve into regulatory, taxation, and performance issues specific to nonprofit entities, including governance and financial statement analysis. These modules provide a comprehensive understanding of the unique financial reporting and regulatory aspects of nonprofit organizations.
This course includes:
-8 graded quizzes, which are required for completion, and
-70 optional practice quizzes for you to check your understanding of key concepts.
What you'll learn
Create government-wide financial statements as well as the required governmental fund financial statements.
Syllabus
Course Introduction and Module 1: Fiduciary Funds and Reconciliation Statements
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.
Module 2: Financial Reporting for State and Local Government Part I
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.
Module 3: Financial Reporting of State and Local Government Part II
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.
Module 4: Financial Reporting of State and Local Governments Part III and Analysis of Government Financial Performance
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.
Module 5: Introduction to Nonprofit Organizations, Regulatory Requirements, and Financial Reporting
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.
Module 6: Accounting and Financial Reporting for Nonprofit Organizations Part I
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.
Module 7: Accounting and Financial Reporting for Nonprofit Organizations Part II
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.
Module 8: Nonprofit Organizations—Regulatory, Taxation, and Performance Issues
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.
