AFA 615 Chapter Notes - Chapter 13: Deferral, Credit Risk, Book Value
2 Jul 2016
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Ch 13: accounting for not for profit entities. Not-for-profit sector provides a vast array of community services, including emergency and disaster assistance; health and human services; education and research; furthering the arts, sciences, and human development; and protecting the environment. Nfp is one whose goals involve something other than earning of profit for owners, usually the provision of services. Success is measured by how much the organization contributes to the public well-being with the resources available to it. The categories used are voluntary health and welfare organizations, other non-profit organizations, colleges and universities and health care entities. Voluntary health and welfare organizations (vhwo): such as the american diabetes association, are organizations that receive contributions from public at large. Vhwo use contributions for purposes related to solving health and welfare problems of society or for community services. In many cases vhwos assist individuals by providing services for a nominal fee or for no fee at all.
