AICPA Creates New Section for Professionals Serving Nonprofits

The American Institute of CPAs (AICPA) has launched a new membership section for practitioners and others who serve or work for the nation’s growing not-for-profit sector. The AICPA’s Not-for-Profit Section (NFP Section) will provide support and resources in the areas of audit, financial accounting and tax for members and other finance professionals.

Responding to member calls for added not-for-profit resources, the NFP Section will strengthen the AICPA’s commitment to serving the public interest. In addition to providing tools and training throughout the NFP 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 Clar Rosso, AICPA vice president for member learning and competency. “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 ORC International CARAVAN® 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 Section and enroll in the Not-for-Profit Certificate Program that was unveiled by the Institute last month.

NFP Section members will benefit from comprehensive financial management and governance resources as well as an extensive learning library. The practical tools to help simplify and streamline tasks 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 stay up to date through webcasts covering hot topics and timely e-alerts that provide breaking news and insights on the issues not-for-profit organizations can expect to encounter. Due to the unique issues faced by healthcare entities, they will not be included in the scope of the NFP Section.