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Chapter 1
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Welcome
Contrary to what you may have heard, governmental and nonprofit accounting is not a “whole new ball game〞
However, it is a game played by slightly different rules
The purpose of this chapter is to lay the groundwork for those rules
The rest of the chapters will examine those rules more closely
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Learning Objectives
Unique characteristics
Types of G&NP organizations
Similarities & differences between profit-seeking and G&NP organizations
Characteristics, concepts, & objectives of GNP accounting & financial reporting
Users and uses of financial information
Determining what GAAP to apply
GAAP hierarchy
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Characteristics of G&NP Organizations
Absence of profit motive
Owned by constituents – no stock
Contributors of resources do not receive proportional share of benefits
Decisions made – directly or indirectly – by voters
Meetings where decisions are made usually open to the public
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Types of G&NP Organizations
Governments: Federal, state, county, city, township, village, and special districts
Education: kindergartens, elementary & secondary schools, vocational & technical schools, and colleges & universities
Health and welfare: hospitals, nursing homes, American Red Cross, and United Service Organizations (USO)
Religious: YMCA, YWCA, Salvation Army, and church-related organizations
Charities: United Way, Community Chest, & other fund-raising organizations
Foundations: Private trust that operate religious, educational, or charitable organizations
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Similarities to the Private Sector
Operate in the same economy and compete for same resources: financial, capital, and human
Acquire & convert scarce resources into goods & services
Use of accounting & other information systems
Need to operate economically, effectively, & efficiently
Provide goods and services, many of which may be similar
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Differences from the Private Sector
Organizational objectives
Sources of financial resources
Methods of evaluating performance and operating results
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Organizational Objectives
Businesses
Operating Motive: maximize income from revenues and other resources
Operational Focus: report quarterly but look to the long-tem as well
G&NPs
Operating Motive: maximize services provided from revenues and other resources
Operational Focus: operate on annual budget, so current year is of primary importance
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Sources of Financial Resources
Businesses raise resources from sales or from capital stock & debt transactions – must account for different sources separately
Governments raise resources from sales or debt transactions – typically no distinction made in sources
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Unique G&NP Sources
Involuntary contributions – taxes!
Donations
Appropriations and grants from other governmental entities
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