Specialist in not-for-profit
Specialise in the accounting and financial reporting of NPOs, NPC, Schools and NGOs.
|Effort||2 month's study, 6 hours per week|
|Level||NQF Level 6|
What you will learn
The objective of this licence is to equip Business Accountants with the designations BAP(SA) to:
- Develop their skills in charity and non-profit organisation accounting, financial management, and financial reporting.
- Develop a specialist knowledge of the Non-Profit Organisations Act, 71 of 1997 and Income Tax Act provisions regarding Public Benefit Organisations.
- Recognise the financial statement presentation and disclosure requirements that apply to not-for-profit entities.
- Identify Department of Social Development and SARS filing requirements of an exempt organisation, recognise the core components of the annual information return, and identify when an NPO may be subject to unrelated business income tax.
- Recognise best practices in NPO board governance, risk assessment and internal controls.
- Identify steps involved in planning a successful audit, review or accounting officer engagement and identify key considerations and client communications.
To obtain the licence you need to provide evidence of competence in the specialist area. This evidence is presented by passing an exam. The exam is set by an independent industry expert and accredited by SAIBA.
- Identify the unique aspects of NPEs.
- Understand the differences between for-profit entities and NPEs.
- Recognise the various types of NPEs.
- Identify NPE-specific terminology.
- Identify the basic financial statement presentation differences between for-profit entities and NPEs.
- Identify examples of the differences in the organisational structures of for-profit entities and NPEs.
- Understand the provisions relevant legislation affecting NPEs including the Non-Profit Organisations Act, 71 of 1997, Companies Act, 71 of 2008 (NPC), and Income Tax Act provisions regarding Public Benefit Organisations.
- GAAP for NPEs
- Financial Statement Presentation
- Programmatic Investments
- Split-interest Agreements and Endowments
- Fair Value Issues Specific to NPEs
- Net Assets
- Revenue from Contributions
- Exchange and Agency Transactions
- Meaning of exempt purpose
- Related vs. unrelated activities
- Definition of unrelated business income
- Consequences of excessive unrelated business income
- Exempt vs. non-exempt income
- Statutory exemptions and exclusions
- SARS Filing Requirements
- Best Practices in Board Governance
- Risk Assessment and Internal Controls
- Fraud Overview and Prevention
- Auditing, Review, Accounting officer, Compilation considerations
- Planning the professional engagement
- Financial Oversight, Budget and Strategy
The entry requirements for the licence is a BAP(SA) or an equivalent designation at NQF level 7, together with a minimum of 8 years of relevant experience.
As specialist in performing Non-Profit Engagements your will stand out from the crowd, be able to attract more clients, and earn higher fees.
As an accountant that specialises in NPOs, Schools, PBOs, Fund-raising, Lotto applications, and NPCs you will be able to set yourself apart with this license that covers the essentials of not-for-profit financial management, including accounting and financial reporting, tax compliance, governance and assurance.