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Non-Profit Organizations Case Study

806 Words4 Pages

According to a study conducted by Parks (2009), it was 1900 since the emergence of non-profit organizations have started through the initiation of Arts and Culture Organization as it diversified its status from a profit-based system into a kind of philanthropic organization with tax incentives as the main instigation for the move. Through the years, the industry of non-profit organizations has been vastly engaged in different sectors of the society primarily to serve the general public. According to Peter F. Drucker, the “non-profit” institution neither supplies goods nor services not controls. Its “product” is neither a pair of shoes nor an effective regulation. Its product is a changed human being. The non-profit institutions are human-change …show more content…

A study was conducted by Mary Fischer and Treba Marsh about the accounting treatment for non-profit organizations entitled “Two Accounting Standards Setters: Divergence Continues for Non-Profit Organization”. The study focused on the comparison between the financial statements of non-profit organizations from universities, hospitals, fund-raising organizations and government agencies. This study concluded that there are major differences on how each of the sectors provides their financial statements. According to the study, “The time restriction treatment is the primary cause for some of the more significant reporting and recognition differences” which proves that there will always be difference in the way non-profit organizations provide their accounting …show more content…

They customarily come up with projects that will benefit a certain sector of the society. Likewise, the same goes with the area of the government but the only difference is they were somewhat under the supervision of the state. While in private accounting, the accountants record and analyse financial information of the organization that they work at. And lastly in Academe, accountants share the information that they have gathered throughout college to students who strive to be an accountant in the future.
According to an article by Lisa M. Sontag-Padilla, B. Lynette Staplefoote and Kristy Gonzalez Morganti, “Nonprofits face a myriad of challenges in establishing and maintaining financial sustainability, and these challenges are exacerbated for non-profits serving low-resources, high-need communities.” There have been many differences on how non-profit organizations provide their accounting statements and it has been confusing for the most part especially for those who do not have a background in the line of Accountancy. The line of budget in the non-profit organizations has been a big mystery to most of the

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