Available in:

OnDemand Course
MP3 Download

Nonprofit Disclosure Requirements of Nonincome Tax Contingencies

Learn to distinguish income tax and non income tax contingencies, ensure proper disclosure, and assess compliance risks.

Accounting for contingencies in nonprofit financial statements has long been required by the Financial Accounting Standards Board. But the distinction between income taxes, addressed in ASC 740 and contingencies, addressed in ASC 450 have muddied the waters for nonprofits. Tendencies have leaned toward insufficient analysis of non income tax contingencies that should be disclosed. This presentation will help the persons responsible for accurate, timely and transparent financials for nonprofit organizations to define and distinguish between income tax contingencies and non income tax contingencies, establish methodologies for accrual and/or disclosure and to properly record and/or disclose all income tax liabilities and contingencies in the financial statements. Additionally, the nonprofit financial professional will be able to assess the risks related to non-compliance in these matters.

62 minutes
Course Exam
Certificate of Completion
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction

  • Overview of the Topic
  • Importance of Understanding Nonincome Tax Contingencies for Nonprofits
  • Objectives for This Session

Understanding Nonincome Tax Contingencies

  • Definition and Examples
  • Key Differences Between Income and Nonincome Tax Contingencies

Relevant Accounting Standards

  • Overview of ASC 450 (Contingencies) and Its Application to Nonprofits
  • Comparison With ASC 740 (Income Taxes) to Highlight Disctinctions

Disclosure Requirements

  • When to Disclose Versus Accrue a Contingency
  • Criteria for Probable, Reasonably Possible, and Remote Distinctions
  • Examples of Proper Disclosure in Financial Statements

Common Challenges and Risks

  • Overlooked Nonincome Tax Exposures
  • Risks of Noncompliance and Audit Detection
  • Real-World Examples

Best Practices for Compliance

  • Steps to Identify and Evaluate Nonincome Tax Contingencies
  • Strategies for Accurate Reporting and Disclosure
  • Tools and Resources for Nonprofits to Stay Compliant

Q&A

Conclusion

Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on May 19, 2025.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • NH MCLE 1.0
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 61 Minutes.
     
  • NJ CLE 1.3
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • VT CLE 1.0
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 1.0
     
  • This program qualifies for 1.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.3
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • NJ CLE 1.3
     
  • VT CLE 1.0
     
  • WV MCLE 1.3
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jerry Frick, MBA, ACNPS

Jerry Frick, MBA, ACNPS

All In One Accounting

  • Director, Operations - Controller/CFO at All In One Accounting, a strategic accounting team that advises entrepreneurs on profitable growth and helps nonprofit leaders amplify their impact
  • Has delivered in-person presentations and webinars for organizations such as the Minnesota Council of Nonprofits, Pennsylvania Association of Nonprofit Organizations, Community Foundation of North Central Wisconsin, Nonprofit Leadership Alliance, and Associations North Executive Edge Conference
  • Appeared on podcasts including Tony Martignetti Nonprofit Radio and the Nonprofit Leadership Podcast with Dr. Rob Harter
  • Authored various articles and guides focused on Nonprofit topics for AIOA’s website
  • Member of Nonprofit Leadership Alliance – Advanced Nonprofit Certified Professional (ACNP) and Nonprofit Finance Group
  • M.S Degree in accounting, University of Phoenix, Phoenix, AZ; B.A. Degree in accounting/management, Anderson University, Anderson, IN
  • Can be contacted at [email protected] or 651-374-4471
Purchase Options

Add to Wishlist

More Program Information

Why Lorman?

Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 411712
Published 2025
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!