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