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Mr I. Seetane Essay

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ACCF111

CHAPTER 21

NON-PROFIT ORGANISATIONS

Outcomes of this module
Prepare the following:
* Receipts and payments statement
* Statement of comprehensive income
* Statement of financial position
* Statement of changes in equity
* Reconstruct the membership fess account

The purpose of a non-profit organisation is to provide services to the community. Although they are non-profit, they can still trade and earn profits – which are called surpluses and deficits. Any surplus earned must be used for the benefit of the members.

Non-profit organisations can range in size and includes sports clubs, social clubs, churches, educational institutions, government bodies and professional societies. The finincial statements will differ depending on the size of the organisation. Most will use what is known as funds accounting procedures.

As there are no owners and profit is not the motive, there is no capital account. This is instead replaced by the accumulated fund account. This fund is used for general running expenses and excludes special funds, which we will see shortly.

ASSETS = LIABILITIES + FUNDS

Sources of funding
Entrance fees – this is a once-off payment that the member’s make to join the organisation. It can be considered to be profit or the entity can decide to take it to the Accumulated (General) Fund and not treat it as profit.
Dr Bank
Cr Entrance Fees (income)
or
Dr Entrance Fees
Cr Accumulated Fund

Membership fees – most clubs charge membership fees (subscriptions) to their members. The fee is calculated based on the funding they require for the year. The same priniciple applies as in trading entities and any fees in arrears must be accounted for and shown as a current asset receivable. Any fees paid in advance must be reflected as a current liability being fees received in advance. It is important that these two accounts be transferred to the membership fee account at the beginning of...

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