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ACC 322 Final Project Two: Nonprofit Accounting Guidelines and Rubric

Overview The second final project for this course is the creation of an accounting workbook and accompanying memo to management.

Unlike traditional businesses, the purpose of nonprofit organizations is to provide services to society. The lack of profit motive and the focus on providing services

creates the need for a different kind of accounting and accountability. Revenue sources are different, with nonprofits relying on donations and fees for services.

Resources are also accounted for differently because of restrictions often placed on donations. It is the responsibility of the nonprofit accountant to provide

accountability for these funds through financial reports.

By working through this project, you will understand how revenues and expenses are accounted for in nonprofits. Using this information can also help you

analyze the financial position of the organization. This analysis can be used to assess financial strengths and weaknesses.

It is important to note that some types of organizationsuniversities and healthcare organizations, for examplecan be for-profit, nonprofit, or government operated. As an accountant, you need to understand how the statements for these organizations would be different under different models.

In the accounting workbook and memo, you will use course-provided information to (1) analyze transactions for a nonprofit in accordance with industry

standards; (2) create and use financial statements to assist in the anal sis of the organization’s finan ial position; and (3) communicate the results of operations to management.

In this assignment, you will demonstrate your mastery of the following course outcomes:

 Prepare journal entries, financial statements, and supporting documentation that impact reporting for nonprofit and governmental entities using appropriate accounting standards

 Evaluate governmental and nonprofit accounting statements in determining the fiscal position of various entities using appropriate tools of the discipline  Select accounting methods appropriate to the differentiated needs of governmental and nonprofit organizations  Determine appropriate strategies for effectively communicating the differences between private sector, governmental, and nonprofit reporting to

stakeholders

Prompt You are the accountant for a nonprofit organization. Your job requires that you prepare journal entries, post to ledgers, and prepare financial statements. Using

the Final Project Two Case Study document and Final Project Two Student Workbook spreadsheet provided, you will prepare an accounting workbook, which

includes supporting journals. The supporting journals will be used in preparation of the financial statements. Finally, you will prepare a three- to five-page memo

explaining the reports to management. In your memo, you will also discuss how the statements would be different if your organization was private for-profit or

government operated.

Specifically, the following critical elements must be addressed:

I. Prepare an accounting workbook with supporting journals.

a) Analyze all transactions in the Final Project Two Case Study document and Final Project Two Student Workbook spreadsheet to determine

proper handling.

b) Record all journal entries.

c) Use journal entries to prepare financial statements.

II. Prepare a memo to management

a) Analyze the results of operations, including what the results tell the readers about the organization.

b) Explain what the statements tell about the strengths and weaknesses of the organization’s financial position. c) Discuss how the accounting and statements would be different if the organization was for-profit.

d) Discuss how the accounting and statements would be different if the organization was government-operated.

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Final Project Two Rubric Guidelines for Submission: You will submit your completed Final Project Two Student Workbook, and include the required entries, statements, and schedules

using the appropriate Excel worksheet. Your memo to management must be 3–5 pages in length (plus a cover page and references) and must be written in APA format. Use double spacing, 12-point Times New Roman font, and one-inch margins.

Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,

review these instructions.

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Workbook:

Transaction Analysis

Accurately analyzes and records

all transactions

Analyzes and records all

transactions but transactions

contain inaccuracies

Does not record transactions 13

Workbook: Journal

Entry Records

Records all journal entries

accurately

Records all journal entries but

journal entries contain

inaccuracies

Does not record journal entries 13

Workbook: Financial

Statements

Prepares financial statements

correctly

Prepares financial statements

with inaccuracies

Does not prepare financial

statements

13

Report: Results of

Operations

Meets Profi ient riteria and uses concrete examples to

substantiate claims

Analyzes the results of

operations and describes what

the results demonstrate about

the organization

Analyzes the results of

operations and/or describes

what the results demonstrate

about the organization but

submission is not clear or

contains inaccuracies

Does not analyze the results of

operations

13

Report:

Organization’s Financial Position

Meets Profi ient riteria and uses concrete examples to

substantiate claims

Identifies the organization’s financial strengths and

weaknesses, focusing on

specific financial information

Identifies the organization’s financial strengths and

weaknesses but information is

not clear, too general, or

contains inaccuracies

Does not identify the

organization’s strengths and weaknesses

13

Report: For-Profit

Changes in

Operations

Meets Profi ient riteria and explains why these differences

are necessary

Explains how the accounting

and statements would be

different if the organization was

for-profit

Discusses how the accounting

and statements would be

different if the organization was

for-profit but explanation is not

clear or lacks details

Does not discuss how

accounting statements would

be different if the organization

was for-profit

13

Report: Government-

Operated Changes in

Operations

Meets Profi ient riteria and explains why these differences

are necessary

Explains how the accounting

and statements would be

different if the organization was

government-operated

Discusses how the accounting

and statements would be

different if the organization was

government-operated but

explanation is not clear or lacks

details

Does not discuss how

accounting statements would

be different if the organization

was government-operated

12

Articulation of

Response

Submission is free of errors

related to citations, grammar,

spelling, syntax, and

organization and is presented in

a professional and easy-to-read

format

Submission has no major errors

related to citations, grammar,

spelling, syntax, or organization

Submission has major errors

related to citations, grammar,

spelling, syntax, or organization

that negatively impact

readability and articulation of

main ideas

Submission has critical errors

related to citations, grammar,

spelling, syntax, or organization

that prevent understanding of

ideas

10

Earned Total 100%