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Audit: Specialized Industries > Not-for-Profit Industry > Flashcards

Not-for-Profit Industry Flashcards

1
Q

is set up to pursue objectives that benefit society. Such objectives can be found in various sectors such as medicine, social welfare, foundations, social and recreational clubs, and religion.

A

not-for-profit organization (NPO)

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2
Q

General Business Model (How they make money?) - 5

A
  1. Donation and Grants
  2. Corporate Partnerships
  3. International Aid and Funding
  4. Membership Fees
  5. Social Enterprise
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3
Q

These are the most popular form of funding. These are contributed by individuals, businesses, and governmental entities to support the organization’s objectives, while grants from foundations, NGOs, or governmental organizations might be one-time or ongoing.

A

Donations and Grants

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4
Q

NPOs work with companies through sponsorships, collaborations, or cause-related marketing. This can give the business partner and the NPO better networking, resource access, and financial assistance.

A

Corporate Partnerships

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5
Q

International organizations, development agencies, or international philanthropic foundations may fund non-profit organizations (NPOs) engaged in global activities.

A

International Aid and Funding

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6
Q

contribute to revenue in global associations or organizations with a broad reach, and members mentioned above may receive
networking opportunities or event discounts in return.

A

Membership Fees

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7
Q

aiming to make money while furthering social or environmental objectives. The enterprises’ profits can fund the organization’s more extensive projects

A

Social Enterprise

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8
Q

Common sources of revenue for NPOs (6)

A
  1. Individual Donations
  2. Corporate Social Responsibility (CSR)
  3. Government Grants
  4. International Funding
  5. Fundraising Events
  6. Membership and Program Fees
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9
Q

NPOs must fulfill specific requirements to be granted this status, including operating only for charity, abstaining from giving profits to private people, and providing a major public benefit. Gaining this status has several advantages, such as more chances for fundraising, lower operating expenses, more credibility, and grant opportunities.

A

Tax-Exempt Status

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10
Q

One important way not-for-profit organizations (NPOs) try to give stakeholders accountability and transparency is through ___________. NPOs adhere to certain accounting procedures, such as activity statements, balance sheets, and cash flow statements, since they are motivated by a purpose rather than a profit.

A

Financial Reporting

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11
Q

These restrictions are essential for combating illegal activity inside the financial systems.

A

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF)
Regulations

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12
Q

NPOs operating internationally might have to comply with extra regulations. They must abide by the laws of their own country and the nations where they conduct business.

A

Cross-Border Activities

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13
Q

provides the primary legal basis for all organizations functioning in the Philippines, including NPOs.

A

Constitution of the Philippines (1987)

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14
Q

The formation, management, and governance of corporations—including non-stock organizations like NPOs—are governed by the ______. It describes the conditions for incorporation, the functions of directors, and the dissolution process.

A

Corporation Code of the Philippines (Batas Pambansa Bilang 68)

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15
Q

This code may impact non-profit organizations that raise money since it governs the registration and handling of securities-related operations. It provides standards for the issue and trading of securities.

A

Securities Regulation Code (Republic Act No. 8799)

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16
Q

is an important organization that certifies NPOs following governance, accountability, and transparency requirements. An NPO’s eligibility for tax advantages and trustworthiness are improved by their accreditation.

A

Philippine Council for NGO Certification (PCNC)

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17
Q

This Act affects NPOs regarding donor due diligence procedures and reporting of questionable transactions. It defines steps to combat money laundering and
terrorist funding.

A

Anti-Money Laundering Act (Republic Act No. 9160, as amended)

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18
Q

NPOs engaged in election-related activities may be impacted by the ________ rules on the registration, oversight, and reporting of political contributions

A

Philippine Omnibus Election Code (Batas Pambansa Bilang 881)

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19
Q

Local government units (LGUs) may have their own procedures for reporting, permits, and registration; NPOs may also be subject to these restrictions.

A

Local Government Codes

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20
Q

This new guidance on financial reporting for not-for-profit entities simplifies and improves the classification of net assets, presenting information in the financial statements about the liquidity, financial performance, and cash flow of the entity.

A

ASU (Accounting Standards Update) No. 2016-14, titled Not-for-Profit Entities (Topic 958): Presentation of Financial Statement of Not-for-Profit Entities

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21
Q

Four (4) financial statements to be presented by NPEs

A
  1. Statement of Financial Position
  2. Statement of Activities and Changes in Net Assets
  3. Statement of Cash Flows
  4. Statement of Functional Expenses
22
Q

This reports the assets, liabilities, and net assets of not-for-profit entities– this replaces the owner’s equity.

A

Statement of Financial Position

23
Q

The net assets account is to be divided into three categories:

A
  1. unrestricted,
  2. temporarily restricted, and
  3. permanently restricted
24
Q

This reports the revenue, expenses, gains, losses, and reclassifications of new assets of the entity/organization.

A

Statement of Activities and Changes in Net Assets

25
Q

shows the cash inflows and outflows of the organization and uses the same classification and definition of cash flows as
for-profit organizations

A

Statement of Cash Flows

26
Q

The statement shows the classification of expenses according to its function and by its nature. This also how expenses are distributed to programs and activities.

A

Statement of Functional Expenses

27
Q

is the largest not-for-profit organization in the world. It is a private philanthropic foundation that focuses on reducing poverty and eradicating poverty.

A

Bill & Melinda Gates Foundation

28
Q

an international not-for-profit organization that aims to improve and save lives of children worldwide, was established in 1919 and is currently based in London. Their work is to ensure children have access to basic needs such as food and shelter, as well as healthcare, learning, and providing child protection services to children in need of it most.

A

Save the Children

29
Q

is an international medical not-for-profit organization working on providing emergency medical assistance in areas affected by conflicts, disasters, epidemics, or areas where there is a lack of healthcare.

A

Doctors without Borders

30
Q

is an US-based not-for-profit network of food banks. Its aims are to ensure people have access to food without judgment, improving food security, and to partner with different organizations to address the root causes of
food insecurity in the United States.

A

Feeding America

31
Q

is a California-based humanitarian not-for-profit organization that aims to improve the lives and health of people. Specific work of the organization includes providing disaster relief, and long-term aid such as extending support to the healthcare providers to ensure community health.

A

Direct Relief

32
Q

is a not-for-profit entity that serves as the primary medical association in the Philippines. They provide membership, education and training, and benefits for physicians in the Philippines.

A

Philippine Medical Association

33
Q

founded in 1978 by Sister Mary Soledad Perpiñan, is a non-for-profit, information-development institution that is committed to serve the Filipino people through research, education and training, and advocacy. It has become a reliable source of data and information both in the Philippines and abroad.

A

IBON Foundation

34
Q

aims to end poverty and restore human dignity with initiatives such as promoting family food sufficiency, health, and wellness, supporting farmers, building homes, sponsoring communities with development programs, feeding children, and making clean water available to communities.

A

Gawad Kalinga

35
Q

is a not-for-profit entity based in the Philippines. A humanitarian organization with a primary purpose of rebuilding lives– supporting and empowering stateless persons, refugees, crisis-affected populations, and other vulnerable and disadvantaged people.

A

Community and Family Services International

36
Q

is a not-for-profit organization focused on nature conservation through scientific excellence and community empowerment. Its name is a reference to the Philippine Eagle.

A

The Haribon Foundation

37
Q

are any faith-based or religion-based group that isn’t primarily focused on humanitarian work or social welfare support. They promote, advance and aim
for any kind of religion, creed, or religious belief as their main goal.

A

Religious Organizations

38
Q

are service NPOS set up to support and facilitate access to education. This includes primary, secondary, and post-secondary education as well as professional or trade schools with established curricula, a staff of regular instructors, and a regular student body that attends regularly to participate in educational activities.

A

Educational NPOs

39
Q

which are a type of non-profit organization that primarily aims to raise and distribute funds to support needy groups in society, such as the elderly, the sick, women, and children, as well as underprivileged and out-of-school youngsters.

A

Charity NPOs

40
Q

consist of other service and expressive not-for-profit organizations that fall under the categories of advocacy, business, trade, and industry associations, membership associations, humanitarian, and social.

A

Other Groups

41
Q

is responsible for registering and
supervising all non-stock, not-for-profit organizations in the Philippines. The NPOs secure primary registration to obtain legal personality.

A

Securities and Exchange Commission (SEC)

42
Q

is responsible for supporting NPOs in working with the marginalized and vulnerable sector. This support
includes developing and implementing quality assurance measures to ensure responsible management and effectiveness of programs and services.

A

Department of Social Welfare and Development (DSWD)

43
Q

is a private NPO, working with the Department of Finance (DOF) and Bureau of Internal Revenue (BIR) to create a certification system. This system helps identify non-stock, NPOs and NGOs qualified to become donee institutions.

A

Philippine Council for NGO Certification (PCNC)

44
Q

These are not-for-profit educational institutions that provide postsecondary education and often conduct research projects. Their main objectives are to educate students, support their academic growth, and stimulate their intellectual growth.

A

Universities and Colleges

45
Q

These groups place a high priority on improving public health, offering healthcare, and frequently having charitable objectives such as aiding the impoverished.

A

Healthcare Organizations

46
Q

These are organizations dedicated to addressing social issues and enhancing wellbeing in general. While working to better society on a volunteer basis, they might focus on topics including social services, disaster aid, community development, and poverty alleviation

A

Associations for Voluntary Health and wellbeing

47
Q

These are facilities that fall under the category of not-for-profit organizations, outside of the education and healthcare sectors. Examples of these institutions include churches and museums.

A

Other Not-for-Profit Institutions

48
Q

For NPOs, this is the most typical revenue stream. This includes foundation funds, business sponsorships, and individual contributions. Contributions can be made in the form of cash or in-kind (i.e., goods, services, etc.), one-time or ongoing.

A

Donations

49
Q

Organizational Structure (Core Elements)

A
  1. Governance
  2. Administration
  3. Programs
50
Q

Core Activities

A
  1. General Activities
  2. Public Benefit Activities
  3. Economic Activities
  4. Political Activities

Audit: Specialized Industries (5 decks)

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