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A MODEL OF ACCOUNTING AND REPORTING PRACTICES FOR PROFESSIONAL AND HONORARY SOCIETIES
Abstract
This study is concerned with the accounting and reporting practices of professional and honorary societies that are tax exempt under Section 501 (c) (3) of the Internal Revenue Code. Specifically, the study is intended to improve the form and content of information flowing to interested groups that use the economic and financial data of these organizations. There are two distinct stages to the study. Stage one is normative and conceptual in nature since it seeks to ascertain which accounting and reporting practices can best be used by professional and honorary societies. This stage is necessitated by the lack of promulgated standards and practices for professional and honorary societies. The second stage of the research consists of utilizing the information gathered in the first stage. Information obtained in the first stage emanates from two sources. Literature pertaining to the nonprofit sector provides one source of information, and it is reviewed to determine the current state of nonprofit accounting. A second source of information is provided through the collection, description, and evaluation of empirical data obtained from professional and honorary societies. A questionnaire and a request for financial statements were mailed to 170 different societies. Analysis of the gathered information revealed inconsistencies in the application of accounting principles among, and within, these organizations. Analysis also found confusion on the part of professional and honorary societies in meeting compliance requirements of the Internal Revenue Service. Information gathered in stage one provides a foundation for the development of a model of accounting and reporting practices appropriate for professional and honorary societies. Recommendations relative to the accounting systems of these organizations, the compliance requirements that they must meet, and model financial statements for both national organizations and local chapters are presented. Although developed specifically for professional and honorary societies that are tax exempt as 501 (c) (3) organizations, other nonprofit entities (especially social fraternities and sororities) with similar organizational structures should find the model a beneficial guide in formulating practices that are appropriate for their specific needs.
Subject Area
Accounting
Recommended Citation
ANDERMAN, STEVEN GARY, "A MODEL OF ACCOUNTING AND REPORTING PRACTICES FOR PROFESSIONAL AND HONORARY SOCIETIES" (1981). ETD collection for University of Nebraska-Lincoln. AAI8208340.
https://digitalcommons.unl.edu/dissertations/AAI8208340