ACCT 220 | Internal Controls and Accountability

Overview

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Internal controls are systems of policies and procedures that protect the assets of an organization, create reliable financial reporting, promote compliance with laws and regulations and achieve effective and efficient operations. Nonprofits must be accountable to multiple stakeholders, including private and institutional donors; local, state, and federal agencies; volunteers, program recipients; and the public at large. Proper internal controls allow organizations to do this. During this class we will review the procedures that successful organizations operate under to safeguard assets to ensure that their reputations remain above reproach.

This class was formerly numbered as ACCT 230. It has been changed as part of a restructuring of NU’s Finance and Accounting courses to better reflect the content level and intended audience.

Learning Objectives

• Recognize effective internal controls, especially over cash receipts, cash disbursements, and payroll.
• Explain the role the board of directors plays in internal controls.
• Analyze the IRS form 990 in the context of internal controls.