The Unified Chart of Accounts
UCOA, the Unified Chart of Accounts for nonprofit organizations, is a chart of accounts freely available to any nonprofit organization, accountant, or consultant. The chart of accounts is designed so that once it is implemented nonprofits can quickly and reliably use their financial systems to create financial statements and get the financial information required by the IRS, the federal Office of Management and Budget, and other standard reporting formats. The UCOA also seeks to promote uniform accounting practices throughout the nonprofit sector by increased use of the chart by nonprofit organizations.
The UCOA is sponsored by a number of major nonprofit support organizations including:
The National Center for Charitable Statistics (NCCS)
The California Association of Nonprofits (CAN)
CompassPoint Nonprofit Services
The California Society of CPAs
The UCOA was featured in several publications including the Nonprofit Quarterly.
In December 2008, the IRS released major revisions to the Form 990. There are few changes, however, to the basic financial line items in the updated Form 990, but the form’s line numbers have been changed considerably. A UCOA update is in progress, but you can still easily use the existing UCOA accounts and account numbers and plan to make minor adjustments when we issue an update.
Complete information on UCOA, as well as a printed copy of the chart, is available in a book from Jossey-Bass: http://www.josseybass.com/WileyCDA/WileyTitle/productCd-0787952133.html
Saves 50% of accounting time spent to report to the IRS, Funders and others than if using a non-standard chart of accounts.
For additional information or to ask questions about the UCOA please contact Alan Strand (https://www.ideaencore.com/node/1011). Mr. Strand served on the development committee of the UCOA and would be happy to answer questions about the chart. For more complex or lengthy discussions, a consulting arrangement may be arranged.
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