Competencies related to acceptable principles of financial record keeping and reporting are in this topic area. Knowledge of economic and accounting principles and practices, and analysis and reporting of financial data within standards and regulations are key. Competencies include:
- Accounting and financial reporting including accounting reporting standards such as FASB, GAAP, and GASB
- Principles of fund accounting
- Financial reporting concepts, e.g., cash vs. accrual basis; fixed assets
- Key financial concepts, e.g., accounting distinction between not-for-profits and commercial groups; mutual fund transfers/appropriations; investment/endowment; contributions and pledges
- Cost analysis, e.g., cost recovery; reimbursement