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A nonprofit organization (NPO) is an organization that has no owners and which uses its net income to help it achieve the aims for which it was established. All surplus net income has to be kept within the organization, and not paid out as dividends or distributions.
There are three main not for profit financial statements, the statement of financial position, the statement of activities, and the statement of cash flows.
A chart of accounts is a list of all the names of the accounts found in the general ledger with an account code allocated to it.
A not for profit chart of accounts differs from a normal business in that it is split into statement of financial position and statement of activities accounts. These are the equivalent of the balance sheet and income statement.
An interactive nonprofit chart of accounts sample is provided to help you produce your own non profit standard chart of accounts.