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Nonprofit Accounting Basics
Tax-filing season may have just ended but it’s always a good time to make sure that your organization is following the IRS donation “substantiation rules” so that your benefactors will have the pro
FASB116 focuses on the concept of restricted revenue.
Statement of Financial Account Standards 116 (FASB116) is the primary guidance relating to the recording of contribution revenue by not-for-profit organizations (NFPs).
The Omnibus Budget Reconciliation Act of 1993 (or “OBRA93”) contained two major provisions affecting charities and their donors by introducing the "substantiation" and "disclosure" requirements.
A study performed by Jeffrey J.
Pledges receivable can be a point of conflict between the accounting department and the development or fundraising team.
Split-interest agreements, also known as planned giving, are contributions that assign the legal rights to certain assets to an NFP
FASB116 stipulates that "unconditional promises to give" are to be recorded at the time the NFP receives notification of the promise.