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Nonprofit Accounting Basics
Many special events, such as dinners, galas, auctions, and walk-a-thons, are organized to raise contributions to support the organization’s activities.
Agency transactions occur when one NFP (the agent) raises contributions for another NFP (the recipient).
This article illustrates how accounting decisions or judgments can affect taxes - on an organization or on its donors, and vice versa.
While neither charity auctions nor the various rules governing them are new, we receive numerous questions about them and observe many examples of inadequate auction procedures by both large and sm
Exempt organizations, both large and small, are relying more and more on a variety of corporate sponsorships to provide much-needed support for events and programs.
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.
Often it is difficult to distinguish between a contribution and an exchange transaction, the following factors are indicative of an exchan
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.
As if planning for a fundraising event, such as a silent auction or an annual dinner, wasn’t already one of the busiest times on the calendar for a charity organization, there is the required recor
Pledges receivable can be a point of conflict between the accounting department and the development or fundraising team.
Raffles are gaining popularity for nonprofit fundraising. Often combined with a gala or other big event, raffles are accessible and fun.
New accounting standards issued by the Financial Accounting Standards Board (FASB) in May 2014 have completely rewritten the rules for
On May 28, 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued substantially converged final standards on revenue recognition.
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.