Nonprofit Accounting Basics

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Exchange Transactions

Originally Posted: June 6, 2009

Factors that may indicate an exchange transaction:

Often it is difficult to distinguish between a contribution and an exchange transaction, the following factors are indicative of an exchan

Budget for Government Grants

Originally Posted: June 6, 2009

When you receive a grant from a governmental agency, it will typically include a program budget.

Split-Interest Agreements

Originally Posted: June 6, 2009

What are "split-interest" ("planned giving") agreements?

Split-interest agreements, also known as planned giving, are contributions that assign the legal rights to certain assets to an NFP

Donor Imposed Restrictions

Originally Posted: June 6, 2009

What are "donor-imposed" restrictions?

FASB116 focuses on the concept of restricted revenue.

Agency Transactions

Originally Posted: June 6, 2009

What are agency transactions?

Agency transactions occur when one NFP (the agent) raises contributions for another NFP (the recipient).

Should I use accounting software?

Originally Posted: June 3, 2009

Deciding whether or not to use accounting software is really a personal preference.

Inventory

Originally Posted: June 3, 2009

Inventory is recorded on the books of an organization when the organization has items it creates or purchases and then sells to the public.

Cash vs. Accrual

Originally Posted: June 3, 2009

Generally, there are two methods under which you can do your accounting; the cash method and the accrual method.

Accounting 101

Originally Posted: June 3, 2009

Accounting allows organizations to identify how much money is coming in and being spent.

Best Practices

Originally Posted: May 20, 2009

The Internal Revenue Service believes that promoting best practices in the areas of governance, management and disclosure will lead to a higher level of federal tax law compliance.

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