By Malvern J. Gross Jr., John H. McCarthy, Nancy E. Shelmon
This 7th version is stuffed with authoritative suggestion at the monetary reporting, accounting, and keep an eye on occasions detailed to not-for-profit companies. It comprises discussions of the accounting and reporting guidance for various different types of companies, entire counsel on tax and compliance reporting standards, illustrated motives of varied kinds of applicable monetary statements, and masses extra!
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Extra info for Financial and Accounting Guide for Not-for-Profit Organizations, Seventh Edition
Gifts of land, under which lies an old toxic waste dump, can require the organization to pay for expensive remediation to clean up the waste. • Gifts of an annuity that requires the organization to pay out more than the value of the annuity is not a good deal. 8 CONCLUSION The treasurer of a not-for-profit organization has a unique opportunity to be part of a social mission while exercising the aptitudes and talents inherent in the discipline of accounting and finance. For volunteers or paid professionals who assume the role of treasurer, the guidance in this volume will assist you in the effective discharge of your important responsibilities.
In addition, the governing board of an organization may decide to set aside certain available resources into one or more separate funds such as those for investment. ” The three terms are very different. • A fund is any part of an organization for which separate accounting records are kept. • Assets are resources owned or controlled by the organization. Examples of assets include cash, investments, property, and amounts owed to the organization. • Fund balance is the mathematical amount obtained by subtracting total liabilities from total assets of a particular fund.
117, Financial Statements of Not-for-Profit Organizations (SFAS 117), fund accounting is not as commonly used as before, however many organizations still use it for bookkeeping purposes. In some cases financial statements are still prepared showing certain funds of an organization. The purpose of this chapter is to explain this concept as it is still used in practice. A fund is a certain part of an organization, defined in accounting terms. Some organizations have only one fund; some have many.