By Warren Ruppel
A pragmatic, introductory consultant to the basics of not-for-profit accounting
Not-for-Profit Accounting Made effortless specializes in accounting basics when you run monetary and accounting operations in not-for-profit businesses yet don't have a certified figuring out of accounting ideas and fiscal reporting. It explains complicated accounting ideas in phrases nonaccountants can simply comprehend so one can aid them larger satisfy their managerial and fiduciary tasks. consistently sensible and not overtechnical, this useful consultant conforms to FASB and AICPA criteria and:
* indicates tips to learn and comprehend a not-for-profit monetary statement
* Explains monetary accounting and reporting criteria
* is helping managers and different nonaccountants develop into acquainted with the principles and rules of accounting
* Updates board individuals, government administrators, and different senior managers at the accounting fundamentals they need to recognize for day by day operations
* beneficial properties tables, indicates, and charts that illustrate the content material in an easy and easy-to-understand manner
compatible for fundraising managers and executives-as good as an individual who must learn and comprehend a not-for-profit monetary statement-this is the last word not-an-accountant's advisor to not-for-profit accounting.
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Extra info for Not-for-profit accounting made easy
These are expenses that the not-forprofit organization incurs in the operation of its various program activities. • Management and administrative expenses. These are the expenses incurred by the not-for-profit organization in its Not-for-Profit Accounting Definitions and Examples 35 overall management and administration that are not identifiable with any particular program. ) • Fund-raising expenses. These are the expenses incurred by the not-for-profit organization in its efforts to raise money from donors.
Some not-for-profit organizations continue to use fund accounting in their internal accounting systems and then convert this information into net asset classifications for purposes of financial reporting. Since FASB 117 does not preclude presentation of fund information (as long as its required net asset information is presented), some not-for-profit organizations still present some fund financial information in their financial statements prepared in accordance with GAAP. These organizations might present information about their current funds, which include both restricted and unrestricted amounts, endowment funds, and plant funds (in which they record property, plant, and equipment).
Accordingly, the January 1 interest payment includes interest relating to the period of July 1 through September 30. Interest related to this period must be accrued as interest expense by the not-for-profit organization in its September 30 financial statements. Accruing interest results in the recording of an accrued interest liability (another type of accrued expense liability as previously discussed), with a corresponding amount recorded as interest expense. When the actual payment is made on January 1, the accrued interest liability is reduced to zero, with the balance of the interest payment recognized as interest expense in the year that the payment is made.