By Warren Ruppel
A pragmatic, introductory advisor to the basics of not-for-profit accounting Not-for-Profit Accounting Made effortless specializes in accounting basics should you run monetary and accounting operations in not-for-profit agencies yet don't have a qualified figuring out of accounting ideas and monetary reporting. It explains complicated accounting principles 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 advisor conforms to FASB and AICPA criteria and: exhibits easy methods to learn and comprehend a not-for-profit financial plan Explains monetary accounting and reporting criteria is helping managers and different nonaccountants turn into acquainted with the principles and ideas of accounting Updates board participants, 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 demeanour compatible for fundraising managers and executives–as good as somebody who must learn and comprehend a not-for-profit monetary statement–this is the final word not-an-accountant’s consultant to not-for-profit accounting.
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Extra resources for Not-for-Profit Accounting Made Easy
Suffice it to say that the unpaid principal of the bonds will be recorded as a liability on the statement of financial position of the not-for-profit organization. , a $1,000 face value bond is initially sold for $1,020), the liability recorded on the financial statements would represent the face amount of the bonds (also called their par value), decreased by discounts and increased on premiums on the initial sales of the bonds. Note that the total of the discounts or premiums is amortized (reduced) over the life of the bond.
For the day-care contract with a local government, the fee is most likely earned by the day-care center when it provides the service to the children in its care. Accordingly, revenue is recognized as the day-care center performs its services and bills the local government. Revenue is not recognized at the time that this type of contract is signed, which is a frequent misconception among readers of not-for-profit organization financial statements. As described earlier in this chapter, if the day-care center received a cash advance from the government at the time that the contract was signed or at the beginning of the service period, the day-care center would record the cash advance as deferred income recognized.
While prepaid insurance is the most common and easily understood example of a prepaid expense, there can be many others. Rental payments on facilities or equipment are another example. Some judgment should be used by not-for-profit organizations in determining what should be recorded as prepaid expenses. For example, a motor vehicle registration fee is usually paid annually in advance. If the not-for-profit organization only owns a few motor vehicles, it is probably not worth the administrative effort to calculate and record this type of prepaid expense, particularly when registrations expire throughout the year.
Not-for-Profit Accounting Made Easy by Warren Ruppel