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The A, B, C's of Accountant For Grants, Pledges, and Contributions
Nonprofit and Church Legal Trends - Free Edition - July August 2008 (free edition)
The good news is that your organization just received a major pledge or grant. The bad new is that you do not know how to account for it correctly in your financial records. Is it revenue, or not? Is it restricted or unrestricted? To make these decisions, you must ask a series of specific questions to arrive at the correct answer.
This article will try to outline these questions and how they should be answered. The key accounting rule governing this topic is Statement of Financial Accounting Standards No. 116 issued by the Financial Accounting Standards Board: “Accounting for Contributions Received and Contributions Made.”
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