Establish policies for revenue recognition. Certain types of revenue (including: dues; subscriptions; and meeting registration fees) may be received in advance of the product
Compare all check logs for cash receipts to the amounts applied to receivables. This will be done by an individual separate from those processing cash receipts and accounts receiva
Establish a policy for fixed assets detailing which fixed assets are capital (depreciated rather than expensed) assets. This will be included in the organization's footnote disclosures t
The internal control system needs to be documented (the expected results or outcomes of the system and what everyone does need to be put in writing) and constantly evaluated. A con
An organization’s capital budget is different from a capital campaign budget, which is usually for bricks-and-mortar or other finite project(s). Annual capital budgets accompany annual operating budgets and include non-operating cash requirements for items such as equipment, improvements, and other financial goals such as building operating reserves and other special purpose funds.
