Recent Articles

Security Act 2.0: What you need to know

Originally Posted: March 8, 2023

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023, which includes the provisions of the Securing a Strong Retirement Act, commonly called SECURE 2.0.

Sending Invoices

Originally Posted: February 15, 2023

Invoices may need to be prepared for a number of reasons. Some organizations sell books or newsletters for a fee. Others require registration for meetings or bill for dues.

Internal Controls

Originally Posted: February 15, 2023

What are internal controls?

Internal controls are the financial processes and procedures that enable the organization to safeguard its assets.

General Ledger

Originally Posted: February 15, 2023

The general ledger documents all of the organization’s transactions over the course of a year for all accounts.

Recording Other Transactions

Originally Posted: February 15, 2023

The general ledger is the journal where all transactions are posted throughout the year and balances are maintained.

Sample Journal Entries for Government Grants

Originally Posted: February 15, 2023

The following are the entries necessary for cost-reimbursable government grant (assuming the grant is determined to be an exchange transaction):

Exchange Transactions

Originally Posted: February 15, 2023

Factors that may indicate an exchange transaction:

Often it is difficult to distinguish between a contribution and an exchange transaction, the following factors are indicative of an exchan

Split-Interest Agreements

Originally Posted: February 15, 2023

What are "split-interest" ("planned giving") agreements?

Split-interest agreements, also known as planned giving, are contributions that assign the legal rights to certain assets to an NFP

Does Your Organization Own Collections?

Originally Posted: February 15, 2023

To align its definition of “collections” with that used by the American Alliance of Museums, the FASB issued Accounting Standards Update (ASU)

Credit Card Transactions

Originally Posted: February 15, 2023

Many people will opt to charge a contribution or a fee for a service or publication given the option.