Nonprofit Accounting Basics

Contributions

Do Your Part for Donors: IRS Substantiation Rules Apply to Contributors

Originally Posted: June 2, 2015

Tax-filing season may have just ended but it’s always a good time to make sure that your organization is following the IRS donation “substantiation rules” so that your benefactors will have the pro

Donor Imposed Restrictions

Originally Posted: June 6, 2009

What are "donor-imposed" restrictions?

FASB116 focuses on the concept of restricted revenue.

FAS 116

Originally Posted: December 8, 2009

What is FASB 116?

Statement of Financial Account Standards 116 (FASB116) is the primary guidance relating to the recording of contribution revenue by not-for-profit organizations (NFPs).

Get Smart About Art Donations

Originally Posted: December 27, 2016

Non-cash Contributions

IRS Proposes Implementing a Donee Report Form

Originally Posted: November 17, 2015

The Omnibus Budget Reconciliation Act of 1993 (or “OBRA93”) contained two major provisions affecting charities and their donors by introducing the "substantiation" and "disclosure" requirements.

Nonprofit Omission Errors

Originally Posted: April 6, 2016

A study performed by Jeffrey J.

Pledges Receivable: Explaining the Basics to Your Development Department

Originally Posted: March 10, 2015

Pledges receivable can be a point of conflict between the accounting department and the development or fundraising team.

Split-Interest Agreements

Originally Posted: June 6, 2009

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

Unconditional Promises to Give

Originally Posted: June 6, 2009

What is an unconditional promise to give (pledge)?

FASB116 stipulates that "unconditional promises to give" are to be recorded at the time the NFP receives notification of the promise.

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