In the last few posts we have been talking about contribution income and the kinds of income accounts you need. Our Chart of Accounts Grand Tour travels through in-kind donation income accounts … [Read more...]
Contributions Under the New Tax Law
How will the new tax law affect charitable giving? Are there any tax breaks left for donors? Our friends and income tax experts, Lou Lauteria and Greg King at Lauteria & King, PLC, sent out a client … [Read more...]
Nonprofit Income Accounts Part 2: Contributions
In our last post we took a brief look at the nature of contributions, and all the many names that contributions go by. We distinguished contributions from exchange income. Today we look at accounts for … [Read more...]
Names for Contributions
A gift by any other name would smell as sweet… Last week our Chart of Accounts Grand Tour began to explore income accounts. We covered federated campaigns and membership contributions. Before we … [Read more...]
A Problem with Restricted Gifts
Recently a client asked us for help keeping track of restricted gifts. This organization has a program where they raise money for other charitable organizations in the community. The client said people are … [Read more...]
Bad Debt
In our last two ports of call on our Chart of Accounts Grand Tour, we visited Accounts and Pledges Receivable and also looked at Aging and Due Dates. We find people are often surprised to learn that you … [Read more...]
Year End Gift Cutoff
December is a busy month for most nonprofits. Various sources place the percentage of annual gifts made in December at more or less 30%. But which gifts count for December? Regardless of your … [Read more...]
How to Value and Record Volunteer Services
We often receive the question, “How do I record volunteer services?” From our last post, Why Record Volunteer Services?, you know some volunteer services must be recorded as defined in Generally … [Read more...]
Why Record Volunteer Services?
Often we find nonprofits do not record the value of volunteer services. After all, volunteer services, also referred to as in-kind services, don’t have a direct impact on cash. And there is so much other … [Read more...]