Apr 30, 2019 · Financial accounting is the act of tracking transactions with the goal of providing accurate and timely information about an organization’s financial position and performance. Without accounting, it is difficult to predict cash flow, raise money for projects, or know if you can afford new equipment or additional staff.

This section is a broad overview of accounting. If you're new to the idea, this is a great place to start. ‹ Accounting 101 up Generally Accepted Accounting Principles ›

Apr 8, 2025 · In light of recent U.S. government actions, nonprofit organizations are facing significant challenges due to a temporary halt on federal financial assistance, including grants and loans. This pause mandates federal agencies to review existing grants and compile lists of recipients that may no longer be eligible under recent executive orders.

Jul 12, 2024 · CECL, pronounced “sea seal” is the common short-hand for Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (topic 326). CECL doesn’t just apply to financial institutions, it applies to nonprofits too.

Aug 15, 2022 · In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09 Read more about Lessons Learned from Adoption of Topic 606, Revenue Recognition Line of Credit

Names used for line items in the accounting system should exactly match the budget line items. Program and accounting folks need to use the same language if there is to be accuracy and efficiency in planning, accounting, and reporting. Vague or inconsistent account names can lead to misalignment and confusion.

Jul 17, 2020 · The compensation for the officers, directors, key employees and highest compensated individuals is shown on the calendar year for Part VII of the Form 990 and on the basis used by the organization for its accounting records in the statement of functional expenses.

Sound procedures and internal controls help ensure accurate accounting and high-quality reporting. Evaluation of the information in the reports then facilitates good management decisions and informs both near- and long-term planning.

Nov 14, 2022 · On June 21, 2018, the Financial Accounting Standards Board (FASB) has issued accounting standards update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, that clarifies and improves the scope and accounting guidance around contributions of cash and …

Dec 30, 2024 · Nonprofit Accounting Basics. Audit. 2024 Revised Uniform Guidance Requirements for Single Audits ...