Comments on: Best of Not-for-Profit Accounting http://www.notforprofitaccounting.net/2009/11/12/best-of-not-for-profit-accounting/ Oddly Passionate About Nonprofit Accounting Sat, 31 Jul 2010 15:01:45 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Alan http://www.notforprofitaccounting.net/2009/11/12/best-of-not-for-profit-accounting/comment-page-1/#comment-371 Alan Thu, 01 Apr 2010 17:06:32 +0000 http://www.notforprofitaccounting.net/?p=1525#comment-371 Candis, $40.00 = revenue, $20.00 = expense for your books. Nonprofits should not track as net as it will make reporting difficult and misleading. For the donor you would report the ticket cost ($40), the value of the dinner ($20) and that they may be able to deduct the remainder as a charitable contribution. Check the link to IRS publication 1771 for details on that. Alan Candis,

$40.00 = revenue, $20.00 = expense for your books. Nonprofits should not track as net as it will make reporting difficult and misleading.

For the donor you would report the ticket cost ($40), the value of the dinner ($20) and that they may be able to deduct the remainder as a charitable contribution. Check the link to IRS publication 1771 for details on that.

Alan

]]> By: Candis Cox http://www.notforprofitaccounting.net/2009/11/12/best-of-not-for-profit-accounting/comment-page-1/#comment-369 Candis Cox Mon, 29 Mar 2010 22:00:38 +0000 http://www.notforprofitaccounting.net/?p=1525#comment-369 Should I report ticket sales from a Charity Dinner gross of its cost. In other words, I sale a ticket for a charity event for $40 and the cost of the dinner is $20; do I report $40 as unrestricted revenue and $20 as a fundraising expense, or do I just report the net amount ($20) as unrestricted revenue? Should I report ticket sales from a Charity Dinner gross of its cost. In other words, I sale a ticket for a charity event for $40 and the cost of the dinner is $20; do I report $40 as unrestricted revenue and $20 as a fundraising expense, or do I just report the net amount ($20) as unrestricted revenue?

]]>