What would be the accounting transaction recorded by a 501(c)3 organization for a permanently restricted donation received? The particulars will depend on what accounting software you are using. Basically you would debit cash or receivables (depending on if you got the money or just a letter saying you were getting the money) and credit an [...]
Posts Tagged ‘Contributions’
More Questions
Here are some answers to question I received at a recent training. Many of the questions in this batch came from folks involved with religious organizations, synagogues and churches. Why are religious organization tax exempt? The best answer I have is the First Amendment of the Constitution of the United States which states, “Congress shall [...]
More Questions and Answers
When I present trainings and workshops I always get at least one question I can’t answer on the spot and need to look up. Here are the Questions and Answers from the week of January 12th, 2009: If our organization awards scholarships do we list that on the form 990? Yes you probably do. For [...]
Workshop Resources
Thanks to all of you who attended the workshops. As promised I have put together all of the resources that were mentioned in the trainings in one area. These are listed elsewhere on the site but I thought it would be nice to organize them into one place. Scroll down the page for the list [...]
