How to Account Your Earned Revenue
In the not-for-profit world, there are two types of revenue (as defined by tax law and accounting standards): contributed and earned. Contributed revenue includes monetary donations from individuals and corporations as well as grants from foundations and government agencies. Earned revenue includes ticket sales, program and service fees, and media sales. A good rule of thumb is that if a transaction represents the customer receiving a distinct item (a CD, a branded mug) or service ...
Common Points of Confusion Between the Accounting and Development Teams
As our organizations grow, the number of donations and the number of financial transactions grow along with it. On top of that, the accounting function, if it hasn’t already, likely will move from cash basis to the more complex accrual basis. This growth leads to the need for specialization among staff and often a separation of the gift processing and bookkeeping functions. It is very appropriate and desirable for internal control purposes to have separate ...
Review: 2023 Nonprofit Technology Conference
In mid-April 2023, your correspondent attended NTEN’s Nonprofit Technology Conference (NTC) in Denver, Colorado. This was the first in-person instance of NTEN’s annual conference since 2019 (though this instance kept the hybrid option introduced in 2021). There were reportedly over 2,000 attendees across both options, with over half of us gathered for three days in Denver. This review consists solely of my own opinions and reactions to the conference. In full disclosure, I received a ...
IKR? I'm keeping an eye on it and if Chrome releases an update that returns the ability to adjust the…