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 ...
Important Financial Management Elements of a Guest Artist Contract
It’s spring, so your artistic operations team might be in the thick of drafting and sending contracts to next season’s guest artists. Regardless of your contracting cycle or when you read this article, here are four important elements of a guest artist contract that your finance team will appreciate having included. Disclaimer: What is a blog post about a legal or financial topic without a disclaimer? This is not legal advice. You should not be ...
Budgeting Tip: Separating Types of Expenses in your Chart of Accounts
If your programming runs from fall to spring/early summer, you most likely have a fiscal year that begins in mid-summer, and you most likely are presently in budget season. Here are two quick tips for organizing your Chart of Accounts. What is a Chart of Accounts? A Chart of Accounts is less a chart in the visual sense than it is a list of all the account names your organization uses within its accounting software, ...
Thank you for the authoritative read on this issue. To me, being able to actually see the icon in the…