The Four Core Statements of Nonprofit Financial Reporting
The gross method tracks the usage of all restricted contributions received and utilized during the year. For example, under the gross method, a donor contributes $200,000 for a specific program of the Organization, but during the fiscal year, the Organization utilizes $100,000 for said program. Total restricted contributions are $200,000 and ending restricted net assets […]
Accounts Payable Vs Notes Payable What Is It, Differences
In most cases, this funding helps cover major expenses or expansion efforts. Invoice approval can extend to weeks when paper invoices are mailed to a remote location, then forwarded to accounts payable for processing. In addition to delaying invoice receipt, this increases the likelihood of losing an invoice or processing a duplicate. Transaction process • Both […]