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Updated Accounting Standards for In-Kind Donations (2022)

The Charity CFO

If your nonprofit uses donations of supplies, services, and even time to help fund your operations, you need to know about recent changes in accounting standards for in kind donations. The update enhances your financial reporting by setting new standards for disclosing specific details about the in kind donations you receive.

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How to maximize efficiency with nonprofit accounting software

The Charity CFO

How can nonprofit accounting software help your organization with efficiency? In today’s digital age, technology has revolutionized almost every aspect of business operations, including accounting and finance. Where to start with nonprofit accounting software Nonprofits have to comply with strict financial accounting standards.

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Fund Accounting for Nonprofits & Charities

The Charity CFO

Nonprofits often receive donations or grants designated for a specific purpose–like a donation to a specific program or grant you have to spend within a calendar year. And the issue of restricted funds presents unique bookkeeping and accounting challenges for a nonprofit that a for-profit company doesn’t face.

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How to Comply with Accounting Standards for Nonprofits

The Charity CFO

Accounting standards for nonprofits are probably not the first thing you think about, but are crucial for your organization to succeed. Nonprofit organizations distinguish themselves from for-profit entities through their purpose and mission.

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ASC 606 Nonprofit Revenue Recognition Rules for Exchange Transactions

The Charity CFO

ASC 606 Revenue Recognition for Nonprofit Organizations. All US businesses, for-profit and nonprofit, were subject to new revenue recognition standards starting by 2019. These new standards are detailed in ASC 606 and impact all companies that contract with customers to transfer goods or services. What Is ASC 606?

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New Rules For Nonprofit Lease Accounting: ASC 842 Explained

The Charity CFO

Updated standards on accounting for nonprofit leases ( ASC 842 ) go into effect this year for most organizations–and next year for the few remaining exceptions. If you’re not sure that your organization has adopted the new standards detailed in ASC 842, then keep reading. What is ASC 842 for nonprofit lease accounting?

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Understanding Functional Expenses for Nonprofits

The Charity CFO

Functional expense reporting confuses many first-time nonprofit bookkeepers and executives. But it is need-to-know-information in the nonprofit world. Because you’re required to report functional expenses to complete your IRS 990 and maintain nonprofit status. Don't hire the wrong accountant for your nonprofit!