NFP Reporting
These are the financial standards that govern nongovernmental not-for-profit accounting
GAAP
This is the internal revenue code that outlines federally recognized tax exemption for not-for-profit organizations
501(c)(3)
Contributions fall under this broad account type
Revenue
This is the financial standards board that controls financial reporting standards for state and local governments
GASB
These are non-expendable resources that are usually invested for the purpose of producing income for a not-for-profit organization
Endowments
This is the financial standards board that controls financial reporting standards for nongovernmental not-for-profit organizations
FASB
When a donor makes a donation and says "this donation has to be used for this purpose," it represents this type of barrier
Restriction
This is a promised contribution to be completed in the future
Pledge
This term is used as a placeholder for "equity" in government-wide financial statement
Net Position
These are the funds that contain business-like activities of the government
Enterprise Funds
This is the financial statement that has the same name for for-profit and not-for-profit entities
This is income that is still taxable to an otherwise tax-exempt not-for-profit
Unrelated Business Income
This is the date a conditional pledge is recognized as a contribution
Day the condition is satisfied
This is the term/account for governmental budget plans for spending that are upcoming
Appropriations
These are the funds that contain government-run funds for the benefit of specific beneficiaries independent of the broader citizenry
Fiduciary Funds
This is the not-for-profit financial statement that is similar to an Income Statement
Statement of Activities
Condition
This type of healthcare provided should not be recognized as revenue or as an expense
Charitable Care
This is how soon after fiscal year end tax revenues have to be expected to be collected in order to be considered available in the current year
60 days
Governmental Funds use this accounting method
Modified Accrual
This statement shows a breakdown of assets, liabilities, and net assets for a not-for-profit organization
Statement of Financial Position
These are the five major categories of acceptable purposes for federally recognized tax exemption
Charitable, religious, educational, literary, and scientific
When a college finishes a semester of classes for a student whose full tuition would be $20,000 but after scholarship it only cost her $12,000, they should credit this account for this amount
Tuition Revenue, $20,000
This is the name of the report larger governments prepare yearly to detail their financial information
Annual Comprehensive Financial Report
This is the measurement focus of governmental fund accounting
Current financial resources