DEFINITIONS
A financial asset, in the form of donations, given to institutions like universities or non-profits, which is invested to generate income.
What is an endowment?
One of the three categories of functional expenses reported on Form 990.
What is program service?
What is M&G?
What is fundraising?
Which of the following is NOT a functional expense category in non-profits?
A. Program services
B. management and general
c. fundraising
d. capital expenditures
What are capital expenditures?
Statement of activities are also known as.
What is an income statement?
A donation that must be used for a specific purpose.
What is a restricted contribution?
Schedule of the 990 which is redacted for the Public Disclosure Copy
What is Schedule B?
A statement showing how natural categories of expenses are utilized by an organization.
What is the statement of functional expenses?
Assets - liabilities
What are net assets?
Resources set aside by the board of an organization for a particular or general purpose.
What is a board designated net asset?
The box on Form W-2 from which an employee’s reportable compensation is pulled that is reported on the Form 990.
What is box 5?
A donation or grant received which includes barriers to overcome and a right of return of the funds, and which is not recognized as revenue when received.
What is a conditional contribution?
An employee (other than officer or director) who receives at least $150k during the tax year and has responsibilities, powers or influences similar to officers
What is a key employee?
A contribution of goods or services that either create or enhance an asset or provide services that would otherwise need to be purchased by the organization.
What is an in-kind or nonfinancial contribution?
The minimum public support percentage a public charity must have to avoid being classified as a private foundation.
What is 33.33%?
A donation or grant received which includes a specific use or time period for use, which is recognized as revenue in the period received.
What is a donor restricted contribution?
A government website that includes helpful information on single audits, including a search tool for finding the current program description for every ALN to use on clients' SEFAs
What is sam.gov?
A loan from one nonprofit to another with a below-market interest rate or other more favorable terms.
What is an example of a program related investment?
The excise tax percentage private foundations are subject to on their net investment income.
What is 1.39%?
When the purpose restriction is satisfied, or the time restriction period expires.
When can net assets with donor restrictions be reclassified as net assets without donor restrictions?
This annual AICPA publication is a good source for NFP presentation and disclosure examples.
What is Save our Charities illustrative FS?