Characteristics
This is the most common type of nonprofit structure.
What is 501c3?
This type of revenue has stipulations on how the funds are spent.
What is restricted revenue?
This statement is called a balance sheet in for-profit companies.
What is a statement of financial position?
This is the tax mapping needed to get nonprofit standard labels in QBO.
What is the 990 tax mapping?
This section of grant applications is never in scope for our team.
What is narrative writing?
This is the IRS form number for a not-for-profit annual informational return.
What is a 990?
This type of revenue can be spent without stipulations.
What is unrestricted revenue?
This is the name of a statement that reports expenses by nature.
What is a statement of functional expense?
This can be entered by class for easier actual vs. projected reporting.
What is a budget by class?
This is a budget that controls the overall spending plan. This is sometimes in scope for our team.
What is an operating budget?
This is not always in scope - be sure to check the service agreement or with the your POD leader.
This is one of the biggest challenges for not-for-profits.
What is cash flow?
This type of revenue comes from exchanging services and goods for income.
What is fee for services or contract revenue?
This is allowed in an nonprofit.
This functional area includes accounting, HR, IT, and legal services.
What is management and administration?
This is the recommended feature to use to track specific grants and programs in QBO.
What are classes?
This is a budget that plans for spending related to a specific activity. This is sometimes in scope for our team.
What is a program or grant budget?
This is not always in scope - be sure to check the service agreement or with the your POD leader.
This is a group that everyone in a not-for-profit reports to.
What is a board of directors?
This type of revenue is contributed by volunteer labor.
What is in-kind service donations?
This dollar threshold of revenue has to be passed for non-profits in the state of IL to be required to be audited.
What is 300K?
What feature is not recommended to track grants and programs in QBO?
What is the project module in QBO?
(again, the project module is not recommended for lack of reporting flexibility and won't be visible in the batch reclass feature.)
This is an administrative area that supports personnel management and employee onboarding.
This is never in scope for our team.
What is HR services?
Check with your POD leader if you are performing any of this tasks.
This is a written acknowledgement of a donation of $250 or more.
What is a donor letter?
This is an accounting method of transaction recording to show that funds with stipulations have met all requirements for spending.
What is release from restriction?
This is when the non-profit is a sub-grantee.
What is a pass-through grant/contribution/or award?
This is the place where not-for-profits can get a low-cost annual QBO subscription.
What is Techsoup?
What is signing on behalf of clients?