202006 Apr
Fund Accounting Definition - For Churches & Not For Profits
Type
General News
Source
Google
Summary

It boils down to the following premise — donors want to ensure you are spending money the way its intended. The judge ruled in Garth Brooks’ favor and awarded 1 million dollars, doubling the original donation amount. Financial statements explain how revenue is coming in, what those resources are spent on, and the remaining balance left for the mission. Having all these attributes creates a method of accounting that helps not for profits understand how to best serve their communities and greater causes. As the examples show, we can break down any account — checkbooks, revenues, liabilities, and expenses into the various funds giving the organization a detail view of the fund’s resources.

Classifications
  • Banking (Retail and Investment)
  • Accounting and Taxes
  • Clubs and Membership and Sports
  • Church Management Software
  • Financial Reporting
  • Accounting (Integrated)
  • Accounting-Accounts Payable
  • Payroll/Personnel