Bookkeeping For A Non-Profit society

Free Nonprofit - Bookkeeping For A Non-Profit society

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You have the opportunity to join a non-profit society as their bookkeeper and while you may have a great deal of contact working within the business for behalf world there are some differences in the middle of the two types of organizations that are prominent to consider. Ordinarily a nonprofit society will be providing an prominent aid to one or more parts of a society and the population of the society will pay dues and come to be members of the non-profit organization. Or the society may have donors who donate services, money, merchandise or grants. In a non-profit organization, therefore, your customers or clients are members, donors or grant providers. And your Chart of Accounts would include the accounts Member Dues Receivables, Donor Receivables and Grant Receivables in the Current Asset section of your balance Sheet. When a pledge for a donation is received you would treat this pledge as a donor receivable and when a grant is awarded it would also be posted as a grant receivable.

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Member Receivables would be posted when an invoice is produced billing the member. One prominent disagreement in nonprofit bookkeeping is that Fasb (The Financial Accounting Standards Board) requires nonprofits to break out revenues and expenses for sure activities. Often donations and/or grants have restrictions on how the receipts can be used. Revenues that have been received or promised and have constraints of use or time are restricted assets and are posted to balance sheet accounts until such time the constraints are met. For example a fund raising event may be instituted to raise money to build a new wing for a hospital. These funds when received would be restricted by use. They could not be used or co-mingled with other hospital revenues.

Some of the reports you may be required to furnish are:

Statement of Financial Position - balances of your assets and liabilities as of a definite date.

Statement of Financial revenue and expense - reports how much money brought in versus money spent within a definite period.

Statement of Functional expense (990) - Detailed listing of expenses within a definite period. Funds vs Actual by Program/Project - Comparison of funds spent to Funds plan.

As the bookkeeper for a nonprofit society you will be responsible for keeping clear and accurate records and providing reports which will document the permissible collection, disbursement, and control of all money received by the society within each of its personel funds. It can be a rewarding contact knowing that the detailed work you accomplish is helping your nonprofit society to make a disagreement in so many lives.

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