How are contributed assets or contribution of time valued by an NFP?
When a donor contributes assets or services (i.e. time), the NFP entity should record the donation at fair-market-value.
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What is included in the statement of financial position for an NFP?
The statement of financial position is essentially the balance sheet for not-for-profit organization. The visual below lists out the three main elements to the statement of financial position:
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What types of industries apply not-for-profit (NFP) accounting?
In order to be recognized as a not-for-profit (NFP), the entity must be official registered as an NFP. As the name might suggest, an NFP operates for a purpose other than making a profit. The visual below lists out industries where not-for-profit entities are more frequent, but it doesn’t mean that ever entity in that […]