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A not-for-profit organization receives a restricted gift. When and in which type of fund should it...

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Accounting

A not-for-profit organization receives a restricted gift. Whenand in which type of fund should it recognize the revenue? When andin which type of fund should it recognize the related expense? Whatis the reason for the apparent inconsistencies between the fundtypes in which the revenue and expenses are reported?

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ANSWER The gift would be recognized at the time it was received and the type of fund would depend on the reasons why it was restricted Gifts with purpose or designated time span will be recognize as temporarily restricted fund until the time of restriction has been fulfilled Restricted gift received by Not for profit organization is to be recognize as restricted fundThe underlying concept of SFAS No 116 is that receipt of restricted contributions does not amount to    See Answer
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