Robert
Forum Replies Created
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NFP can be at a state level only, but if they are a 501(c) 3 then thet are approved at the federal level and have to make financial statements available. In this case they may be a NFP, but they are classified as a 501(c) 6, so the 501(c) 3 rules dont apply Difference in a 3 and a 6 sub-class
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I incur this issue is a reoccurring problem as a retired CPA specializing in NFPs, I constantly receive calls from very small NFPs. I assist NFP in establishing and cleaning up accounting records for regulatory reporting, where their Treasurer has either failed to do the work or left the organization and hasn’t been replaced. I have had some luck in reaching out to retired accountants who are interested in the organization’s purpose via Meet-Up groups focused on the same or related causes.
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Can you recommend how to book the proceeds when you are holding a capital improvement fundraiser for a new building? Do you book it as donation income, or does it go in the equity section as capital contributions until it is used to build the facility?