ACCT 110 | Introduction to Nonprofit Accounting, Part I: Revenue & Receivables

Overview

Being unfamiliar with nonprofit accounting procedures and concepts may be the one part of your job causing you anxiety. In reality, once you know the conditions and terminology, you will realize how essential it is to your work and the health of your organization.

This course is designed to make you more comfortable with the accounting rules regarding revenue recognition for nonprofit organizations. You will walk through real nonprofit examples that will help you understand the different types of revenue streams and the timing of recording revenue. This class is right for you if you are new to the nonprofit sector, nonprofit accounting, or your position as staff or board member.

This class was formerly numbered as ACCT 200. It has been changed to better reflect the content level and intended audience.

Key Concepts

• Explanation of GAAP and accrual vs cash basis
• Contributions and grants
• Program income
• In-kind goods and services
• Deferred revenue
• Receivables

Learning Objectives

• Define key nonprofit accounting terminology relating to revenue recognition.
• Name the various revenue streams for nonprofit organizations.
• Explain when and how revenue should be recorded.
• Summarize the key requirements under new FASB revenue recognition rules for nonprofits.