Revenue Recognition for Nonprofit Organizations
Learn best practices and common mistakes in handling exchange and contribution transactions.
Many nonprofits have had difficulty with the implementation of the new revenue standard and contribution standard because they do not fully understand the difference between a contribution and an exchange transaction. It is important for the finance and accounting staff who work with nonprofits to be able to recognize whether a transaction is an exchange or a contribution, as well as how the revenue from that transaction should be recognized and presented on the financial statements. This topic will provide clarification on the differences between exchange transactions and contributions through discussion and examples.
Review how conditional and unconditional contributions differ and explore the difference between a restriction and a condition. Further, we will discuss and go over examples of how to break out activities that have elements of both exchange and contribution. In the end we will put this all together into some best practices and go over required disclosures and common mistakes.
Who should attend?
This live webinar is designed for
- executive directors
- board members
- CFOs and tax managers.
Contribution vs. Exchange Transaction
- Exchange Transactions
- Examples of Contributions and Exchange Transactions
Types of Contributions
- Unconditional vs. Conditional
- Restricted vs. Unrestricted
- Examples of Various Types of Contributions
- Documenting an Agreement
- Determining Performance Obligations
- Examples of Various Exchange Transactions
Activities With Elements of Both a Contribution and an Exchange
- Is It a Contribution or an Exchange?
- Breaking out Contribution and Exchange Portions
- Examples of Breaking out Activities
Putting Together the Financial Statements
- Required Disclosures
- Best Practices
- Common Mistakes
Certification / Credits
- You will be able to identify conditional contributions.
- You will be able to recognize activities that have elements of both a contribution and an exchange transaction.
- You will be able to discuss revenue recognition.
- You will be able to explain contributions versus exchange transaction.
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