Professional Course

Revenue Recognition for Nonprofit Organizations

1 day
1 day
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Course description

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.

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Who should attend?

This live webinar is designed for

  • accountants
  • executive directors
  • officers
  • board members
  • controllers
  • CFOs and tax managers.

Training content

Contribution vs. Exchange Transaction

  • Contributions
  • Exchange Transactions
  • Examples of Contributions and Exchange Transactions

Types of Contributions

  • Unconditional vs. Conditional
  • Restricted vs. Unrestricted
  • Examples of Various Types of Contributions

Exchange Transactions

  • 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

Learning Objectives

  • 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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Lorman Education Services
Lorman Education Services
2510 Alpine Road
54702 Eau Claire Wisconsin

Lorman Education Services - Live and On-Demand Courses

Lorman Education Services is a leading provider of online professional development and corporate training for organizations and individual professionals. For more than 30 years, Lorman has delivered relevant, high-quality, professional-level courses that cover a broad range of business and technical...

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