Not-for-Profit Journal Entries

Diving into the specifics of not-for-profit accounting, Nick Palazzolo unpacks the complexities around recording journal entries in this sector. With his usual clarity, he explains the importance of correctly classifying contributions, detailing unrestricted cash contributions, temporarily restricted cash contributions, and how donations such as land or other non-cash assets should be handled. Furthermore, Nick provides insights into the procedures for releasing net assets from restrictions, handling expenses, and accounting for pledges, endowments, grants, and contracts. This session offers a comprehensive look at trial journal entries that not-for-profit entities may encounter, enhancing understanding of unique financial reporting requirements in this area.