In this lesson, dive into the intricacies of revenue recognition for educational not-for-profits with Nick Palazzolo, CPA. He demystifies the accounting treatment for various scenarios including canceled classes, scholarships, and tuition waivers. You'll grasp the general formula for tuition revenue and understand how to calculate gross revenue in the context of canceled classes. Explore how educational institutions classify revenues, including those without donor restrictions and the usage of donor-restricted resources. Nick further elucidates how discounts, such as those for employees' family members, are reflected in the financial statements as allowances that reduce revenue. This lesson is a deep dive into the revenue streams and unique financial reporting challenges faced by educational not-for-profits.
This video and the rest on this topic are available with any paid plan.
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