Non Profit Organizations

Temporarily Restricted Funds: Definition and Significance in Nonprofit Accounting Definition Key Facts Definition: Temporarily restricted funds are donations or assets that are received with restrictions imposed by the donor. These restrictions specify how the funds can be used and for what purpose. Time Limit: Temporarily restricted funds are bound by…

What is Not-for-Profit Accounting? Not-for-profit accounting is a unique field of accounting that focuses on the financial reporting and management of organizations that do not operate for profit. Unlike for-profit businesses, which aim to generate profits for their owners or shareholders, not-for-profit organizations exist to fulfill a social or charitable…

Lifeboat Mechanisms and Safety Regulations Lifeboats are essential safety equipment on ships, designed to evacuate passengers and crew in emergency situations. They come in various types, including open lifeboats, closed lifeboats, and free-fall lifeboats, each with specific characteristics and deployment mechanisms. Types of Lifeboats Open Lifeboats: Manually propelled by oars,…

Nonprofit Financial Statements: An Overview Nonprofit organizations are required to maintain transparency and accountability in their financial operations. As such, they are mandated to issue four financial statements annually to comply with IRS regulations: 1. Statement of Financial Position This statement provides a snapshot of the organization’s financial health at…

Administrative and Fundraising Expense Rate (AFR): A Comprehensive Understanding for Charities Definition and Variability The Administrative and Fundraising Expense Rate (AFR) is a crucial metric that represents the percentage of a charity’s budget allocated to administrative costs, including employee salaries, office supplies, utilities, and operational expenses, as well as fundraising…

The Hundred-Foot Journey: A Culinary Clash The Hundred-Foot Journey is a 2014 American comedy-drama film directed by Lasse Hallström and starring Helen Mirren, Om Puri, Manish Dayal, and Charlotte Le Bon. The film is based on the 2008 novel of the same name by Richard C. Morais. The story follows…

Understanding Private Inurement in Nonprofit Organizations Definition Key Facts Definition: Private inurement occurs when an insider, such as an executive, board member, or key employee, receives any of the nonprofit organization’s net income or inappropriately uses its assets for personal gain. Prohibition: Nonprofit organizations, particularly those classified under section 501(c)(3)…

Apple has a long history of giving back to the communities it serves. The company’s Employee Giving program, corporate grants, and partnerships with various organizations have allowed it to make a significant impact on a global scale. Key Facts Employee Giving Program: Apple has an Employee Giving program that allows…

Volunteer management is a fundamental aspect of nonprofit operations, encompassing the processes involved in recruiting, tracking, engaging, and retaining volunteers. Effective volunteer management fosters a dedicated and passionate supporter base, enhancing an organization’s impact and achieving its mission (Kindful, 2023). Key Facts Volunteer management is crucial for developing and maintaining…

In-Kind Coffee Donations Starbucks does not currently accept in-kind coffee donation requests [2]. Instead, their charitable giving is focused on grant programs that support coffee, tea, and cocoa-producing communities [1]. Key Facts Starbucks does not accept in-kind donation requests for coffee[2]. They focus their community involvement on their various grant…

Professional Health Organizations: Benefits and Significance Professional health organizations play a vital role in the advancement and support of healthcare professionals. These organizations offer various benefits to their members and contribute to the overall improvement of the healthcare industry. Membership Benefits Joining a professional health organization provides access to exclusive…

Jo Ann Robinson: A Trailblazer in the Montgomery Bus Boycott Early Life and Education Key Facts Jo Ann Robinson was born on April 17, 1912, near Culloden, Georgia. She was the youngest of twelve children and grew up on a farm. After her father’s death, her family moved to Macon,…

Walmart, a global retail giant, is committed to strengthening communities through its philanthropic efforts. The company’s local community support initiatives aim to create value and resilience in the areas where it operates. Key Facts Local Community Support: Walmart works to strengthen communities through local giving, volunteerism, and programs that promote…

What is Biosecurity? Biosecurity refers to the comprehensive measures taken to prevent the introduction and spread of diseases and disease-causing microorganisms among animals, property, and people. It encompasses both structural and operational measures. Importance of Biosecurity Biosecurity plays a vital role in disease prevention, particularly in livestock operations. By implementing…

Government Agencies and 501(c)(3) Status Introduction Government agencies are not eligible for exemption under section 501(c)(3) of the Internal Revenue Code (IRC) (IRS, n.d.). To qualify for 501(c)(3) status, an organization must be organized and operated exclusively for exempt purposes as defined in section 501(c)(3), and none of its earnings…

QuickBooks, a popular accounting software, does not directly support tracking restricted funds. However, it is possible to use classes to assign and track restricted funds, enabling users to generate reports that specifically show restricted fund activity. Key Facts Enable class tracking in QuickBooks: Click on the “Edit” menu and select…

Philip George Zimbardo was born on March 23, 1933, in New York City. [1, 2, 3] He was born into a family of Italian immigrants from Cammarata, Sicily. [2] Zimbardo grew up poor on welfare in the South Bronx and experienced discrimination and prejudice due to his Italian heritage, being…

Assurance engagements are professional services that enhance the credibility of information by providing an independent evaluation or examination of a subject matter against established criteria. There are several types of assurance engagements, each tailored to specific purposes and levels of assurance required. Key Facts Reasonable Assurance Engagement: In a reasonable…

Cinema 4D is a popular 3D modeling and animation software that can be used for a variety of purposes, from creating simple 3D models to complex animations. However, if you no longer need Cinema 4D or want to free up space on your Mac, you can uninstall it using the…