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Wiley Not-for-Profit GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles by Richard F. Larkin, Marie DiTommaso, Warren Ruppel

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9 CONTRIBUTIONS, PLEDGES, NONCASH CONTRIBUTIONS, AND EXCHANGE TRANSACTIONS

PERSPECTIVE AND ISSUES

This chapter addresses the problems of recording and reporting the principal resource most not-for-profit organizations depend on—contributions. An organization can receive contributions with a wide range of restrictions attached. First these contributions must be recorded in the proper net asset classification; then they must be reported in such a way that the financial statement reader is fully aware of their receipt and any restrictions on them. In addition there has been, and continues to be, considerable controversy surrounding the timing of the recording of different types of gifts as income.

Some contributions are made in the form of pledges that will be paid off over ...

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