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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.

Learning Objectives

  • You will be able to identify the requirements guiding Contributions and Exchange transactions
  • You will be able to identify the characteristics of a Contribution
  • You will be able to recognize the characteristics of an Exchange Transaction
  • You will be able to differentiate between which indicators are correct when determining the Contribution and Exchange portions of membership dues.

89 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on May 4, 2021.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.2 including Accounting 2.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 2.2 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Eric Hittle, CPA

Eric Hittle, CPA

Aronson LLC

  • Manager, Assurances Services at Aronson LLC
  • Ten years of experience in public accounting
  • Specializes in nonprofit accounting
  • Member of AICPA
  • M.P.Ac. degree, Montana State University, Bozeman
  • Can be contacted at 240-364-2721 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408204
Published 2021
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