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I am the CEO of a 501(c)3 agency, and we just received a…

I am the CEO of...
I am the CEO of a 501(c)3 agency, and we just received a three year grant from a private foundation for 3 years at $30,000 for each of the years 2016(just deposited the check 12/31/16), 2017, and 2018. Can we show the remaining $60,000 in Accounts Receivable now or only the $30,000 that we will receive in 2017 and then in 2018 the remaining $30,000?
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1/1/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane. I can help here.

...

Yes, typically, accounts receivable are recorded when services are rendered to earn revenue for the organization or promises to give are received by the organization.

...

Although promises to give are typically not recorded unless there is a signed pledge card or award letter stating the amount being promised and an approximate time period under which it will be paid, a grant with it's documentation, award letter and payment schedule are the perfect example of a time when a non-profit SHOULD record a receivable.

...

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Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Customer reply replied 1 year ago
I should enter the remaining documented grant of $60,000 in Accts Rec NOW in the month the grant was awarded(Dec 2016) with the amounts and payment schedule eventhough $30,000 will sit in Accts Rec for one year and the other $30,000 for two years before it will actually be received and deposited. Correct?

That's exactly right.

...

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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