A system of accounting that requires separate records and allocations for each grant or source of funding.
An accounting system organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate.
The process of analyzing, recording, summarizing, evaluating and interpreting the financial activity and status of a nonprofit organization and communicating the results.
A method of accounting that separates and tracks financial transactions to meet restrictions and reporting requirements imposed by funding sources.
An accounting system that tracks expenses and revenues for different donor accounts.
Each fund has its own chart of accounts and every transaction is accounted for at the fund level.
A method of tracking income and expenditure according to different 'funds', related to specific donors or projects.
The accounting system used by the federal government and some universities to identify revenues and expenses according to the source of funds. Separate records are kept for assets donated to an organization and restricted by donors to certain specific purposes or use.
An accounting convention used by governments whereby specific resources are segregated into separate self-balancing sets of accounts to ensure compliance with special regulations, restrictions, or limitations on the use of the resources. GAAP This is the acronym for generally accepted accounting principles.
The procedure in bookkeeping that tracks the sources, uses and restrictions on any revenue, income or assets used to cover expenses.
Method of segregating assets into categories according to restrictions placed on their use by the funding source.
Method of ACCOUNTING and presentation whereby ASSETS and LIABILITIES are grouped according to the purpose for which they are to be used. Generally used by government entities and not-for-profits. (See RESTRICTED FUND and UNRESTRICTED FUND.)
Fund Accounting is an accounting system often used by nonprofit organizations and by the public sector.