This session provides not-for-profit employees, board members, and other stakeholders with a basic and fundamental understanding of revenue recognition for contributions and grants in the not-for-profit environment. We review the key terminology, definitions and concepts that impact the timing and amounts of revenue recognized from contributions and grants, as well as common areas of complexity and challenges.
Learning Objectives:
- Describe the differences between unconditional and conditional promises to give
- Define key terminology used when evaluating revenue recognition of contributions and grants
- List key differences between revenue recognition for voluntary non-exchange transactions vs. exchange transaction
- Describe common challenges and complexities in revenue recognition of grants and contributions
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