Fund Accounting

by StateSide

Are churches still required to use fund accounting? If not, where does it state that, so I can print a copy for my records?

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Feb 17, 2012
SFAS Numbers 116 and 117
by: Vickey

The Financial Accounting Standards Board (FASB) issued the Statement of Financial Accounting Standards (SFAS) Numbers 116 and 117, which describes the way nonprofits should account for contributions, and present their financial statements.

The emphasis of the SFAS financial statement reporting is on “net assets” classification, rather than tracking each fund.

However, many small churches still use fund accounting for their financial statements.

Note: Some banks require submitted financial statements to be prepared according to the Statement of Financial Accounting Standards (SFAS). Check with your financial institution for their requirements.

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