Charitable contributions are donations made to qualified organizations that can be claimed as a deduction on your tax return. These contributions can provide both societal benefits and potential tax savings for individuals and businesses.
Charity accounts are the financial records of a charitable organization, highlighting both receipts like donations and expenditures like grants. They must comply with specific regulations depending on legal structure and size, including directives set by the Charities Act 2011 and Statements of Recommended Practice (SORPs) issued by the Charity Commission.
A comptroller is a high-level executive who oversees the accounting and financial reporting functions within an organization, often in a governmental or nonprofit entity. The cabinet-level position is usually responsible for ensuring adherence to financial regulations and the accuracy of reported financial data.
Exempt status refers to a special designation that frees certain organizations, such as churches, government organizations, and community chests, from paying taxes. However, these organizations must submit an application for exempt status and file information returns even when no tax is due.
Fund accounting is a system used by nonprofit organizations and governments to track resources and ensure accountability and compliance with legal requirements, rather than focusing on profitability.
Fund raising involves efforts to solicit contributions from individuals or organizations for nonprofit entities with educational, medical, religious, political, charitable, or other stated purposes.
The National Bureau of Economic Research (NBER) is a Cambridge, Massachusetts–based private, nonprofit organization committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community.
Nonprofit accounting encompasses the accounting policies, procedures, and techniques employed by nonprofit organizations. It is different for governmental units compared to nongovernmental units such as colleges, hospitals, voluntary health and welfare organizations, and charities.
A Qualified Charity is an organization that has applied for and received tax-exempt status under the Internal Revenue Code, allowing it to receive tax-deductible contributions from donors.
Unrelated Business Income (UBI) pertains to income generated by a tax-exempt organization from activities unrelated to its primary exempt purpose.
