Today helping my brother sponsor his local high school scholarship essay contest I received $50 from a concern donor toward the prize money. This is where accounting record keeping becomes important. Make darn sure you note this money as a significant revenue source donated especially for the scholarship fund. Your organization may have approved and allotted the funds expenditure already but be on the safe side and recognize this nonreciprocal revenue.1 This is not an ownership investment so good record keeping is necessary. We must not skimp.2 Even when there seems to be more important needs for the donation one must recognize a contribution in the right way.
No comments:
Post a Comment