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The legal ability of a non-profit to modify donor-imposed restrictions under certain conditions, as long as the changes are consistent with the donor’s original intent.

A group of individuals entrusted with the oversight of a non-profit organization, ensuring its adherence to legal standards and ethical norms as well as setting its strategic direction.

The accounting practice of recognizing the service of volunteers if the services create or enhance non-financial assets, or require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation.

Similar to a for-profit balance sheet, it lists the non-profit organization's assets, liabilities, and net assets but with a focus on the liquidity and availability of assets.

Net assets subject to donor-imposed restrictions that will be met either by the passage of time or the occurrence of certain events.

Funds that have no external restrictions and can be used at the discretion of the non-profit's management for any of its programs or activities.

A philanthropic vehicle where a donor makes a contribution to an organization, receives an immediate tax benefit, and retains advisory privileges on how the funds are distributed or invested.

Net assets subject to donor-imposed stipulations that they be maintained permanently, often for endowment purposes.

Expenses related to the overall operation and administration of a non-profit organization, not directly tied to program or fundraising activities.

The accounting practice of recording contributions when they are promised or received, which may differ from revenue recognition in for-profit entities.

An accounting system emphasizing accountability rather than profitability, used by non-profit organizations where funds are segregated into categories based on restrictions and purposes.

The non-profit equivalent to the income statement, showing all revenue and expenses over a fiscal period, highlighting changes in net assets.

Stipulations specified by a donor on how and when a contribution can be used by the receiving non-profit organization, which may result in temporarily or permanently restricted funds.

Funds of non-profit organizations that are typically invested to generate income, where the principal is to be kept intact in perpetuity or for a defined period.

Costs that are directly related to carrying out the non-profit's mission, services, or programs, as opposed to management or fundraising expenses.

Non-cash donations of goods or services, recorded at fair market value at the time of receipt, which may require estimation if market values are not readily available.

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash is actually received or paid.

Donations made by a company that matches its employees' charitable contributions, often doubling the donation's value and encouraging employee philanthropy.

A formal examination of an organization's financial records, statements, and accounting practices typically conducted by an independent certified public accountant.

Funds that are subject to specific donor-imposed restrictions, which can be either temporarily or permanently restricted, dictating how and when they can be used.

A legally binding trust established for charitable purposes, providing a way for non-profits to hold assets and donations for specific purposes or projects.

An annual information return that most tax-exempt organizations must file with the IRS, providing the public with financial information about the non-profit, including its mission, programs, and finances.

The concept similar to equity in for-profit accounting; represents the residual interest in the assets of a non-profit entity after deducting liabilities, divided into three classes: without donor restrictions, with donor restrictions, and endowment.

The classification of expenses by both nature and function, required to be reported by non-profits to demonstrate how funds are expended across various activities like program services, management, and fundraising.