Nonprofit Finance 101 (1st edition) – What does that financial term mean?
Assets – an item of current or future economic benefit to an organization –i.e. cash, short term investments, accounts receivables, grants receivables, inventories, prepaid expenses, long term investments, owned; buildings, furniture, equipment, and vehicles
Liability – items owed and claims against the organizations assets i.e. accounts payable, accrued salaries and benefits, accrued payroll taxes, deferred revenue, lines of credit, construction loans, short-term payable notes, and all long term debt
Capital (working capital) – money available for an organization’s use in business transactions– current assets less current liabilities – the amount of liquidity an organization has at its disposal – i.e. unused line of credit and cash available after all the organization’s fiscal obligations are met
Contingency – an amount budgeted to cover unexpected hard costs or soft costs – usually a percentage of total anticipated or actual expenses.
GAAP –Generally Accepted Accounting Principles – a widely accepted set of rules, conventions standards, and procedures for reporting financial information, as established by the Financial Accounting Standards Board
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