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Nonprofit Finance 101 (1st edition) – What does that financial term mean?

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
Contingencyan amount budgeted to cover unexpected hard costs or soft costs – usually a percentage of total anticipated or actual expenses.
GAAP –Generally Accepted Accounting Principlesa 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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