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Nonprofit Accounting for Funds
By Fredrick Ho, CPA, MBA
FASB ASC 958-605-20 (formerly SFAS No 116) defines contributed income as cash or in-kind resources that are unconditionally given to the nonprofit organization as in a gift or grant, and does not include earned income such as membership dues or transaction fees, loans or investor proceeds. These revenues may include grants from governments and private philanthropy.
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