Bookkeeping

As mentioned above, functional expenses are essentially an allocation of expenses by purpose. But making this allocation can be easier said than done since there is no standard methodology, and costs differ depending on a nonprofit’s programs and use of resources. As a nonprofit, you receive your non-profit IRS designation as a 501(c3), 501(c4) or…

Administrators reviewing and approving these reports can always update the selected functional and natural expense Law Firm Accounts Receivable Management categories if they see a selection made in error. Create a written and approved functional expense allocation plan to act as a guide for expense allocation procedures. The document should include the determined disclosure method,…