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Grant management software is a program or application that helps non-profits administer the grant process. Some software is designed to help foundations (known as "grantmakers") to organize, prioritize, and process the grant applications they receive from charities (known as "grantseekers"), as well as simplify oversight of the grants they make.
Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.It involves tracking, reporting, and analyzing financial results and implications, [1] and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management.
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. [1] It emphasizes accountability rather than profitability , and is used by nonprofit organizations and by governments.
Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently."
The statement of cash flows considers the inputs and outputs in concrete cash within a stated period. The general template of a cash flow statement is as follows: Cash Inflow - Cash Outflow + Opening Balance = Closing Balance. Example 1: in the beginning of September, Ellen started out with $5 in her bank account. During that same month, Ellen ...
Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities.
In the United States, the Single Audit, Subpart F of the OMB Uniform Guidance, is a rigorous, organization-wide audit or examination of an entity that expends $750,000 or more of federal assistance (commonly known as federal funds, federal grants, or federal awards) received for its operations.
Accrual accounting differs from cash-based accounting in two main dimensions: [3]: 116 [5]: 390–391 [2] (1) Recording government transactions: Under cash accounting, income and expenditure transactions are recorded when the associated cash is received or paid. By contrast, under accrual accounting, income and expenditure transactions are ...
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