The Geneva Fund received $50,000 in cash in 2018. The donor requires the gift be used in 2018. How should the gift be reported in the Geneva Fund's 2018 financial statements?

Question

Quizplus · Accepted Answer

Time restrictions should be reported by a nonprofit as support with donor restrictions. As an option, if the nonprofit receives donor-restricted contributions whose restrictions are met in the same reporting period the contributions are received, the contribution may be reported as support without donor restrictions, provided the nonprofit reports similar types of contributions that way consistently from one period to another.

The Geneva Fund Received $50,000 in Cash in 2018