fundraisers RSS
Accounting for Gift Card Fundraisers
Many grocery stores and other businesses offer gift cards to nonprofit organizations at a discounted rate to use as a fundraiser. This allows the nonprofit to buy the gift cards at a discounted value, sell them at face value, and keep the difference. If your organization participates in this type of fundraiser, you will need policies and procedures to safeguard the cards and account for the transaction properly. Store cards are like cash and controls should be in place to protect them. Keep the cards in a secure location. Designate one person (without access to the accounting records) to be...
Tags
- All
- 1099
- 990
- audit
- bookkeeping
- chart of accounts
- church
- classes
- congregation
- credit memos
- deductions
- Desktop
- donation
- donor statements
- endowment
- fraud
- fundraisers
- gift cards
- how to buy QuickBooks
- independent contractors
- internal controls
- inventory
- investment
- IRS
- memorials
- mileage rates
- mission trips
- nonprofit
- Nonprofits
- pledges
- prepaid pledges
- private school
- Quickbook Online
- refund checks
- scholarship
- self employed
- stock
- tax reform
- taxes
- TCJA
- Techsoup.org
- tuition
- unrealized gains
- unrealized losses
- vendor