[mgnyc]

Given a Fiscal Year end of June 30. A donor makes a contribution via check with date 6/28, that arrives and is deposited 7/1.

The donor did not send an email, phone call, letter nor any other indication of an intent to give prior to 6/30.

What year should the contribution be entered as revenue?

In other words, should the recipient infer a promise to give as of 6/28 based on the date of the check?

Aud 73, 79
Reg 70, 60, 67, 76
Far 70, 66, 72, 87
Bec 77

[Gerg, CPA]

Contribution is revenue to the NFP when it is deposited – July 1

but the donor can take a deduction for it as of the check date

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[Anonymous]

That is a really good question, haha. I would not have known that unless I read this thread. Thanks gsny!

[Author]

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