| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #18373 | Closed | public | Multifamily | Les Sparks |
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We have a non-profit client that is in the process of receiving several grant proceeds. As of year end, they most likely won’t have used all the grant proceeds. The concern would be how to properly show when calculating surplus cash. The client doesn’t want to go through the leg work to get the funds only to have to submit to their residual receipts account. Would it be proper to back out unused funds on line 1300 or are there other ways to handle these type of transactions. Thank you John |
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John, if the grant funds must be spent in or on a particular thing, it is acceptable to show a payable for the amount of the cash to be spent in the future. Just clearly indicate why you are including the money as a payable and which grant requires the expenditure. That is likely the best course of action.
Les Sparks
From: AHACPA Support <support@ahacpa.org> |