Bequest Income
by Maria
(Ontario)
Hi,
We have a charities organization and get fund from bequests. Should the bequests income be under Contribution Income or do you have any idea?
Hi Maria,
This site is not really setup to handle NFP bookkeeping questions. I have not been keeping up with NPF bookkeeping ... and I would hate to steer you in the wrong direction.
That said, I do know some of the rules were changed on March 4, 2010 after the 2010 budget. Enduring gifts and how they affected the disbursement quota was one of the changes.
As 2010 is a transition year with respect to these changes, you would be better served if you asked the NPF's accountant and/or tax preparer this question.
If you are in doubt as to how to handle this and don't have access to your accountant ... create an income account called "Bequests" to capture all the transactions that fall into this category. This will allow the accountant to easily reclassify it to the appropriate place if and when necessary.
P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.