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nonprofitfinancefund.org
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Definitions (194)
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accounts payable
Money owed by an organization to its suppliers and/or vendors for goods or services purchased.
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amortization
Repayment of loan principal and interest. A loan can be amortized in several ways, including: (a) in equal installments of principal and interest, often called “mortgage amortization,” where the interest component of the payment reduces as the principal is paid down; (b) in regular payments of varying amounts, often called “commercial amortization, [..]
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audit
A financial statement as of a certain date, usually covering a twelve-month period, prepared by a Certified Public Accountant (CPA), that includes an opinion letter, a statement of financial position (balance sheet), a statement of activities (income statement), a statement of cash flows, and notes. An auditor can have an unqualified opinion, stati [..]
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building reserve
A capital improvement reserve fund. Money set aside to pay for facility upkeep, where the amounts can be large, the ultimate need a certainty, but where the exact timing is uncertain. These are often big-ticket items, like replacing the roof, which are difficult to accommodate in a single year's budget. Also known as a replacement reserve. Typ [..]
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change order
A written order to a facility project
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facility fee
See closing fee.
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fasb
Financial Standards Accounting Board. Independent board responsible for establishing and interpreting generally accepted accounting principles (GAAP). Financial Accounting Standards 116 and 117 govern the nonprofit sector. FAS 116 deals with contributions made and received while FAS 117 deals with financial statement format.
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prime rate
A national average rate of interest charged by banks, commercial lenders, and other financial institutions, published in The Wall Street Journal and other sources.
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accounts receivable
Money owed to an organization for goods and services it has sold or that has been committed to it as a grant or donation. Also called grants receivable.
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