nonprofit accounting
Definition
The practice of financial record-keeping for organizations that qualify for tax exemption status. Within the IRS tax code, there are qualifying organizations under various designations, such as charities, government bodies, civic leagues, fraternal orders, hospitals, credit unions and others. Governmental bodies use fund accounting, which measures accountability versus profitability. Some non-profits use a modified accrual basis for calculating account balances while others use an accrual basis.
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