NonprofitEye

For the fourth consecutive year the poverty rate rose, from 12.5% in 2003 to 12.7% in 2004. The number of people in poverty increased also, by 1.1 million, to 37.0 million in 2004. 37 million people in poverty? In the US? Yep. "How much can a person make and be "in poverty"?" you might ask. According to the US Census Bureau, the 2005 Poverty Threshold , without going thru charts and tables, this is how it breaks down: One Person - less than $10,000/yr; Two Persons - Less than $13K; Three People - Less than $16K; Four People - $20K; etc. etc. Technorati Tags: nonprofit , poverty , poverty threshold , poverty in america

Classic Nonprofit Resources: FASB 116 & 117* by Pam Ashlund Disclaimer: this is a "from the trenches" opinion piece written by a nonprofit finance director who lived through the transition from pre to post FASB Statements 116 & 117. Please click the "summary" and "status" links to read the full text of the statements and consult your independent auditor for final interpretation. Both Statements were effective December 15, 1994 for nonprofits with over $1 million in annual expenses and over $5 million in total assets. Statement No. 116 Accounting for Contributions Received and Contributions Made (Issue Date 6/93) [Summary] [Status] The statement radically changed (and standardized) the way nonprofits reflect income. Generally, the statement requires that contributions are recognized in the period received. Why radical? Pre-116, nonprofits received multi-year funding and reflected only the portion for the current fiscal year. The remainder was...