Hi everyone,
We have not used restricted funds reporting prior to coming to PC+ in 8/2004. (We call them reserved funds).
I just noticed in one of the posts to this forum that restricted forms are for only one year. What happens or how do you setup or report, on funds that you are rasing & using for multiple years to building an education wind for the church such as landscaping cost, appraisals, demolation of old building, etc? We want the membership to know how much we are rasing & using for the new building project.
Tom
Using restricted funds over multiple Yrs
Moderators: Moderators, Tech Support
-
SBCTrustee
- Posts: 99
- Joined: Sun Aug 22, 2004 3:52 pm
- Location: Second Baptist Church
- Contact:
-
Matt
- Authorized Teaching Consultant
- Posts: 733
- Joined: Fri Dec 05, 2003 4:04 pm
- Location: Jacksonville, AL
The restricted fund balance will stay in the fund forever unless you use the money up, make a transfer, etc. I don't know where you saw that restricted funds are only for one year but that is not correct.
If you set up a separate fund in Fund Accounting for your building project this will provide you all the data on funds raised, funds spent, and fund balance that you are looking for.
If you set up a separate fund in Fund Accounting for your building project this will provide you all the data on funds raised, funds spent, and fund balance that you are looking for.
-
SBCTrustee
- Posts: 99
- Joined: Sun Aug 22, 2004 3:52 pm
- Location: Second Baptist Church
- Contact:
How do you Capitilize the New Project
Matt,
You are very helpful, but I don't quite understand your reply. When we expend funds for the new wing such as demolation of old buildings, or legals fees regarding the new wing , then the accounting profession requires us to bring these expenses to the balance sheet (capitalize) as an asset. If I expense them as you suggest in a separate fund, how is this to be done?
Tom
You are very helpful, but I don't quite understand your reply. When we expend funds for the new wing such as demolation of old buildings, or legals fees regarding the new wing , then the accounting profession requires us to bring these expenses to the balance sheet (capitalize) as an asset. If I expense them as you suggest in a separate fund, how is this to be done?
Tom
-
Matt
- Authorized Teaching Consultant
- Posts: 733
- Joined: Fri Dec 05, 2003 4:04 pm
- Location: Jacksonville, AL
Tom,
I apologize--I misunderstood the intent of your question. I would still recommend that you set up a separate fund to keep track of the income received for your new wing, along with the capitalization of the expended costs. This way, you can produce a balance sheet just for that project which will show you the total capitalized value and fund balance. You can also run income and expense statements to show how much has been raised.
Matt
I apologize--I misunderstood the intent of your question. I would still recommend that you set up a separate fund to keep track of the income received for your new wing, along with the capitalization of the expended costs. This way, you can produce a balance sheet just for that project which will show you the total capitalized value and fund balance. You can also run income and expense statements to show how much has been raised.
Matt