Managing Temporarily Restricted Gifts and Grants
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Governance issue:
Gifts that are received with donor restrictions must be applied according to the donors’ wishes. Council, or some official subset thereof, must decide if gifts that contain use and/or time restrictions fit within appropriate church programming.
Key steps and issues include:
Although uncommon, sometimes large designated gifts are given with the proviso that interest earned be retained for use in the designated program. Either an allocation of interest earned on all church funds will have to be prorated and allocated to the program, or a separate bank account could be set up for the designated funds (do not do the latter unless absolutely necessary). Allocated interest gets added to the Temporarily Restricted Net Asset account.
Ministry in Canada, Church Admin & Finance
Ministry in Canada, Church Admin & Finance
Church Admin & Finance
Church Admin & Finance
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