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Accounting for Government Grants: Sample Journal Entries

Accounting for Government Grants: Sample Journal Entries

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Accounting for Government Grants: Sample Journal Entries

Author:

Shawn H. Miller, CPA, CFE

Calibre CPA Group PLLC

Topics:

Grants

Following are some examples of journal entries for accounting for government grants.

Proper Accounting for Contributions:

Unrestricted award

Temporarily Restricted award

Permanently Restricted award

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NOTE: The investment income will be recorded into the unrestricted, temporarily restricted or permanently restricted fund based on the

donor's guidance. In the absence of specific instructions all investment earnings are to be considered unrestricted.

Cost reimbursable grants

When grant awarded

No entry made since award is conditional upon incurring qualifying expenses

In-kind contributions

NOTE: The expense account charged should be based on the service provided (i.e. pro-bono legal services should be charged to legal

expense)

Agency transactions

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Accounting for Government Grants: Sample Journal Entries Author: Shawn H. Miller, CPA, CFE Calibre CPA Group PLLC Topics: Grants Following are some examples of journal entries for accounting for government grants. Proper Accounting for Contributions: Unrestricted award Temporarily Restricted award Permanently Restricted award NOTE: The investment income will be recorded into the unrestricted, temporarily restricted or permanently restricted fund based on the donor's guidance. In the absence of specific instructions all investment earnings are to be considered unrestricted. Cost reimbursable grants When grant awarded No entry made since award is conditional upon incurring qualifying expenses In-kind contributions NOTE: The expense account charged should be based on the service provided (i.e. pro-bono legal services should be charged to legal expense) Agency transa ...
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