tailieunhanh - The Diocese of the West Orthodox Church in America Parish Financial Audit Guidelines

Tham khảo tài liệu 'the diocese of the west orthodox church in america parish financial audit guidelines', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | The Diocese of the West Orthodox Church in America Parish Financial Audit Guidelines Diocese of the West Orthodox Church in America 22 November 2009 This is trial version The Diocese of the West Orthodox Church in America Table of Contents Getting Verifying Verifying Compensation and Overview of Appendix A Audit Schedule Appendix B Internal Audit Report to be issued by Auditors .12 Appendix C Donation Confirmation This is trial version Page 2 of 13 The Diocese of the West Orthodox Church in America An example of a restricted gift would be Suppose Jane Doe gives 10 000 and simultaneously delivers a letter that her gift is to be used to help buy a new furnace. If the gift is accepted the 10 000 would be a restricted gift to be accounted for in the church s records as a restricted asset. Jane s letter should be kept in the church s financial records and the money spent only to buy a new furnace. A second example would be to suppose member Jack Roe gives 5 000 and writes to say that his gift is to be invested and the income from it used to buy music for the choir. The 5 000 is a restricted asset. While both are restricted assets the money for the furnace is called temporarily restricted. That means that the donor-imposed stipulation can be fulfilled by the action of the church in deciding to buy that new furnace then doing it. Assets that are temporarily restricted can ultimately be spent though they must be spent for the specified purpose. The money given by Jack to be invested is permanently restricted meaning that the full 5 000 was stipulated by the donor to be held permanently. Note that the income from the gift is to be used only for a specific purpose. To make a fine point the income is temporarily restricted in that it can be spent by action of the church in deciding to buy music but the gift itself is permanently .