This document provides an overview of advanced nonprofit accounting topics according to ASC 958 standards, including complex contribution agreements, endowment accounting, split-interest agreements, donated goods and services, and forward currency contracts. Specific examples are given of stock donations to universities, superseded pledges, endowment required disclosures, and accounting entries for split-interest agreements. Donated goods, services, and the use of assets are also addressed. The purpose of forward currency contracts for nonprofits is explained through an example.
Investing in Commercial Property (Series: Real Estate Investing 101 - 2020) Financial Poise
Before taking the plunge into commercial real estate investing, one should have a clear understanding of how to select the right location, preferred type and class of property, what due diligence to do, how to secure financing, how to negotiate a deal, and how to manage the property going forward as a commercial landlord. This Financial Poise panel explains the process from looking for the investment, to contract, to closing, and beyond.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/investing-in-commercial-property-2020/
Investing in Commercial Property (Series: Real Estate Investing 101 - 2020) Financial Poise
Before taking the plunge into commercial real estate investing, one should have a clear understanding of how to select the right location, preferred type and class of property, what due diligence to do, how to secure financing, how to negotiate a deal, and how to manage the property going forward as a commercial landlord. This Financial Poise panel explains the process from looking for the investment, to contract, to closing, and beyond.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/investing-in-commercial-property-2020/
Private equity overview presentation delivered to Drexel University students. Presentation highlights overall private equity market, fund structure, economics, and terms, as well as investment process.
What is a "Private Fund?" (Series: PE, VC, and Hedge Funds De-Mystified)Financial Poise
According to the Securities and Exchange Commission, the number of private investment funds in the United States grew from 20,000 in Q1 2013 to more than 25,000 in Q1 2015. This included 1,100 more hedge funds, 1,500 more private equity funds and 140 more venture capital funds. So what are private funds and why are they growing so quickly? This webinar explains the basics of private funds, how and why they differ from public investment options, and how investors gain access to the different kinds of private fund vehicles. Included is a breakdown of the three major private funds (private equity, venture capital and hedge fund) and what makes each unique.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/what-is-private-fund-2019/
Colorado Opportunity Zones - What are they, why are they important, where are they, and how you can potentially utilize them as a business owner and / or an investor.
The Opportunity Zones program was established by Congress in the Tax Cut and Jobs Act as
an innovative approach to spurring long-term private sector investments in low-income urban and rural communities nationwide. The program is based on the bipartisan Investing in Opportunity Act
Presented at the 2019 NYSEDC economic development conference in Albany, NY - via Michael N'dolo of Camoin Associates - economic developers, real estate, finance
With the onset of higher personal tax rates, more complex rules on the tax deductibility of interest and an election round the corner, now is the time to be thinking about structuring your tax affairs.
BDO ran a seminar for private equity executives that demonstrated:
- How to structure your fund
- How to plan during the life of your fund
- Latest techniques for structuring transactions
- Minimising VAT leakage
Find out more in the slides of the presentation.
Presentation to graduate students at Milano | The New School for Management and Urban Policy about what leaders need to know about technology and social media
Successfully Outsourcing Your Accounting Function4Good.org
For startup or small nonprofits, hiring the right financial expertise can be challenging. Outsourcing to a qualified firm allows you to focus your efforts on mission and fund raising, can strengthen internal controls and often results in significant improvements in your overall financial management and reporting. The keys to success are to clarify your expectations for outsourcing and identify the right outsourcing partner with whom your organization can build a collaborative relationship.
Private equity overview presentation delivered to Drexel University students. Presentation highlights overall private equity market, fund structure, economics, and terms, as well as investment process.
What is a "Private Fund?" (Series: PE, VC, and Hedge Funds De-Mystified)Financial Poise
According to the Securities and Exchange Commission, the number of private investment funds in the United States grew from 20,000 in Q1 2013 to more than 25,000 in Q1 2015. This included 1,100 more hedge funds, 1,500 more private equity funds and 140 more venture capital funds. So what are private funds and why are they growing so quickly? This webinar explains the basics of private funds, how and why they differ from public investment options, and how investors gain access to the different kinds of private fund vehicles. Included is a breakdown of the three major private funds (private equity, venture capital and hedge fund) and what makes each unique.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/what-is-private-fund-2019/
Colorado Opportunity Zones - What are they, why are they important, where are they, and how you can potentially utilize them as a business owner and / or an investor.
The Opportunity Zones program was established by Congress in the Tax Cut and Jobs Act as
an innovative approach to spurring long-term private sector investments in low-income urban and rural communities nationwide. The program is based on the bipartisan Investing in Opportunity Act
Presented at the 2019 NYSEDC economic development conference in Albany, NY - via Michael N'dolo of Camoin Associates - economic developers, real estate, finance
With the onset of higher personal tax rates, more complex rules on the tax deductibility of interest and an election round the corner, now is the time to be thinking about structuring your tax affairs.
BDO ran a seminar for private equity executives that demonstrated:
- How to structure your fund
- How to plan during the life of your fund
- Latest techniques for structuring transactions
- Minimising VAT leakage
Find out more in the slides of the presentation.
Presentation to graduate students at Milano | The New School for Management and Urban Policy about what leaders need to know about technology and social media
Successfully Outsourcing Your Accounting Function4Good.org
For startup or small nonprofits, hiring the right financial expertise can be challenging. Outsourcing to a qualified firm allows you to focus your efforts on mission and fund raising, can strengthen internal controls and often results in significant improvements in your overall financial management and reporting. The keys to success are to clarify your expectations for outsourcing and identify the right outsourcing partner with whom your organization can build a collaborative relationship.
HfS Webinar Slides: The State of Outsourcing and Business Operations 2017HfS Research
View the webinar replay here: http://www.hfsresearch.com/webinars/state-of-business-operations-2017
The webinar will share the key findings of the State of Business Operations survey by HfS Research in conjunction with KPMG with 829 enterprise buyers, service providers, and advisor/consultants.
The outsourcing and shared services market has been in a seemingly endless state of flux for as long as HfS Research has existed – with the current market more confused than ever before, organizations struggling to cope with competing priorities, and confusion on the requisite timing and methods to best exploit new(ish) technologies such as process automation and evolving service delivery models.
We have seen the latest wave of change agents combine into the “digital” phenomenon, manifesting in a jumble of technology change and business drivers. Enterprises are being forced - more so than ever -to become increasingly customer-centric as they must respond to progressively complex online demands. This is driving investment in new technologies such as IoT, and analytics, and new ways of consuming, technology, and business process services – with software platforms encroaching on classic operational services.
Attend and learn:
- Changes to organizational operating and service delivery models
- The investments and directives driving operational change
- The use of shared services, outsourcing, global business services, and the impact of automation and offshoring on these service delivery models
- The maturity of business operating models linked to the use of alternative service delivery models and emerging technologies
- Adoption levels, challenges, and opportunities related to process and cognitive automation
- The effectiveness of outsourcing, above and beyond delivering cost savings, and impact on service provider selection
- Stakeholders’ current view on service providers and future expectations
- Organizational and operational talent challenges, shortages, and solutions, including automation
Presenters:
Phil Fersht – CEO & Chief Analyst, HfS Research
Jamie Snowdon – Executive Vice President, Research Operations, HfS Research
Dave Brown – Global Lead, Shared Services & Outsourcing Advisory, KPMG
Stan Lepeak – Director & Head, Research & Thought Leadership, Global Management Consulting, KPMG
Updated for 2016: Nonprofit statistics covering fundraising, charitable giving, online giving, social media, mobile, donor retention, email marketing, stewardship, donor research, charitable organizations, donor trends, direct mail, giving, and other key not-for-profit charitable giving metrics and benchmarks. Sources include: National Center for Charitable Statistics, Giving USA, Blackbaud 2013 Charitable Giving Report, 2013 eNonprofits Benchmark Study, Money for Good Report, Money for Good II Report, 2011 donorCentrics Internet and Multichannel Giving Benchmarking Report, Reactivating Lapsed Donors, Target Analytics, Nonprofit Content Marketing: 2014 Benchmarks, Budgets, and Trends — North America, Next Generation of American Giving Report, The Seven Key Drivers of Donor Commitment Idea Bank, Online Fundraising Scorecard, Blackbaud
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 and is engaged in the business of Loans , Advances, Acquisition of shares/stock/bonds/debentures/ securities issued by Government or local authority or other securities of like marketable nature, Leasing, Hire-purchase, Insurance business, Chit business.
A non-banking institution which is a company and which has its principal business of receiving deposits under any scheme or arrangement or any other manner, or lending in any manner is also a non-banking financial company (Residuary non-banking company).
Slides from the Equity for SMEs event held on 22nd October 2014 at Francis Clark offices, Truro. Joint event with Francis Clark, Stephens Scown and Get Set for Growth.
2018-07 Systems Integration Best Practices for Integrating Your Business Appl...Raffa Learning Community
How much time does your organizations spend getting data to and from critical business systems such as your donor management, association management, membership and accounting applications? What about time sheets, expense reports and payroll data? Have you made customizations to your systems that make packaged integrations difficult to work with? In this session we will share considerations, best practices and use cases from actual customer integrations that may help you tackle your next integration project.
Join Raffa Technology & BI360 for an informative session on best practice approaches to managing your budget process beyond Microsoft Excel. Come learn how you can help your organization increase productivity, insight and decision making while decreasing the manual keying and inaccuracies inherent with Microsoft Excel. This seminar includes a presentation of the BI360 budgeting and reporting software.
In today’s accounting environment, there is mounting pressure to run leaner while becoming more effective than ever. Meeting deadlines, reviewing or preparing reconciliations and providing support requires new approaches to mitigating errors and compromising the integrity of your SOFP and SOA. It doesn’t have to be that way.
Join nonprofit industry leader Raffa, PC and BlackLine to discover a simpler way to perform your reconciliation process that allows you to focus on analysis, risk mitigation, and value creation for your organization.
Not every organization can afford to have a full time CIO on staff. But someone will be fulfilling the role, even without the title. This seminar will help you understand the role a CIO fulfills within your organization, the areas you may not be addressing without a CIO, the risks and opportunities mitigated by the presence of a CIO, and the new world of outsourced IT.
Additionally, we will discuss if your organization can thrive without the latest technology, whether your IT team is doing what they should be, how your IT infrastructure measures up to best practices, and what technology you may be missing out on.
With the ever-increasing threat of viruses, security breaches, and cyber theft, it is important to understand the basics of network and internet security. In this session, you will learn how to pass the security portion of your audit and how to protect your hardware. We will also discuss security in the cloud and Privacy Laws.
This class is beneficial to IT, Operations, and Administrative professionals.
Adam Grant, in a recent Atlantic article, says it best: “People Don’t Actually Know Themselves Very Well.” Do you agree? He argues that your coworkers are much better at rating aspects of your personality than you are. Studying thousands of people at work show that coworkers are more than twice as accurate when asked to assess how stable, dependable, friendly, outgoing and curious you are. In this workshop, we will give you an opportunity to solicit feedback in advance of the workshop, reflect on feedback you’ve received, and provide a safe and confidential environment to explore your blind spots. Those blind spots may be related to the way you see yourself as a manager or leader or perhaps how you think about intergenerational differences. We’ll discuss the importance of self-awareness and provide some tools to help you integrate new knowledge about yourself in practical ways at work.
Not every organization can afford to have a full time CIO on staff. But someone will be fulfilling the role, even without the title. This seminar will help you understand the role a CIO fulfills within your organization, the areas you may not be addressing without a CIO, the risks and opportunities mitigated by the presence of a CIO, and the new world of outsourced IT.
Additionally, we will discuss if your organization can thrive without the latest technology, whether your IT team is doing what they should be, how your IT infrastructure measures up to best practices, and what technology you may be missing out on.
Keeping reserves for a “rainy day” is a good practice for all nonprofit institutions, but how much should your organization set aside? A percentage of annual budget? Three-to-six months? Our answer is: it depends. Each nonprofit is unique and can experience distinct unexpected circumstances that may affect its long-term financial health.
This session, led by mark Murphy of Raffa Wealth Management, will focus on how to conduct a risk assessment that will assist your nonprofit in quantifying financial risks and opportunities. Once completed, this risk assessment aims to assist in finding the appropriate reserve level for your unique organization.
Whether you are in the initial phases of creating your nest egg or revaluating longstanding reserve levels, this session is for you.
Help your organization make better informed decisions. Join the Raffa Technology team and Prophix to discover how best in class organizations are using financial automation to drive improved budgeting, strategic financial analysis and better business decision making.
Learn how organizations are automating the financial budget process to deliver more accurate and timely information in the financial planning process.
Not every organization can afford to have a full time CIO on staff. But someone will be fulfilling the role, even without the title. This seminar will help you understand the role a CIO fulfills within your organization, the areas you may not be addressing without a CIO, the risks and opportunities mitigated by the presence of a CIO, and the new world of outsourced IT.
Additionally, we will discuss if your organization can thrive without the latest technology, whether your IT team is doing what they should be, how your IT infrastructure measures up to best practices, and what technology you may be missing out on.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
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how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Scope Of Macroeconomics introduction and basic theories
2012-01-24 Advanced NP Acctg Pt. 2
1. Advanced Nonprofit
Accounting ASC
958
Jean Gilbert, Senior Manager, Outsourcing
January 24, 2012
Thrive. Grow. Achieve.
2. ADVANCED NON PROFIT ACCOUNTING
ASC 958
OBJECTIVES
• Discuss complex contribution agreements and understand donor intent
• Understand how to account for revenue derived from endowments
• Obtain basic understanding of accounting for split interest agreements
• Discuss accounting treatments for donated goods and services
• Obtain basic understanding of forward currency contracts
Advanced NPO Acct/ Page 2
3. ADVANCED NON PROFIT ACCOUNTING
ASC 958
APRIL, 2011: BOSE MAKES STOCK DONATION TO MIT
• Amar Bose, Founder of a company that bears his name, has given the majority of
the stock of Bose corporation to the Massachusetts Institute of Technology.
• The gift is in the form of non-voting shares, MIT said, and it added that it will
receive annual cash dividends on those shares when dividends are paid by Bose
Corp; those cash dividends will be used by MIT to sustain and advance MIT’s
education and research mission.
• “Under the terms of the gift, MIT cannot sell its Bose shares and will not
participate in the management or governance of the company,” MIT said.
• Asked about the value of the gift, an MIT spokesman replied by e-mail “Dr. Bose
and Bose Corp., a privately held company, keep details of financial matters
confidential. MIT will honor that confidentiality and will not discuss the financial
details of this gift.”
Advanced NPO Acct/ Page 3
4. ADVANCED NON PROFIT ACCOUNTING
ASC 958
SUPERSEDED PLEDGE
• Original (Superseded) Terms: $2 million to be paid each December in 2009, 2010,
2011, 2012, 2013
• Payments made in 2009 and 2010.
• New Terms: $10,000,000 to be paid upon my death from my estate. This pledge
shall be binding on my estate, heirs, successors, assigns and personal
representatives
Advanced NPO Acct/ Page 4
5. ADVANCED NON PROFIT ACCOUNTING
ASC 958
ENDOWMENTS
• Uniform Prudent Management of Institutional Funds Act.
Essentially is a law which was adopted within the states
UPMIFA governing how an organization may account for, invest
and spend endowment funds
• As defined by UPMIFA: An institutional fund or part
Endowment thereof, that under the terms of a gift instrument, is not
wholly expendable by the institution on a current basis.
Fund The term does not include assets that an institution
designates as an endowment fund for its own use.
• Prudent investment management guidance
Rules • Spending policies
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6. ADVANCED NON PROFIT ACCOUNTING
ASC 958
ACCOUNTING FOR ENDOWMENTS: REQUIRED DISCLOSURES
• A description of the governing board’s interpretations of the laws that underlie
the organization’s treatment of endowment funds
• A description of the organization’s spending policy
• A description of the organization’s returns policy/expectations
• Finally, the composition of and changes in an organization’s endowment net
assets
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7. ADVANCED NON PROFIT ACCOUNTING
ASC 958
ACCOUNTING FOR ENDOWMENTS: REQUIRED DISCLOSURES
• The spending policy of ABC Organization allows for the Governing Board to
determine the amount which can be expended annually from endowment
earnings. The amount may not exceed 5% of the endowment corpus, and it may
not be less than 2%. In 2010, the Board voted to spend an amount equivalent to
2% of the corpus.
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8. ADVANCED NON PROFIT ACCOUNTING
ASC 958
ACCOUNTING FOR ENDOWMENTS: REQUIRED DISCLOSURES
• The investment policy statement of the ABC Organization aims for an average
annual return of 7% over seven years.
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9. ADVANCED NON PROFIT ACCOUNTING
ASC 958
ACCOUNTING FOR ENDOWMENTS: REQUIRED DISCLOSURES
Advanced NPO Acct/ Page 9
10. ADVANCED NON PROFIT ACCOUNTING
ASC 958
INVESTMENTS: VALUATION
Debt and • Initially at acquisition cost; subsequently
equity measured at fair value (using best
securities measurement inputs available)
• Organizations which took the Fair Value
Option (ASC 825-10) must report all other
Other investments at fair value. Normally reported
at acquisition cost unless major impairment
occurs.
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11. ADVANCED NON PROFIT ACCOUNTING
ASC 958
INVESTMENTS: ACCOUNTING
• Except for the return on donor-restricted endowment earnings, dividends,
interest and other investment income should be reported as changes to
unrestricted net assets, unless there are donor imposed restrictions as to the
use of the income.
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13. ADVANCED NON PROFIT ACCOUNTING
ASC 958
SPLIT-INTEREST AGREEMENTS
• Charitable Remainder Trust/ Pooled Income Fund/ Charitable Gift Annuity
̵ The donor makes a contribution and is also guaranteed an annuity payment
̵ Accounting entry:
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14. ADVANCED NON PROFIT ACCOUNTING
ASC 958
SPLIT-INTEREST AGREEMENTS
• Charitable Remainder Trust/ Pooled Income Fund/ Charitable Gift Annuity
̵ The first annuity payment is made by charity to beneficiary (fixed pmt under CGA)
̵ Accounting entry:
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15. ADVANCED NON PROFIT ACCOUNTING
ASC 958
SPLIT-INTEREST AGREEMENTS
• Charitable Remainder Trust/ Pooled Income Fund/ Charitable Gift Annuity
̵ Donor dies
̵ Accounting entry:
Advanced NPO Acct/ Page 15
16. ADVANCED NON PROFIT ACCOUNTING
ASC 958
SPLIT-INTEREST AGREEMENTS
• Charitable Lead Trust
̵ Agreement entered into
̵ Accounting entry:
Advanced NPO Acct/ Page 16
17. ADVANCED NON PROFIT ACCOUNTING
ASC 958
SPLIT-INTEREST AGREEMENTS
• Charitable Remainder Trust/ Pooled Income Fund/ Charitable Gift Annuity
̵ Payment received
̵ Accounting entry:
Advanced NPO Acct/ Page 17
18. ADVANCED NON PROFIT ACCOUNTING
ASC 958
SPLIT-INTEREST AGREEMENTS
• Charitable Remainder Trust/ Pooled Income Fund/ Charitable Gift Annuity
̵ Donor dies
̵ Accounting entry:
Advanced NPO Acct/ Page 18
19. ADVANCED NON PROFIT ACCOUNTING
ASC 958
SPLIT-INTEREST AGREEMENTS
• Charitable Remainder Trust/ Pooled Income Fund/ Charitable Gift Annuity
̵ Donor dies
̵ Accounting entry:
Advanced NPO Acct/ Page 19
20. ADVANCED NON PROFIT ACCOUNTING
ASC 958
DONATED GOODS AND SERVICES
• Loans that are interest free or are below market
• Contributed services
• Contributed use of assets
• Contributed works of art and historical treasures
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21. ADVANCED NON PROFIT ACCOUNTING
ASC 958
DONATED GOODS AND SERVICES
• Loans that are interest free or are below market:
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22. ADVANCED NON PROFIT ACCOUNTING
ASC 958
DONATED GOODS AND SERVICES
• Contributed Services
– The service creates or enhances a nonfinancial asset (such as equipment, inventory, buildings
and other property), or
– The service requires specialized skills, is provided by individuals who possess those skills and
the service would typically need to be purchased had it not been contributed to the organization
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23. ADVANCED NON PROFIT ACCOUNTING
ASC 958
DONATED GOODS AND SERVICES
• Contributed Use of Assets
– A donor might allow a charity to use its an asset without paying a lease payment or rent
o This would be recorded as a contribution
o Recorded in the period the asset is donated
– If the asset is being donated over several periods
o Recorded as a contribution receivable and a contribution at fair value.
o Receivable reduced and expense increased as asset is used
o Also released from restriction to the extent of the use
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24. ADVANCED NON PROFIT ACCOUNTING
ASC 958
DONATED GOODS AND SERVICES
• Contributed works of Art and Historical Treasures
– A charity is not required to record a contribution if the following three criteria are met
o The works must be held for public exhibition, education or research
o The items are protected, unencumbered, cared for and preserved, and
o They are subject to the organization’s policy that requires that proceeds from the sales of collection
items to be used to acquire other items for the collection
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25. ADVANCED NON PROFIT ACCOUNTING
ASC 958
FORWARD CURRENCY CONTRACTS
• Organizations enter into purchase agreements in currency other than their reporting
currency.
• In order to protect against currency fluctuations, an organization may enter into a
forward contract to purchase the currency for which the purchase is being made
using an agreed upon exchange rate.
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26. ADVANCED NON PROFIT ACCOUNTING
ASC 958
FORWARD CURRENCY CONTRACTS: WHY?
• ORG enters into a contract on January 31 for CHF100,000 of services during
February, payable on February 28. CHF amount remains CHF100,000. The
exchange rate for CHF on Jan 31 is .96, and on Feb 28 is 1.02.
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27. ADVANCED NON PROFIT ACCOUNTING
ASC 958
FORWARD CURRENCY CONTRACTS: WHY?
• ORG might contract with a bank on Jan 31 to purchase CHF at .98. the purchase
is to occur on February 28 to hedge against currency fluctuations.
Forward Contract Cost Value Gain/(loss)
Reporting period 1/31 98,000 96,000 (2,000)
Settlement 2/28 98,000 102,000 4,000
Realized gain/(loss) 2,000
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28. ADVANCED NON PROFIT ACCOUNTING
ASC 958
FORWARD CURRENCY CONTRACTS
• The difference between the forward exchange rate (contract rate) and the spot
rate (daily exchange rate) equals the fair value of the contract
• The fair value of the contract must be recorded and reported on the statement of
financial position
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29. ADVANCED NON PROFIT ACCOUNTING
ASC 958
FORWARD CURRENCY CONTRACTS: ACTIVITY
• For this activity, ORG entered into a contract with UBS, to sell $7.5M in three
equal installments of $2.5M (notional amount) USD, to purchase CHF on the 5th
of Aug, Sep, and Oct, at a contracted rate of .9607.
• Calculate the value of the contract by period, the unrealized and realized gains
• ACTIVITY SPREADSHEET
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