On 8/29/2020 6:40 AM, Chris Green wrote:
I have been doing some reading around this restricted/unrestricted
funds issue.
I think in reality we have *no* restricted funds in our PCC. What I
*thought* were restricted funds are actually 'designated' funds. I.e.
we (the PCC) have made a collection for example 'for repairs to the
church roof', this is (as I understand it anyway) designated and while
it will probably be used to mend the roof the PCC is quite at liberty
to change its mind and do something else with the money.
A restricted fund is something where the *donor* has specified that
the money is to be used for a specific purpose and is often long term
and may actually (though not necessarily) be an endowment or some such.
I don't think I need to manage 'restricted' funds as we don't have any
in our tiny little church.
WELL --- you might not have any restricted funds in the legal sense of
the term. But there might be moral considerations. Thus one organization
for which I kept books received a donation for a fund for a stage in the
project years in the future that the donor did not expect to live long
enough to see. He specifically made the restriction informal (we could,
if necessary, use the money for something else). But we DID track this
as a restricted fund.
But there is also the matter of grants. You do have to treat those as
restricted funds because you report to the granting entity. Even when
you are not legally required to use the funds that way, you better, or
you'll never get a grant from that entity again. To give another example
(from the organization above) we had a grant "to build a fence for
orchard X". When THAT didn't materialize within the required time period
we ASKED the entity to change the conditions so still for orchard
fencing but elsewhere (they agreed).
Michael D Novack
--
There is no possibility of social justice on a dead planet except the equality
of the grave.
_______________________________________________
gnucash-user mailing list
gnucash-user@gnucash.org
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see
https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
