CFO Construction Financial Reporting GAAP 
The Charity CFO
JANUARY 21, 2022
Both Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) 116/117 require at least a minimum level of fund reporting, so you’ll need it in order to pass an audit. And the more transparent your accounting system is, the more accountable you’ll be with the public and GAAP.
The Charity CFO
APRIL 5, 2022
Cash accounting does not comply with Generally Accepted Accounting Principles (GAAP) for nonprofit organizations. Also, revenue must be recorded when it is actually or “constructively” received. So if you expect to grow or search for new sources of funding, you’ll probably need to graduate to accrual-basis accounting.
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