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Luminary
Level 1

For Profit Company receives a grant with unrestricted use - how should this be recorded?

Our company, which is for-profit, received a $3K grant from a non-profit.  The grant has no restrictions on the use of the funds.  

 

What account should this be allocated too and how should it be recorded?

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Best answer February 16, 2022

Best Answers
Rainflurry
Level 13

For Profit Company receives a grant with unrestricted use - how should this be recorded?

@Luminary 

 

I would record it as 'Other Income' since it is not from the operations of the business.  Since the non-profit does not have expenditure responsibility, this is taxable income.

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1 Comment 1
Rainflurry
Level 13

For Profit Company receives a grant with unrestricted use - how should this be recorded?

@Luminary 

 

I would record it as 'Other Income' since it is not from the operations of the business.  Since the non-profit does not have expenditure responsibility, this is taxable income.

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