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

Luminary · ‎February 16, 2022

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?

Rainflurry · ‎February 16, 2022

@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.

View solution in original post

Rainflurry · ‎February 16, 2022

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

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

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

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