Trust Accounts, Audit and Donation Compliance Guide
Reconcile funds, corpus, grants, books and audit evidence.
Reconcile funds, corpus, grants, books and audit evidence. Use the sections below to understand the practical decisions, records and compliance points before taking action.
Separate fund categories
Distinguish unrestricted, restricted, corpus, domestic grant and foreign contribution funds.
Reconcile donation records
Match receipts, donor data, bank credits, books and financial statements.
Support corpus directions
Preserve the donor direction and track corpus receipts and use under the applicable framework.
Close project ledgers
Allocate direct and shared costs using documented methods and reconcile unspent balances.
Test audit applicability
Review state, tax, grant and FCRA audit or certification requirements from current facts.
Preserve the audit trail
Keep ledgers, vouchers, bank statements, confirmations, reports and signed accounts.
Official References
Rules and portal requirements can change. Review the current official material relevant to the proposed company.
This article provides general information and is not a substitute for legal, tax or investment advice. Applicability should be reviewed for the proposed entity and current law.