BP 11122023 129pm - Flipbook - Page 34
Pledge Record Keeping: Proper records should be kept for pledges and payments of building
fund, annual funds or other capital campaigns. If payments are received in an amount greater
than the pledge, the pledge should be increased to reflect the amount donated. Pledges should not
be recorded as receivable in the general ledger. Revenue should be recognized when payment is
received.
Prepaid Tuition Accounting: Prepaid tuition, registration, etc. for schools, preschools, religious
education, etc. should be recorded as deferred revenue. If the fee is to hold a spot, then it should
be deferred as of year-end. If tuition will be reduced by amount of fee, then it should be deferred.
All pre-paid balances should be reconciled once tuition is paid.
Restricted donations Accounting: Restricted donations are recorded as restricted and used only
for the restricted purpose imposed by the donor. A record is kept of the use of restricted funds.
See Accounting for Restricted Donations Fundraising and Ministry Funds.
Stock Donation Policy: Individual entities shall not invest in or hold stocks or bonds. They may,
for long-term savings, invest in the common fund of the Archdiocese. "Long term" is defined as
meaning more than 12 months. An entity may maintain brokerage accounts to process the receipt
of such stock or may forward certificates to the archdiocesan Finance Office for processing. The
accountant should record revenue at gift value, which is mean value on donation date, and
compare gift value to liquidated value, as reported on broker confirmation, and book the
difference as a gain or loss on sale of stock. Contact the Office of Mission Advancement for
more assistance and see Charitable Gifts of Securities Instructions found at Policies, Best
Practices & Procedures | Roman Catholic Archdiocese of Atlanta | Atlanta, GA (archatl.com).
Waivers: Waivers of payment for fees, scholarships or financial hardship or other exceptions,
including refunds, should evidence proper approval. Record keepers should present a list of
families/individuals recommended for waiver with the reason to the Leadership for approval.
Record keepers should not approve the waivers.
Revenue Reconciliation: The accountant should reconcile general ledger accounts in writing
periodically ensuring accuracy. The Leadership should approve reconciliation in writing. See
ParishSoft Accounting Revenue Reconciliation Reports and Process instructions.
Expected Revenues to Actual Reconciliation: Certain organizations may have a need to
reconcile expected revenue to actual revenues in the general ledger. The automated financial
records maintained by record keepers should include amounts owed (expected revenue), amount
paid, and amount due by each family or individual. Record keepers should provide the
accountant with a copy of rosters, registration forms, and other receipt documentation to aid in
the reconciliation/verification process. The accountant should meet periodically with record
keepers and reconcile expected revenue in writing. The accountant should compare general
ledger records to record keepers’ receipt documentation, ensuring all money expected has been
properly collected, remitted, or otherwise accounted for. Expected revenue should be reconciled
for each revenue-generating event: e.g. building fund, fundraisers, religious education classes,
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