How should grantees classify FY2011 grant funds received in FY2010 in the December 31, 2010 financial statements?

LSC management has advised that Section 2-2.1 of the Accounting Guide for LSC Recipients (2010 Edition) requires that LSC grant and contract support be recognized and classified as temporarily restricted revenue. Temporarily restricted LSC net assets can be reclassified as unrestricted when eligible expenses are incurred. The revenue recognition policy must be disclosed in the notes to financial statements.

In addition, the components of LSC support and net assets balances must be disclosed in the notes and/or supplemental schedules to the financial statements. Funds received for future grant periods should not be used in the calculation of excess fund balance under 45 C.F.R Part 1628, Recipient Fund Balances, or in the calculation of the PAI expenditure requirement, or included in the financial information reported on the Summary Report Form. Your Web-browser has a built-in Search/Find feature to locate instances of any word in this page.

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I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.