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Where do donations go?

April 26, 2017DONATIONS

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Where do donations go?

1 Answer

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Posted

Only donations that are available for the library to spend at its discretion are reported as income in either #5.11 as operating income or #5.21 as capital income. If the money goes to the governmental entity as general funds then they would not be reported as income to the library. If the money were available for operating expenses then it would be reported in #5.11. If it is a memorial gift, it is probably a one-time donation that the library would not have on an ongoing basis to spend as needed. The income from a memorial would probably be a capital gift and be reported in #5.21.