Best practices for accounting for fiscally sponsored projects

Best practices for accounting for fiscally sponsored projects

Fiscally sponsored projects (FSPs), or fiscal projects, are agreements that involve two primary parties, a sponsor and a sponsored project.  The sponsor will have an active non-profit, able to receive tax deductible contributions.  The sponsored project will be a party interested in doing … Continued
How Sutro Li uses departments

How Sutro Li uses departments

Our method for departmental coding is directly related to the Statement of Functional Expenses (SFE) on IRS Form 990, the annual tax return required for all 501(c)3 non-profits. In Xero, we do this with a Tracking Category called Department. In … Continued