Fund Accounting Primer
A practical primer on fund accounting for nonprofits and government agencies. Updated for the October 2024 Uniform Guidance revisions including the new $1M Single Audit threshold.
"Finally, a guide that explains fund accounting in plain English. The comparison between GASB and FASB standards saved us hours of confusion."
— Controller, Regional Nonprofit
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What's Inside the Primer
Essential concepts to understand and implement fund accounting
Fund Accounting Fundamentals
Understand how fund accounting differs from commercial accounting and why restricted resources require separate tracking.
The 11 Fund Types
Learn when to use governmental, proprietary, and fiduciary funds—including GASB 84 changes to custodial funds.
Standards Frameworks
Navigate GASB, FASB ASC 958, and the October 2024 Uniform Guidance revisions with confidence.
Cost Allocation Methods
Master direct allocation, simplified allocation, and multiple allocation base methods with practical examples.
Technology Considerations
Understand why QuickBooks falls short and what to look for in purpose-built fund accounting software.
Audit Readiness
Prepare for audits with guidance on internal controls, documentation requirements, and common Single Audit findings.
Updated for October 2024 Uniform Guidance
Key changes every finance leader needs to know
Single Audit Threshold: $1M
Increased from $750,000 to $1,000,000 in federal expenditures for fiscal years beginning on or after October 1, 2024.
De Minimis Rate: 15%
Indirect cost rate increased from 10% to 15% of Modified Total Direct Costs—and may now be used indefinitely.
Equipment Threshold: $10,000
Capitalization threshold increased from $5,000 to $10,000, simplifying equipment tracking requirements.
Subaward Exclusion: $50,000
MTDC subaward exclusion increased from the first $25,000 to the first $50,000 per subaward.
Who This Guide Is For
Nonprofit Finance Teams
CFOs, controllers, and accountants managing restricted grants, donor restrictions, and FASB compliance.
Government Agencies
Finance directors and accountants navigating GASB standards, fund types, and governmental accounting requirements.
Grant Managers
Program staff responsible for federal grant compliance, cost allocation, and audit preparation.