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Subject Topic: F8 Governmental Funds Revenue Question (Topic Closed Topic Closed) Post ReplyPost New Topic
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Joined: 07 Dec 2008
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Posted: 16 Sep 2009 at 22:04 | IP Logged  

Its just saying that grants are generally not given until eligibility requirements are met. The fact that you are debiting cash vs. receivable is not really the deciding factor. The deciding factor is whether you've met the eligibility requirements. They are assuming that the grant terms were met upon spending of the money towards the project. Whereas, if the grant was received for a particular project in cash, and you never built the project, it would not be revenue and you'd owe it back. You'd have to actually build the project in order to then be eligible for the grant money.

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Joined: 28 Jul 2009
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Posted: 16 Sep 2009 at 22:10 | IP Logged  

Ahh, so basically receivables are usually(but not always) sent to reimburse expenses and cash is usually(unless stated) given prior any expenses?  Thanks it makes a lot of sense now!  That question has been bugging me for the past 2 hrs.  =(
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