Foreign Currency Accounting for Not-for-Profit Organizations
Not-for-profit organizations increasingly are capitalizing on a world of opportunity by expanding into operations overseas. The trend is particularly prevalent for professional associations, which are growing to meet the needs of an often global membership base, and institutions of higher education, which are opening satellite locations in additional countries.
This flurry of activity has the potential to elevate the brand and profile of not-for-profit organizations. However, it also brings the added complexity of accounting for foreign currency transactions.