Accounting for Grant Awards

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Accounting for Grant Awards, Prepare journal entries for grant awards in accordance with generally accepted accounting principles (GAAP).

Welcome to the course on Accounting for Grant Funds. This course is designed as a step-by-step guide for understanding requirements and establishing a system to enter accounting transactions for grants awards. In addition, you will learn to monitor the use of grant funds to ensure that they are used in accordance with the grant agreement. By the end of this course, you will have a thorough understanding of the grant management process, from proposal development to post-award activities. You will also be equipped with the knowledge and skills to effectively manage and account for grant funds.

Here are the primary learning objectives for Accounting for Grant Funds course:

  • Define a grant award and identify the different types of grant awards.
  • Explain the accounting treatment for grant awards, including the recognition of revenue, expenses, and assets.
  • Prepare journal entries for grant awards.
  • Calculate the amount of revenue recognized from grant awards.
  • Disclose grant awards in financial statements.
  • Understand the federal regulations governing grant accounting, such as the Uniform Guidance.
  • Apply the principles of grant accounting to real-world scenarios.

Some additional learning objectives of this course are:

  • Understand the role of internal controls in grant accounting.
  • Identify the risks associated with grant accounting and how to mitigate those risks.
  • Conduct audits of grant awards.
  • Manage grant funds effectively.

These additional objectives provide students with a deeper understanding of the accounting for grant awards and the skills they need to manage grant funds effective.

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