However, as donations are received by the association, they are recorded in the accounting system and segregated in the financial statements so as to permit their future withdrawal, together with their accumulated investment earnings. GAAP An acronym for Generally Accepted Accounting Principles. Denotes the body of standards referred to and cited by the accounting profession as the basis for recording, summarizing, and analyzing financial transactions, and reporting the results to interested parties. A Cost Analysis of AALL Headquarters expenses assigned Overhead Costs to various AALL projects based upon the volume of expenses generated. The purpose of the Study was to define which programs, goods, or services were able to absorb all costs and return a contribution to the net surplus of the Association.
Examples are funds received for scholarship grants or stipend awards.
Such funds may be used by the association without limitation. The net dollar difference when a specific item in a Board approved budget fails to meet, or exceeds the budgeted amount.