17 April 2012
Hii freinds.. Can u tell me the accounting treatment of Lifetime Membership fees received by a charitable Trust...? Plz reply Its urgent..
20 April 2012
Membership Fee is never for corpus of the Trust. If the bylaws provides then yes otherwise it is a revenue receipt. Only donation is for specific purpose say for construction of building or hospital or anything else. Credit Life Membership Fee and transfer the same on yearly basis by estimating the number of years and pass a resolution it it is not in the bylaws.