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ACCOUNTS PAYABLE
Money owed by an organization to its suppliers and/or vendors for goods or services purchased.
ACCOUNTS RECEIVABLE
Money owed to an organization for goods and services it has sold or that has been committed to it as a grant or donation. Also called grants receivable.
ACCRUED EXPENSES OR LIABILITIES
Items incurred during an accounting period for which payment is postponed. Examples include accrued salaries, accrued sales tax payable, and accrued rent payable.
ACCUMULATED DEPRECIATION
The total amount the value of fixed assets has decreased to date due to general wear and tear or obsolescence.
AIA DOCUMENT G702
A form created by the American Institute of Architects to document the costs of work completed as of a certain date and the cost of work yet to be completed under a construction contract.
AMORTIZATION
Repayment of loan principal and interest. A loan can be amortized in several ways, including: (a) in equal installments of principal and interest, often called “mortgage amortization,” where the inter
APPRAISAL
A formal report usually created by a certified real estate appraiser evaluating a real estate property in order to determine its value. One or more of three valuation methods are used: cost, replaceme
ASSETS
An item of current or future economic benefit to an organization. Examples include: cash, short-term investments, accounts receivable, grants receivable, inventories, prepaid expenses, buildings, furn
ASSUMED NAME
An alternate name under which an individual or a legal entity may conduct business. Also known as a dba or doing business as name. In a loan transaction, it is critical to know the correct legal name
AUDIT
A financial statement as of a certain date, usually covering a twelve-month period, prepared by a Certified Public Accountant (CPA), that includes an opinion letter, a statement of financial position
AUTHORIZATION OF BORROWING
A resolution passed by a board of directors or trustees acknowledging and approving the incurrence of debt. Also known as a borrowing resolution. See officer’s certificate.
BALANCE SHEET
Statement showing an organization's financial position (assets, liabilities and net assets) at the close of business on a particular date. Also known as statement of financial position. (This statemen
BALLOON
Final payment of a loan which is larger than the previous payments, arising when the amortization is longer than the maturity of the underlying note.
BASIS POINTS
A fraction of a percentage point, equal to one one-hundredth of a percent. Used to describe interest rates; i.e., 50 basis points is the same as 1⁄2%.
BOARD-DESIGNATED NET ASSETS/RESERVES
Unrestricted net assets that have a defined use or purpose, as determined by an organization’s board of directors.