Revenue Recognition Update
The Transition Network is a non-profit corporation. Each year, TTN conducts a review and certification of financial statements to ensure that our financial operations conform to Generally Accepted Accounting Principles (GAAP) set by the American Institute of Certified Public Accountants (AICPA). For 2020, an accounting rules change required a review of how TTN recognizes revenue, including membership dues.
Based on the facts and circumstances of the membership structure and benefits to members, the Board of Directors adopted the policy that the payment of membership dues constitutes contributions to The Transition Network and thus may be deductible for federal and/or state income tax purposes.
The statement you have received in January 2021, reflects dues payments made in 2020. In the future, you will receive the acknowledgment on your payment receipt. Please consult with your tax advisor regarding your specific tax situation.
TTN audited financial statements and the Federal tax form 990 are available for review on the TTN website under the Financials tab.
If you have any questions, please contact us at firstname.lastname@example.org.
Material from www.thetransitionnetwork.org, 05:10:08 May 12, 2021.
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