AN ASSESSMENT OF FUND ACCOUNTING FOR ENDOWMENTS AND FOUNDATIONS
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- NGN 3000
Abstract: AN ASSESSMENT OF FUND ACCOUNTING FOR ENDOWMENTS AND FOUNDATIONS
The study aims to: (1) analyze the unique accounting requirements of endowments and foundations; (2) assess the impact of accurate fund accounting on financial sustainability and donor confidence; and (3) identify the challenges and best practices in managing endowment funds. A survey research design was chosen to gather data from a wide range of industry professionals. Using Taro Yamane's formula, a sample size of 280 fund accountants and financial managers from Abuja, Nigeria, was determined to be sufficient. The study includes a case study of a prominent foundation in Abuja to illustrate practical challenges and solutions. A reliability coefficient score of 0.87 confirms the reliability of the survey instrument. Findings reveal that precise accounting practices are crucial for maintaining the financial health of endowments and foundations, ensuring compliance with donor restrictions, and enhancing transparency. Recommendations include adopting advanced accounting software to handle the complexities of endowment management, enhancing training programs for fund accountants, and implementing best practices for donor reporting and compliance.
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