[GNC] Ideas and recommendations for community project

[Michael or Penny Novack]

> But when you ask an accounting question, particularly a rather esoteric
> one, it's going to two sets of people: those who are _not_ professional
> accountants and are reluctant to give an answer that might be incorrect
> because of information the questioner didn't think to include, and those
> who _are_ accountants and therefore _can't_ answer, just as a doctor
> can't diagnose in a social setting because she hasn't examined you.
>
> My suggestion, for what it's worth: Since you do understand that your
> first step is to decide what accounts you need, why not find some other
> community projects and ask their treasurers to share advice, and perhaps
> even their chart of accounts. Unlike all or most of us, they'll
> definitely be familiar with accounting for community projects.
>
> Stan Brown
> Tehachapi, CA, USA
> https://BrownMath.com/

THAT is another possibility (if there are other such entities you could 
contact)

The point I was trying to make is that you are not trying to set up 
books for one of the common entity types. You are trying to set up books 
for a rather special (and rare) type, one probably not covered in most 
books on accounting. SOME of the things you mentioned (share holders 
whose shares are not yet fully paid in) MIGHT handle this similar to the 
way a stock corporation with stock issued at par but initial purchase 
was below par. I don't know (and even THAT example, stocks issued with a 
par aren't common these days)

You might not need an accountant (specializing in entities of your sort) 
to keep your books but you might very well need that assistance to get 
your books set up correctly in the first place. How is your entity set 
up in a legal sense and how does it report under the tax codes?

I've set up/kept books for non-profits and know how most report BUT NOT 
THE TYPE YOU ARE DESCRIBING. Notice that you may be needing to report to 
a state as well as a national government so if contacting other 
community project entities for help, best if that were ones in your own 
state.


Michael D Novack