Definition of Fund; Assets; and Fund Balance

According to the “Financial and Accounting Guide for Not-For-Profit Organizations” written by CPAs Gross, Larkin, Bruttomesso, and McNalley, (fifth edition, pg 25) the definition of a these three terms is as follows:

- A fund is any part of an organization for which separate account records are kept.

- Assets are valuable things owned or controlled by the organization. Types of assets include cash, investments, property, and amounts owed to the organization.