# ASC 470-958: Debt — Not-for-Profit Entities Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/470/958/) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T00:34:51.743Z to 2026-09-10T00:34:59.299Z Record version: sha256:e217372cc4f7ef9bf732207935f6a1641c41a80748a3e2984d85412881b0baf7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-958: Debt — Not-for-Profit Entities ### Machine-generated study aids ```json { "summary": "This subtopic addresses how a not-for-profit entity accounts for debt, in particular conduit financing obtained through state and local financing authorities. The core rule is that because the NFP is responsible for repaying tax-exempt bonds or other obligations issued on its behalf, the NFP recognizes that financing as a liability on its statement of financial position (470-958-25-1). Scope follows the NFP Overall Subtopic scope in Section 958-10-15.", "key_points": [ "This Subtopic gives debt guidance for not-for-profit entities within the scope of Topic 470 (470-958-05-1).", "Scope and scope exceptions are the same as those in the Not-for-Profit Entities Overall Subtopic, Section 958-10-15 (470-958-15-1).", "An NFP may finance part of its activities with proceeds of tax-exempt bonds or other obligations issued through state and local financing authorities (470-958-25-1).", "Because the NFP is responsible for repayment of those obligations, the financing must be recognized as a liability in the NFP's statement of financial position (470-958-25-1).", "The fact that the bonds are legally issued by a governmental financing authority does not keep the obligation off the NFP's statement of financial position." ], "categories": [ "Recognition", "Not-for-profit", "Debt and equity", "Presentation" ], "audience_level": "introductory", "student_note": "Short but testable: students often assume that because a governmental authority is the nominal issuer of tax-exempt (conduit) bonds, the NFP borrower reports nothing—wrong; repayment responsibility drives liability recognition by the NFP.", "related_topics": [ "958-10", "958-210", "470-10", "470-20", "235-10" ], "key_concepts": [ "not-for-profit entity", "tax-exempt bond financing", "conduit debt obligation", "state and local financing authority", "liability recognition", "statement of financial position" ] } ``` Source downloaded (UTC): 2026-09-10T00:34:51.743Z to 2026-09-10T00:34:51.743Z Record version: sha256:6abc74bb37b220bc9b6f4e7bfc48c38a5f22e1a6efaae75ebf51c62d50f1af97 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-958-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/470/958/#00-status) SEC content: no ##### [470-958-00-1](https://asc.understandingaccounting.org/asc/470/958/#470-958-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:51.743Z to 2026-09-10T00:34:51.743Z Record version: sha256:1a60260f14076601d601b4449cceec9c1be6bd7af9a14b5583859888d25977a3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
958-470-05-1AmendedAccounting Standards Update No. 2012-0410/01/2012
Source downloaded (UTC): 2026-09-10T00:34:54.434Z to 2026-09-10T00:34:54.434Z Record version: sha256:2e3988b15ad10c76f0c33534b97fe7a8b80829280d8cc0a91b9a8d7c42eedcd9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-958-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/470/958/#05-overview-and-background) SEC content: no ##### [470-958-05-1](https://asc.understandingaccounting.org/asc/470/958/#470-958-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:54.434Z to 2026-09-10T00:34:54.434Z Record version: sha256:ee725a455735c1d5f572cff93dcf3ff11f30a13ab2341def9169f1ce3c8b368a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic provides guidance on accounting for debt for not-for-profit entities within the scope of this Topic. Source downloaded (UTC): 2026-09-10T00:34:56.927Z to 2026-09-10T00:34:56.927Z Record version: sha256:d704ed839bc92ba8a8257acc7a48a8c7e31ca27de4f0af2e560a3e005d3d7486 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-958-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/470/958/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [470-958-15-1](https://asc.understandingaccounting.org/asc/470/958/#470-958-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:56.927Z to 2026-09-10T00:34:56.927Z Record version: sha256:880c1a52098e5fd3745f6ba62aef64247d6fe0d4e8be9b5481882d4534f5c31d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic (see Section 958-10-15). Source downloaded (UTC): 2026-09-10T00:34:59.299Z to 2026-09-10T00:34:59.299Z Record version: sha256:6247bbca6159865072a1e6922ab05c56054c49a2433fb98679f726b53d3d6d84 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-958-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/470/958/#25-recognition) SEC content: no ##### [470-958-25-1](https://asc.understandingaccounting.org/asc/470/958/#470-958-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:59.299Z to 2026-09-10T00:34:59.299Z Record version: sha256:ff84aec36c9abc907a3620fdc24070cfbedb7be1adb6fe6d898c2c0be40d1b23 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A not-for-profit entity (NFP) may finance part of its activities from the proceeds of tax-exempt bonds or other obligations issued through state and local financing authorities. Because the NFP is responsible for the repayment of those obligations, that financing shall be recognized as a liability in its statement of financial position.