STOCK POWER is a form that permits a Donor to provide the authority to change the name on a stock certificate from the Donor's name to the name of another party, such as a charitable organization, without using a 'transfer agent'. This form, together with the designated stock certificate and Letter of Authorization, given to the charitable organization will expedite the transfer of the Donor's stock certificate by the charitable organization's brokerage to expedite the sale and receipt of proceeds from the gift of securities.
ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.
MATCHING CONCEPT is the accounting principle that requires the recognition of all costs that are directly associated with the realization of the revenue reported within the income statement.
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