Hi, everybody. Welcome to accounting for restricted grants properly. When and how do I record these things? This is going to be a good one. And you already know you on mute. There's almost 800 people registered. So we would love if you would type your question in the Q&A. Greg has a large team in the background to answer your questions. This is being recorded. You're going to get recording and the slides within 48 hours in your email box probably tomorrow. And please fill out the survey. We would love to hear your thoughts, comments, suggestions. Greg, I'm going to turn it over to you. Have a great webinar. All right. Thank you so much, Aretha.  This webinar, first of all, I've never taught this topic before. Now, I've taught a ton of webinars on tracking restricted grants, how to point expenses to them, what to do with grants that bleed between years, all kinds of things. I think you even had somebody had a question about that. This particular session is not the nuts and bolts of tracking restricted grants from beginning to end. That's not what this is. This question right here, you're looking at on the screen, when and how do I record these things? In other words, when you get the revenue, how when do you record the revenue? Some people wait until they get the money. Some people put the whole thing on the P&L. Some people put it into referred revenue. Some people put it in equity. Some people do invoicing for it. Some people don't. And everyone wants to know what is the right way of dealing with this. And so that's when I'm teaching. So this is an hour. It's free. If you need more information, I'm going to point you at the end where you can go to get more information. So for those of you that don't know me and go ahead and put in the chat whether or not you've seen me teach before, either a yes or a no. Who's seen me teach before yes or no? I want to see. Okay, cool. Okay. So it looks like more yeses than noes, which is nice. That's nice. But those of you that haven't seen me teach before, I'm a CPA and I specialize in non-profit organizations. And what I do is I do two things. I have an accounting firm that does audits in 990s and does bookkeeping and I have a staff here in Atlanta. And then I own a company that's called QuickBooks Made Easy. And QuickBooks Made Easy is a company whose whole goal is to teach just non-profits how to use QuickBooks. All right. And so if you want to find out more about my services and maybe come to some of the webinars and stuff, get tech support, that's where we go to do that. Okay. Now, we have a team of people that work with QuickBooks Made Easy and a few of them are actually on this call right now. So in the background, we have three people. We have Bill Sims. We have Paige Hudson Garcia. And we have Jennifer Maddox. Now, Bill is our director of marketing and community engagement and any kind of weird questions or questions about like getting information or getting coupon codes or stuff related to QuickBooks Made Easy, he will address. But questions related to the accounting, that's what Paige and Jenny do. Okay. And you're probably familiar with Paige if you have tech support with us already. By the way, and I already explained this, but this is a little chat thing. This is to show you where to go. You can ask questions in the Q&A. If you have a really quick question, you can stick it in the chat and I'll see it as I'm going. But I do want to just make sure that you understand. If you're having detailed questions about, I want to point expenses to grants and I want to enter a budget for a grant. That is beyond the scope of this. We're talking in this session about the accounting rules for when to book the revenue. Okay. So does everybody get what I'm saying so far? Is there anybody that's confused before I move further in the chat? Let me know. Yes, I get it. No, I don't. I'm confused. Just put it in the chat and I won't go. Okay. So Pamela says she's cool. Okay, great. All right. So what I'm going to be teaching is the accounting rules for dealing with grants. Okay. Valerie will send it to you before the webinar is over. We're going to give everybody information on how to get more information on grants. But what we're going to cover today is accounting basics. Okay. As it relates to grants, specifically we're covering just kind of accounting rules in general. Okay. And then what the latest accounting rules are that relate to how and when to record your grants. Okay. And there are actually, now I'm already teaching. So listen carefully. Every time you get a grant, there are three things that you need to ask yourself before you enter it into your accounting software package. One is the money that I got. Is it really a grant or is it actually something else called an exchange transaction? So we'll get into that. It's a decision you will need to make.  Okay. Once you decide that, then you'll decide whether the grant is restricted or unrestricted. Okay. So if you've had me, if you've taken my courses before, I get into the difference between restricted and unrestricted.  And you have to decide those three things. And we're going to get into the details on it. All right. Then those three things, once those questions are answered, we'll tell you when to book your revenue. Because that's the biggest question I get when it comes to grants for people that are kind of new to this thing, or even if they've been using it for years, they've been doing grants for years, they never understand when they're supposed to book this thing. When I get the award letter, when I get the money, what if it's a reimbursement grant, you know, all kinds of questions about when to book and how to book. Okay. So we're going to talk about how we book that revenue. Okay. There's a little bonus that hopefully I'm going to get to at the end of the year that has to deal with at the end of the webinar that has to deal with what happens if you have grants that you've booked into revenue, even though they're for future years. So it makes it look like your P&L has a lot of income in there when really it doesn't. It's just that was revenue that you got for a future year. Okay. Adrian. So when I, good question, Adrian goes, what do you mean when you say book? Anybody want to answer that question in the chat? What do I mean book? I mean, put it in the books, meaning record, point it to the chart of accounts. That's right. That's right. A lot of people are saying booking it to QuickBooks, but you may not use QuickBooks. What is your accounting software package, Adrian? What's your accounting software package? Is it QuickBooks? Go ahead and answer the question in the chat. QuickBooks online. So that's what I'm telling you, when to put it in QuickBooks online. Okay. All right. All right, Laura, we'll see you in a sec. All right. So can everybody hear me? Can everybody hear me? Okay. No, Mandy, this is not a QuickBooks class. This is a class for general accounting. Okay. And it'll be the same regardless of whether you're using QuickBooks online or QuickBooks desktop.  Okay. Who and what decides the accounting rules. So listen carefully. People ask me all the time. You might be wondering, what are the accounting rules regarding when I'm supposed to record my grants? When am I supposed to do it? People ask me that all the time. Well, there are rules, accounting rules, that determine that. Okay. They determine a lot of stuff. Okay. So I want to give you a general idea of what that is. Now I call this slide a parade of acronyms. Okay. And I see a few people know some of these acronyms, but here's accounting rules. Okay. So what are the accounting rules that are accepted in the United States? They are called GAP generally accepted accounting principles. There are 10 of them. They're like the 10 commandments for accounting in the United States. Not in the rest of the world, by the way, just United States. You know, we like to be different. You know, like we don't use the metric system here in the United States. It's kind of the same thing. All right. So anyway, generally accepting accounting principles, there are 10 of them. Now who decides what those principles are? The financial accounting standards board. Okay. And this is made up of seven members. I think there's seven people. And if I had time, I would have Googled it and I could have shown you the faces of the seven accounting gods that are deciding what these rules are. All right. So are they written down somewhere? Yes, they are. They're written down in something called the accounting standards codification. Okay. It doesn't sound like a noun, but it is accounting standards codification. All right. And the accounting standards codification or ASC is the only authoritative source for US gap. Okay. So it's kind of like generally accepted accounting principles, like the 10 commandments. And then the accounting standards codification is all the specific rules that apply to those principles. All right. Now the problem with the codification is that they're very legalese. They're wordy. They're technical. They're hard to understand even for us accountants. And so they have these things called ASUs, which are called accounting standards units, not units, updates, accounting standards updates. Okay. And what that is, that is basically articles that explain the ASCs, the accounting standards codification. So just to kind of repeat, gap, those are the 10 principles that account for what the rules are in the United States of America for accounting. Who decides those, those seven people on the FASB on the financial accounting standards boards, they vote on it and they put out the rules themselves. Giant documents called accounting standards codification. They're formal. They're a nightmare. And so therefore they also pulled out accounting standard updates, which are kind of articles that you use to understand the rules. The article that we are going to be looking at is ASU 2018-08. That's the one that's going to determine, that's going to determine how you're supposed to be and when you're supposed to be recording revenue. Okay. Now, before I go any further, I'm going to say something here. Do I have to follow gap? Do you have to follow the generally accepted accounting principles? What do y'all think in the webinar chat? Yes, no, maybe so. What do you think? Yeah, a lot of people, it's the real answer is no, you don't. You don't have to follow generally accepted accounting principles. That's why it is that it's confusing to answer this question. Now, if you are getting an annual audit, an annual review, a compilation by an account in a CPA that's in accordance with generally accepted accounting principles, then the report would need to be in accordance with generally accepted accounting principles and you would need to follow the rules. But during the year, you don't have to. Okay.  Okay. It's going to be okay. Okay. It's just that at the end of the year, you'll need to make the adjustment to get ready for the audit if it's in accordance with generally accepted accounting principles. All right. Now, all right. So there are people saying, why wait to the end of the year? Well, let me give you an example. And Ryan, you may be into accounting and you understand it, but you've got to understand we've got over 200 people, 300 people on the call. And there are people here that have baby nonprofits with $75,000. They never get an audit. Okay. And so here's an example of why it is somebody decides me, I'm not really going to follow gap during the year. Okay. Technically, gap requires that grants get booked into revenue as soon as you get the award letter in many cases. Okay. So you get an award letter say your fiscal year is December 31, on December 29, you get a letter saying we're going to give you a million dollars in 50 years that's restricted. Technically, you'd have to book that according to gap right now. All right. And so that's going to screw up the way your books look. Okay. And so people sometimes choose not to book these future revenues until they are received. Mario, to detail the question, we'll get to it. Okay. All right. Alexa, does it make a difference if you receive a letter or not from the grantor? Is there a guideline if you do not receive a letter? It's when you find out. Okay. And we'll talk about that in a second. Don't necessarily have to have a piece of paper. Okay. Now, so I'm going to stop here. The whole point of this slide is just to teach you you don't necessarily have to keep gap throughout the year. However, it's a nice, it's a good idea. All right. And so therefore, this session, we are going to teach you what the gap rules are. Okay. So that's the goal of the session. And we're going to do that so you can use them throughout the year, or you can adjust to them come audit time, or you just want to sound smart at a party. Okay. All right. So is everybody good? Are we ready to get into the rules? How are we feeling? We good so far? Anybody got any upsetedness before we're moving on? Okay. Okay. Brian, Brayden says you're going to different parties than I am. Listen, Brayden, I don't know what you do with your personal life, but all right. So here we go. Here we go. So here are the basics. Now the particular rules that are going to cover what the recording grants are, those rules, it's ASC, Accounting Standards, Caldification, 958-605, and it's called Not for Profit Entities Revenue Recognition. And the ASU Accounting Standards Update that specifically is what we are going to use, that's the article that explains the ASC, it's called 2018-08. It came out in form in 2018. It was effective beginning 2019, basically. All right. So and it's called Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Given. I do want to point out something. Notice how the word grant isn't there. Grants and contributions are basically the same thing. People giving you money. Okay. So that's why in this standard here, they're not really going into this, oh, it's a grant versus a contribution. You can get a grant from an individual. All right. So that's the deal. That's where we're going to be learning from. Okay. Now I'm going to give you the summary of the rule real basic. Now listen, the only way this is really going to be, is going to work well is if you really listen very carefully and just follow me step by step. Okay. So refrain from extraneous questions. Keep paying attention. I promise you. Okay. This will go much better if you do this, right? Because I've got this in the step by step thing. Okay. So in general, 2018-08 asks you to when you get some sort of an award letter and there's going to be a transaction coming in. Okay. Gap stands for Generally Accepted Accounting Principles, Laura. All right. When you get an award letter and there's going to be a transaction coming in, you that the standard asks that you determine first if the contribution, I'm sorry, if the transaction is actually a real contribution grant or an exchange transaction, which is a sale. Okay. So we all as nonprofits, we get money in that grants and contributions, but we also have exchange transactions where we sell goods or services. So you got to make that decision first. Okay. Sometimes you think something is a grant, but it's not. It's a sale. Okay. Then if it's a sale, then the rules I'm about to teach you don't apply. And you got to figure out when to record your revenue if it's a sale, but that's not what this particular session is about. This particular session is about if it's a contribution. And if it's a contribution or a grant, then you have to ask yourself, is the grant conditional or unconditional? Okay. Ying, refrain from guessing. Just keep watching me. I promise you. Okay. I know you want to jump ahead, but Ying just don't do that. Okay. So here we go. So if it's a contribution, then you want to see whether it's conditional or unconditional. Okay. And this is something it's like a new, it's a new way of thinking about the grants that came about throughout this ASU 2018-08. Once you determine whether it's conditional or unconditional, you also have to determine whether it's restricted grant or an unrestricted grant. Based on the answers to those questions, that determines when you book it. Okay. So Lucille, guys, I'm going to get into the detail. Lucille, this is just a summary, just a summary. Okay. We're going to give you all kinds of examples of all of these. Okay. So three little pieces. Is it an exchange transaction or a contribution? If it's a contribution, is it conditional or unconditional? And if it's a grant, if it's regardless, is it restricted or unrestricted? Okay. Those three questions. Okay. So I'm going to do this on a flow chart in summary form. Okay. So we'll get into the specifics of exchange transactions a little bit deeper now, and then we're going to get into it even more deeper in a second. Okay. So listen very carefully. Watch this flow chart. First thing, I already said it. You find out you got an award, maybe you're going to get a transaction in, maybe they just give you a donation or you find out something's going to happen where you're going to get money. Is it a contribution? If it's a contribution, if it is not a contribution, then it needs to be treated as an exchange transaction or a sale. So an example of an exchange transaction or a sale would be if you sell T-shirts, okay, or you sell products at a gift shop, all right, for a museum. These are exchange transactions. All right. Okay. Whereas if it is a contribution or a grant, then you have to determine whether or not it's conditional. Okay. So let's say you get a grant from, I don't know, the United Way Foundation or whatever, but the grant has a condition and the condition is it's a matching grant. You have to match the money before you actually even get the grant. That means it is a conditional grant and we'll get more into that in a minute. And then you've got to figure out where the condition has been met. So if it's a matching grant and you haven't gotten the match yet, then the grant match hasn't been met. The condition hasn't been met. No, the condition hasn't been met. You don't book it. Okay. This is the same thing with reimbursement based grants. Reimbursement based grants are conditional. There's a big, what they call barrier that you have to overcome before you get the money. And the barrier is you got to spend the money on these certain line items and then tell us to spend the money and then we'll reimburse you. That is a conditional grant and you don't book it. You wait to book the revenue until the conditions been met. Then you book it to revenue. Okay. Now, going back to if it's conditional, if it's not conditional and many grants aren't conditional, grants will say spend the money on the women's shelter, but they don't get it's not like some huge barrier. It's more just a restriction. Then it's not conditional and you still have to book it immediately. And therein lies the problem with gap. Okay. With these restricted grants, even though the restrictions not met, you have to book them immediately, even if you haven't gotten the money in yet, even if it's restricted for a future period. Now, this of course makes your P and L's look weird because you have all this extra money sitting on your P and L that's really for future years. So what you want to do is if it's restricted, you want to segregate it, separate it out on the P and L so that the board won't think you have a bunch of money. Okay. So there it is. All right. So that's my whole flow chart, but now we're going to get real specific. Okay. So the first thing we're going to do is talk about a contribution versus an exchange transaction. So I'm going to give you some guidance here. Okay. And then we're going to do some examples and I'm going to give you a quiz. Okay. So contribution versus an exchange transaction. In general, a contribution or a grant third time, third time, I've taught, I've said this. Contribution or grant, in general, it's a gift of some sort. But the main thing is the payer doesn't receive direct benefit. The payer doesn't receive direct benefit whereas in an exchange transaction, which is a sale, the payer gets the benefit.  It's a sale and the rules for when to book don't apply. It's an exchange transaction. We got to go to a different set of accounting rules for that, which is beyond the scope of this session. All right. So all right. When you get something in return of similar value, which reminds me, if sometimes you get a donation and for that donation, you give them a coffee mug or you give them tickets to something or maybe it's a silent auction and they give you money and they win the auction. The only the amount over and above what they got in return is considered a contribution. So in those cases, the money you get is split between exchange transaction and contribution. It has to be recorded that way on your books. Okay. So all right.  This is another thing I want to point out. The rules give you not right line rules.  Here's some indicators to help you. The pay or controls how much is paid. Then it's probably more contribution. I'm giving you a grant of 50. I'm not going to give you a grant for 75, which is worse as if I'm in a gift shop. This is how much it costs for this thing. Okay. I'm sorry. You know, it's like you can't control it. I do. Okay. So the payer doesn't receive direct benefit. If the Allawa Foundation gives you money to help feed the homeless, that doesn't help the foundation directly. It helps the people that the foundation hopes to serve. Okay. So they're not getting a direct benefit. Okay. Now, one more thing. Listen very carefully. If the pay or is a government, it's probably a contribution. Okay. So who gets money from the government? They get contracts with the government. They're called contracts, right? Put it on the, put it on the chat here. I want to see who's getting contracts. List out what they are. Come on. Put it in the chat. Where are you? Say who you get it from. Department of Education, HUD, Department of Commerce, ECC, California Department of Education. Yes. Okay. So it's even though it's a contract on the words on the document, in terms of accounting, the accounting gods consider it a contribution, a grant from the government. Okay. All right. So sometimes the government receives the direct benefit, in which case it's an exchange transaction, but usually that's not the case. All right. So now let's do a test. All right. Here we go. Selling t-shirts. Is that a contribution or an exchange transaction? I'm getting to it, Eric. Put it in the chat. Right. It's an exchange transaction. Selling tickets to a conference. Exchange or contribution? Exchange. Okay. Here you go, girl. Membership dues where they get a benefit. Okay. Like I became a member of the National Association of Museum Professionals and I go to conference and I get all kinds of benefits from it. I learn they lobby for me. Okay. The association. Is that an exchange transaction? It's not mixed. Is it an exchange transaction? And yes, it is because there's a major benefit versus membership dues to PBS. What do you think? Is that an exchange transaction? Membership dues to PBS. It's much more of a contribution. Yes, you might get a coffee mug or something or a t-shirt, but if it's not very much money in general, it's going to be a glorify.com. It's going to basically be a contribution. Okay. So a gift from a foundation is almost always a contribution.  Okay. It's the people that are benefiting. All right. So now I'm going to do a poll so I can test you. All right. So I'm going to launch this poll. Okay. You have been awarded a state contract to pay a per diem for caring for children in a foster care. What is this? Caring for children in foster care. Let's see. There are people getting it wrong. So that's a little upsetting to me. I'm going to say this out loud. The government needs to be the one that is getting direct benefit before it's an exchange transaction. If you're feeding the homeless, the government's representing the homeless, but it's not like your government workers are the ones getting fed. Okay. So I'm going to end the poll now and I'm going to show you that the right answer is that and most people got it. It's a grant. Okay. And the reason why, because when the government gives you money, it's usually a grant because again, the government's not getting the direct benefit. Does everybody understand that? Particularly the people that answered wrong and put exchange transactions.  I'm curious to see, because I'd like to, I want to, I'm not trying to shame you. I want to try and help you to understand. Some people are like, Oh, it's an exchange transaction because they're paying us a per diem rate. You know, it's they're paying us to take care of their kids. It's not really their kids. It's the parents kids or the it's, it's, it's not really directly for the government. Okay. It's not payment for services rendered because the government's not getting the direct benefit from it. Okay. The government's not getting direct benefit from it. All right. So now I'm going to go on to the next poll and this poll, you have been awarded a state contract to train state employees that work in foster care. Now who's getting the benefit here? Are the kids getting the direct benefit? No. The employees of the state are getting the direct benefit. So most people are answering right here. That's right. It's, this is more of an exchange transaction. Okay. So I'm going to go ahead and end the poll here because most people got this right. But that's the right answer. Okay. Tash says would running out part of your, we're really winning out part of your building be an exchange transaction. So the person that's giving you the money Tash, are they getting benefit? Yes or no? The person who's giving you money, are they giving benefit? Yes. They're getting to stay there. So therefore it's an exchange transaction. Does that make sense, Tash? Rather than just asking me a question and getting the answer, I want you to understand the theory behind the answer. Okay. If there is a benefit, if the direct benefit is going to the person giving you the money, then it is an exchange transaction. Okay. I'm going to take one more. We are a state chapter and pay CACs for personal employees to go to trainings. Would this be a grant? You're the state chapter if they're your own, you pay for employees of people that aren't your employees to go to trainings. That sounds like a grant. Okay. So an exchange transaction has to be recorded as a sale and not income. A sale and income are the same. Income is the overarching thing. Some of your income is grants and gifted money. Some of your income is earned income, sales, but they're all income. Okay, Alexandra? Let's move on. So that's the first thing.  Okay. So now we're going to decide whether or not the grant is conditional. Okay. So I'm going to stop just for one second because this is a completely different question than the first question. And I want to make darn sure that you don't get the two mixed up. You do it in order. You ask yourself, is it a contribution or an exchange transaction? Once you decide it's a contribution, then you ask yourself whether it's conditional or not. Okay. So in general, all right, what a conditional versus unconditional means, a grant is conditional if two things are true. One is there's a major barrier to overcome, a major barrier would be, I'll set it before I'll say it again, a matching grant. Okay. I'm giving you 50,000 as long as you get a 50,000 match. That's a barrier. You're not getting the money until I've matched it. If you don't get the money, you're not getting my grant. That's a barrier. It's a major barrier. I'm going to talk about the difference between a major and a minor barrier in a minute. The second thing that has to be true is the donor has a right of return, which means they either can take the money back from you if they gave it to you, or they cannot give you the funds in the first place. Both of these things need to be true in order to be conditional. Now, how do you find out if these conditions are there? You read the grant. You read the grant. As soon as this session is over, I want you to go get a copy of your grant or your contract and I want you to read the whole thing cover to cover. You will always, almost always find something that says that they have a right of return, that they can take the money back. You'll always find that. That's not really the major thing you have to decide. You have to decide whether there's a major barrier. That's really what you have to decide. If there's a major barrier, it's conditional. If there's no major barrier, then it's unconditional. Let's keep moving here. I'm going to teach you a little bit more about this. Now, I'm not answering that question, David, because let me teach and I want you to listen. Same thing with you, Wukong. Don't ask questions right now. Look at this because otherwise you're going to miss it. Conditional versus unconditional. ASU-18 has some indicators. Again, it's up to you to decide whether something is conditional or not.  It's your organization. Now, you may get into a fight with your auditor about it, but ultimately, you're the one who makes this decision. Indicators that it's conditional, which means there's a major barrier. There's measurable outcomes. You are to serve 52 children for three weeks, teaching them these trainings in these four sessions that we, the donor, are going to tell you where they are and will provide the children. That's measurable outcomes. The donor controls the activity. The donor controls what happens. I had an organization, an arts organization here in Atlanta called Alternate Roots, and they get money from the feds. They used to do the national endowment for the arts to give to artists. The NEA gives money to Alternate Roots, then Alternate Roots funds artists. The NEA was in the room deciding, represented from the NEA, which artists would get the money. They controlled the program activity. That's really a very intense condition. You consider that conditional. If there's eligibility requirements, it's usually conditional. In other words, the donor is saying only people that have incomes under the poverty level can apply and here's the thing you have to have them fill out. There's all these rules and regulations you have to follow. It's conditional. That's conditional. Reimbursement-based grants always conditional because they're always a barrier. The barrier is you can't get our money until you spend it and show us what you've spent it on. Matching grants is the same thing. It's a barrier. When is something unconditional? If you don't have a major barrier. Now, I will tell you reporting requirements are not a major barrier. You won't get the money until you give us the final report. That's not a major barrier. Let's see if somebody has... Let me see here. This is a barrier that has been written out and this is just somebody. Okay. Drawdowns conditional. A drawdown, Yvonne, is you asking for the money? If you're asking for the money, that doesn't... Maybe it's conditional. Maybe it's not. I don't know. You have to read the grant agreement. Do you use conditional or unconditional as synonyms for restricted and unrestricted? Absolutely not. That's a third question. Okay. Now, usually if something is conditional, it's also restricted and once the restriction is met, I'm sorry, once the condition is met, the restriction is met at the same time. So it is true that usually if something's conditioned, it's also restricted and usually when the condition has been met, the restriction has been met as well. Okay. So you typically draw down on a grant, so the grant not drawn down drives how you record it. So I think what you're saying without saying it, Libby, and somebody else with these drawdowns, I think you're talking about these reimbursement based grants where you show them, you've spent the money, and then you ask for reimbursement as a drawdown. That means it was a conditional grant, but that portion of the grant has now become the conditions been met. Okay. So then you book it. All right. But anyway, so let's do some testing. Okay. Here we go. Provide meals for 350 eligible children in a four month period. Provide meals for 300. Is that conditional or not? That's right. That's conditional. Okay. Support your soup kitchen. Is that conditional or not? No, it's not conditional. Notice, both grants are helping feed people, but the top one's conditional because there's got a measurable outcome. Okay. During it that's controlled, whereas the other one is not conditional. It's still restricted because it's for the soup kitchen, but it's not conditional. All right. Train 400 state welfare recipients on work skills. Conditional or not? Yep. Support job training program. Conditional or not? No, that's true. Okay. Support job training, but it's reimbursement based conditional or not? That's right. It's conditional. Can't get the final funds until you get the report. Does that mean it's conditional or not? Not conditional. Okay. Can't get the final funds till you show a match. Is that conditional or not? That's conditional. Okay. Now, once before I go any further, I'm going to ask the person or persons who has a specific question about what's conditional and let's not put it in the chat right now so that I can see it. Is there somebody who has something in particular they want to see whether it's conditional or not? No. I thought somebody had a question a little bit earlier on or they disagreed with me on something. I don't know. Karen, if you did, you're going to have to type it in there again because I can't see it. Can someone change their mind after the donation? The donor I suppose could. You can't change your mind. Well, I guess you could change your mind on how you could record it. Sure. Got the funds before the match. I'm going to get to that. I'm going to get to that. Okay. So, all right. If it's conditional, I'm getting to it right now. Okay. Check this out. Watch very carefully. Stop typing and watch very carefully. If you decide that it's a conditional grant, don't book it until the barrier has been achieved. Okay. That's why you don't book an invoice for a grant that's reimbursement based until you're requesting reimbursement. Then you book the amount that you're requesting reimbursement for. Okay. Now, somebody just asked, Wokan did, it was a match grant, so it's conditional, but they gave them the money ahead of time. If you get the money first, put it to a deferred revenue liability account, and then when the barriers matched, move it to income. Does that make sense? Does that make sense to y'all? Okay. Karen saying there's a major restriction on the expenditure, but they're saying we can't give the money back. So notice, Karen, how you said major restriction. We're not talking about whether something's restriction or not. We're talking about whether there's a condition. Now, if there's a condition that's measurable, if you look closely, my guess is there's somewhere in there saying you have to give the money back. Okay. All right. I don't know what you want me to say again, Laura. So I'll say the most important thing. If it's conditional, don't book it until the barrier has been achieved. If it's a matching grant, don't book it until you've met the match. If it's a reimbursement grant, don't book it until you have spent some money and requested reimbursement. Okay. Then put it to, if you get the money in advance, put it to a deferred revenue account and the type is an other current liability. Rona. Okay. The grant period is definitely not a condition. No. Just because it's over a period of time. No. No. You have to decide whether there is a measurable, detailed, performance driven. You know, you got to do 13 of these over a 15 week period, whatever it is, then it's conditioned. And if you get the money in advance, you put it to deferred revenue even on the cash basis of accounting. Yes. All right. All right. So I see you deeply and we'll get there. All right. So let's get back to the course. Okay. So here we go. So if you could not type in the chat for a second and then let me teach a little bit more. So I'm going to do a poll on this. Okay. Going to do a poll on this. So let's go back and let's see. Let's see. Okay. I think this is it. Okay.  It is not reimbursed based. What kind of grant is this? Conditional or unconditional? It's to house the homeless, which means it's restricted but is it conditional? Is there some major barrier you have to overcome before it is can actually be kept or whatever? Is there some major barrier? Most people are getting the answers right. Some people are getting it wrong. That's okay. But the right answer is that it is unconditional. Okay. Versus, let's see.  Okay. So they're and they're picking the people, the 20 people. Okay. Is that conditional or not? Okay. Is it not letting you? That's weird. It's not letting me launch it. Hold on. Yeah. This one won't let me launch. I don't know why. Can't see the poll. All right. Well, let me go back. Let me open up the polls again and see. Maybe something's up with the zoom here. Go back. Yeah. For some reason, it won't let me launch the poll on these. I'm not sure why, but you can just put it in the chat. Oh, it says I have to close the other poll. I didn't know that the poll was open. Can you close the poll, Aretha? Because I don't see that it's open on my side. Yeah, it's cool. I closed it. Okay. Well, I'm going to try it one more time. Oh, there we go. Now we do it. Sorry. All right. So is it conditional or not? And now everybody knows the answer. There we go. Okay. It is conditional. All right. So let's see if there's anything else. No, there isn't. Okay. So now what I want to do, we got just about 15 minutes left, I want to show you. Okay. Once you have decided that it is conditional, either it's conditional and the condition has been met, or it's not conditional, either way, if you're doing gap accounting, you have to book it to revenue. And you have to book it to revenue even if you haven't gotten the money. And even if it's restricted for a future period. So I'm going to show you what the problem is when that occurs. Okay. All right. So first thing I'm going to do is go into QuickBooks. And I'm going to use QuickBooks online to show this. If I can find where it is. Did I really get knocked out of QuickBooks? It looks like I did. Okay. So I have to open up QuickBooks again. Okay. QBO.Intuit. QuickBooks online has been driving me crazy, folks. Oh, thank you, Jackie. I appreciate that. So I'm going to go into, oh, look at that. And I have to put my password in as well. And you've got the recordings so you can go through this and over and over and over again. You can go through it with every single one of your grants. Okay. So first thing that you want to do according to gap. Okay. Again, you don't have to have gap, but we're here teaching you gap. So if you are going to do gap, as soon as you find out you got the award, you're supposed to do an invoice in QuickBooks. Okay. Now yours may say pledge or it may say invoice, but yes it will, Dan. It may say pledge or it may say invoice, but you're supposed to record it for the full amount. Okay. Not until the condition's been met. Okay. So if it's a conditional grant like a matching grant, you don't do the invoice until the condition's been met. If it's a reimbursement-based grant, you don't do the invoice until you requested reimbursement on their portal. Okay. So Adrian, you don't use an invoice because you've decided not to use an invoice. It's not because it comes through a bank link. Okay. You can point a bank link to an invoice. Okay. So Mandy, same for you. Okay. All right. That's like saying I don't wear a red sweater because I have a blue sweater. You can still have a red sweater. Okay. Anyway. All right. So all right. What I'm going to do now is I'm going to show you why it might be a problem when you book it as an invoice and even receive payment against it. You'd receive payment when the money comes in. But if you want to know about that, you need to learn about invoices and receiving payments in QuickBooks. And I have a webinar on that that's coming up at the end of the month. But anyway, I've entered an invoice for a grant. I'm going to double click this for $100,000. Okay. And it was a grant. It was either unrestricted or it was I'm sorry, it was either conditional. It was either unconditional or it was conditional and the condition was met. Either way, I'm doing GAP. So I book an invoice for $100,000. The problem is that when you look at it on a P&L, the money is still restricted for a future year for particular things. And so it makes it look like I made a lot of money when in reality I didn't. Okay. So this is why people get upset. Hey, I haven't even received the money yet. Well, if you haven't received the money yet and you don't want to see it, you can switch your books to cash basis in QuickBooks anyway, and then it'll be gone. But if you like to look at your books on a cruel basis, it'll be there. And it's like, dude, it's restricted. It's for next year. I really don't want this money here. So in that case, the accounting gods tell you that you have to put it there. Some people put it to deferred revenue. Some people put it to equity. That's not GAP. And it's wrong. You're supposed to put all grants whose conditions have been met or they don't have conditions at all. You're supposed to put it in revenue immediately. Okay. So what you want to do is if the thing is restricted, once you put it into revenue, if it's restricted, you want to segregate it on the P&L. Now, auditors, accountants have this weird way of segregating it on the reports where they put it in separate columns and it's this big nightmare and your board would never want to see it that way. So what I did was I'm going to show you what I did. And this is a little technique. What I did was I basically create a separate income account for those grants restricted for future. I make it an other income type in QuickBooks. I put it all the way down at the bottom. And I'm going to show you the entry. Let me go ahead and duplicate this screen here. And I'm going to show you the entry. All right. So I've already got the entry memorized. So I'm just going to go to my recurring transactions. And here's the... Let's see. This is the entry right here. So I've created an income account called Grants Restricted for Future. I make it an other income account. And then before I report to the board, I do the entry. I credit that to increase that income account and decrease Foundation Grants. Okay. You can see right now, Foundation Grants is huge because it has all this money in it that's for the future year and it's messing me up. So I'm going to go ahead and save this. You'll do it at the end of the month, 06.30.20. And I'm going to go ahead and save it. And now I'm going to go back and I'm going to look at the report. Almost done here, folks. I'm going to refresh the report. And now it's no longer here. Instead, it's all the way down at the bottom. You see this? You see how it's nice now? You don't get the board confused. You're segregating it out in a way that's pretty easy to do. Okay? So all right. So what I want to do now is I want to just go ahead and finish up because we technically only have a minute left. And then I'm going to stay on the line to answer questions as long as you'll let me, Aretha, okay? But I know that they have a hard stop sometimes. Anyway, so I'm going to go back to my little deck here. And this is what I just showed you. So we already did all of that. All right, cool. So the only thing really that I need to tell you is that if you like the way I teach and you want to learn more about tracking restricted grants, if you go to my website, QuickBooksMadeEasy.com, and you click on webinars right there, you are going to see down here at the bottom, this is a deep dive into tracking restricted grants for QuickBooks desktop. And this is a deep dive for tracking restricted grants and QuickBooks online. This was a live webinar that we did on April the 25th and April the 26th. Each one's two hours, it goes into the nitty gritty of tracking these things, pointing expenses to them so you can get grant reports. You can view this webinar for, I think it's, I can't remember how much it is, I think it's $99 for each one of those. So click on that. And if you want to learn about using QuickBooks, in general, I have a three day webinar series. We do it twice a year. It's two and a half hours a day. We take lots of breaks for three days. It's happening May the 23rd, the 24th, and 25th for those using desktop. And it's happening May 30, May 31st, and June 1st for those using the online edition.  There is a coupon code called TS40off. TS40off. And when you sign up for this thing, this coupon is good until this Saturday night at midnight. These webinars are happening at the end of the month. All right. But it's TS40off. And you just click on here. And once you click on it, you can read about all the things we're looking in day one, day two, day three. It's $299 normally, $40 off with the coupon. Okay, this is the one you want to pick. This one right here, $299. Okay. Now, I'm done talking. So I want you to, I'd love to stay and answer more questions. Give me one word about how you're feeling now in the webinar chat. I just want to make sure that how are you feeling? It was this good? Was it helpful? Okay. Cool. I will tell you that very few people know this. The stuff I just taught you is stuff that CPAs learn. I have to teach CPAs this. So y'all are head and shoulders above them. Okay. Now that you have this and you have the deck. By the way, spoiler alert. Do not use classes in QuickBooks to track your grants. You want to use customer jobs. There's all sorts of advantages to it. All right. All right. So Aretha, do we need to go or should I do some more questions? What do you think? You're good. My next meeting is in 215. Okay. So I've got a few minutes. So I'm looking at the chat. So if you have a question that you want Paige or you want Jenny to answer, you can put it in the Q&A. If you want me to answer a question, just put it in the chat and I'll look at it. What's the advantages of using jobs over classes? Tons of them. One, you can connect. You can actually upload a copy of the grant to it. Two, you can segregate it from your program versus admin versus fundraising, which is a thing you got to use class to track. Okay. Jobs are customers. You'll hear the word jobs. They are customers. Okay. What about grants that span multiple years? We track them the exact same way. You put the entire grant in as an invoice, even though it's in future years. Can you track grants with projects? Yes, you can. I show you how to do it in the webinar that is, let me go back down here, webinars. I show you how to use it in the one right, where's on demand? In this one right here, because projects are the same thing as customers. They're actually the same list. All right. Let's see. A project is simply a customer with an additional designation. Says to put reimbursement grant when awarded to deferred income, then move it to grant income as received. You move it to grant income when billed, Joe. A reimbursement grant is a conditional grant. If they give you the money in advance, you put it to deferred revenue when you've done reimbursement, then you move it from deferred revenue into income. I see you received the money in advance. Okay, Joe. I'm fine with that. Advice on tracking budgeted indirect costs for a grant, Emma, create an expense account called indirect cost allocation and do a journal entry. I show you how to do that in these two trainings that you can sign up for and get immediately. Let's see. Will a federal audit require us to use 2018-08 rules? Yes, it will. Paul, does QuickBooks Online have non-profit accounting like desktop version? Okay, QuickBooks Online, there's not like a non-profit version, but it works. The non-profit edition in desktop was basically just a marketing thing. You can do everything you can do. You can do in QuickBooks desktop or online regardless of whether or not you have the non-profit edition. It's not that helpful, Paul. It was a marketing thing. What is the best way to record a restricted grant over future years? Tash already covered it, showed you right here, segregated out right there. And then in the future years, you'll need to move it so that it appears up at the top. I'll show you how that works now since you asked the question. In the next year, when you use the money because you had to book it all in the previous year, then when you spend it, it looks like you've lost a lot of money in the next year. So then what you do is you create another entry on the first day, the next year, or maybe you can just do it as you use the money. Let me go to this little journal entry here. Here we are right here. Okay, and I'll make this as of 7-1. So it's the first day of the next year. And basically what you're doing is you are putting it into income in the current year, even though it's already income in the prior year.  Pretty advanced. I think I'm just going to do it. And then I'm going to show you what it looks like. Let me refresh this. So in the second, third, fourth years when you're actually using the money, you do that entry. And then now it puts it in again. So this is money from last year, but it was earned this year because we spent it this year.  But that way I can show the board. Yes, this is what's going on. Okay. All right. Do you also book cash as restricted versus unrestricted? Doesn't matter whether or not you got it in the form of cash or a check. It's the same. How do you correct a recording entry when a grant was recorded as a deposit, but need to reflect it in the customer job? So you'll have to, Patrick, you'll have to change how you record it. You'll have to record it as either an invoice or the received payment or a sales receipt, and you'll have to delete the deposit. Okay. There's other ways that I can show you in tech support, but I don't have time to do it right now. If you sign up for tech support with us, we can get that to you. By the way, here's tech support right here. Tech support where you can get all your questions answered for a year if you'd like for online. It's only, I think it's $4.99 for the year. You can also get it for three months. You can get it for six months, but anyway, how would you record the portion of a federal grant that is for direct payments for rent and utilities for at-risk person? The portion of the funds goes directly to the landlords and the utility. Are you saying it's not going through your bank account? Because if it isn't going through your bank account, then you'll need to record it as an entry, a journal entry. Okay. So because you're crediting or increasing income and you're debiting expense. Okay. And I'd have to walk you through how to do that on a tech support. Can we use a sales receipt and not an invoice, Nancy? You can as long as you're getting the money immediately. Okay. Will the questions you're answering still be on the recording? Aretha? I don't know. Yes. Okay. I missed hearing a clear definition of what constitutes a restricted grant. Okay. You didn't miss it. I skipped over it. So let me just show you. A restricted grant is a grant that is either use restricted or time restricted. It means that it has to be used for some specific purpose or it has to be used over a period of time. Okay. Then it's restricted. Now the purpose has to be more than just the mission of the organization or both.  To pay for 50% of a program educator, that's restricted. In support of your organization, that's not restricted. Okay. Is there a threshold for GIF versus exchange when it comes to event sponsorships or public website, social media recognition? So I think what you're talking about is if you sponsor something and you get a little something back, how big is that little something before that portion becomes an exchange transaction? So they change that dollar amount every year. I feel like it's $12.20. I'd have to google it and look it up, but it's called the shoot. I can't remember. I can't remember. I think it's like $12 or something like that. If a business sponsors your event, you have to ask what they get back and what's the value of what they're getting back. Some people said advertising and is that advertising worth something more than de minimis? Okay. Which is like I think $12 or token. That's what it's called. It's called the token exception. Okay. If something is valued less than the token exception, then the whole thing becomes a contribution. But if it's more, then part of it becomes an exchange transaction, then it's mixed. All right. So we still have 207 people in here, which is nice. All right. I am going to use the fat. Oh, okay. Libby, you are my last question. You mentioned recording deferred revenue for conditional grant. If you receive the dollar in advance, is the restricted other income just for restrictions or conditions? The restricted other income is just for restrictions. Do not repeat. Do not repeat. Do not put any income on your PNL. I don't care where you put it. Don't put it on your PNL if it's conditioned and the condition isn't met. Okay. Okay. Tracking and kind donations is covered in the training. It takes a half an hour to teach. Okay. So I'm not doing that. And that is my last time. So that's my last thing I'm saying. So Aretha, I'm going to let you take us out. I'm worn out at this point. I know you are. I know you are. Thank you, everybody. You will get the recording and I'm taking it all the way to the end. So all these questions, that great answer, you'll get them on the video replay and the slides by tomorrow. Have a great day, everybody. Be sure to leave me a Google review if you liked me. Okay. And be sure to come to the three day webinar series. QuickBooksMadeEasy.com. It's awesome. Catch you later.


Hello everyone, I'm Jose Delgada, I'm a Corporate Commercial Attorney. We do dabble in some divorce matters, which is our topic today. What happens to my property on the event of my relationship siring and we end up in divorce? The first thing to actually consider is, are you a owner in the property? If you're married in community of property, which is a default way of getting married, there's no agreements, basically the parties that just get married, effectively you and your spouse each own a half of the property and the property will always be registered in both of your names. On the event of divorce, with this type of marriage regime, you own half of the property, so that's pretty simple. On the divorce, you're entitled to 50% of the property or the net proceeds of the property if it's going to be sold. In the event that you married into an actual contract, that means what's yours is yours, what is your spouse's is your spouse's. And if you're married ANC with a crew, what accrues during the course of the marriage is going to be split equally other than assets that are particularly excluded in your international contract. So time to go and scratch that document out and see what it says. But pretty much if your ANC with no accrual, that means whatever is your spouse's is your spouse's, they're entitled to the property if it's registered in their name. So be cautious in the event that you are living in a property or you presume you have titled to a property, your divorce may result in you being evicted on the event of the separation, alternatively the property may be sold and you will not get any of the proceeds. So ensure you understand what your rights are relative to this property that you live in with your spouse to ensure that on the event of divorce you know exactly what's going to transpire. Of course that is what would happen in the normal course. In many divorces there are settlement agreements and even though you may not be the owner of the property, you may find that you are going to actually be getting the property or taking chance of the property through a settlement agreement on the event of divorce. But that could be after a lot of acrimonious hostile boxing for the attorneys in the High Court. So before you go down that route make sure you know exactly where you are in terms of ownership. If you made ANC with accrual, again you are not in a position where you automatically are the co-owner of the property. So if your spouse has acquired the property in their name, it may only entitle you to half of the growth. So the ANC with accrual system pretty much works like this on the death or the divorce of the parties. The accrual kicks in and the party whose status increased by more than the other must give you another 50%. So taking a property in isolation if you bought for X-Rand and it is appreciated to Y-Rand you're entitled to the differential of the net proceeds. But of course there are issues like mortgages to consider. Is it the right time to sell? It could be capital gains taxes. Again ANC with accrual, you know it automatically entitles to 50%. So again make sure that you are fully cognizant of the ownership aspect if you want to ensure your rights and the property are secured.


We went to the Spy Family Pop-Up Cafe in Ikebukuro. There was only bits of theming here and there, but the menu was on point with a wide variety of theme dishes. For mains, we ordered Becky's Meat Spaghetti, Damien's Steak Set, and Lloyd's Omel rice plate. For drinks, we had to get the starlight on your drink. And how could we not order Bonz Tapioca Coconut Milk Drink? Mwah! And for desserts, we ordered Yours Rose Chocolate Bondant and Bonz Parfait. They also had life-size cutouts of the Forge family for you to take pictures with, as well as limited edition merchandise just for this pop-up cafe. Which one of these would you want to try?


T F N N headline news update Good afternoon folks. Steve Rhodes coming to you live from the shores. What looks like a rainy Delray Beach, Florida This is your 2 p.m. Update and currently we have most of the US indices traded the upside The only one that is not is the Dow transports the dows up 103 the S&P 30 Nasdaq 100 one and a quarter percent. That's 200 points Russell up 21 That's 1% some eyes one and seven tenths percent 64 points to the upside Gold's up $21 silver 34 cents likes we crude up 281. She's trade out at 8104 the spot politics Well, not well, but it is below its 50 day exponential moving average That puts the wind at the sails at the back for the S&P 500 speak into the S&P 500 Let's go switch from this set of charts to go take a look at our daily Indici charts we begin by taking look at the Dow. What did the Dow do yesterday? Well, what the Dow did was all it did was it pulled back to its breakout level its breakout level 35 782 42 to be exact it pulls back to that level of tests and rejects it creates a little hammer candle Suggesting it's trying to hammer out a bottom. We got a hammer candle today as well out there to two hammer candles me It's stronger. No, but it does tell you that if we see a close below This is the cool thing if we see a close below 35 782.42 That probably means something and probably means something pretty significant at this stage here Price likely is going to go target that oscillator and change line currently printed 36 334 That would be the next area where the logical place to put on a short would be and if price closes above that Then that says that the dow should go back and retest and steady nine count high the S&P 500 It also pulled back didn't get all the way back to its breakout level of support at 45 51 Also generated a hammer candle out there. So again trying to hammer out a bottom price likely to go target It's oscillator and change line currently printed at 47 39 the NASDAQ 100 also testing its breakout level of support 15 5 76 68 we haven't seen a close below that level That is a key area if we do see a close below that that could be a problem out there Otherwise, we should see price go target 16 0 33 the Russell 2000 She's making her way up to that red oscillator and change line That's but not much higher than we're printing right now That is currently printed at 21 99 the semis out here likely targeting 39 43 The dow transports even though they're trading lower out there more likely than not they're going to go target 16 to 9 And uh folks stay tuned your favorite polar bear david white is up next have a terrific tuesday I'll see on wonderful wednesday be safe out there. We'll see you again soon


So you want to get into medical school but the MCAT just didn't work out. What should you do? In this video guys I'm going to give you those answers right after the centrum. All right guys what is going on guys? Lux here for an MD journey helping you succeed on your medical journey with less stress. Today we're going to be talking about a topic that's not so pleasant but I know a lot of you guys have a question which is MCAT just didn't go well like are my dreams over? Can I be still becoming a doctor and get into medical school? So first let's talk about what is considered to be a low MCAT score. So the average of the MCAT currently is of a new score it's about right out of 500 and for people applying to medical school the average is anywhere from a 504 to a 505. Now the average of people that get accepted into medical school is anywhere from a 510 to a 511 as I'm making of this video. So if you are below the 504 range then you're probably considered to have a lower than the MCAT score. So if you're feeling stressed out and discouraged I totally understand but I want you to take a deep breath and let's get into the step-by-steps on what you should be doing. So first thing you should do is to ask yourself how much of an improvement could you make on MCAT? So think about back to your practice test. How far from your actual score were you scoring? If they're pretty close then that means you performed you know on par on test day but if you're far off maybe you were getting excessively high numbers on your practice test and your test stage didn't go well. That may be an indication that would be worth taking the test again and so think about that. Item number two is to ask yourself if the test state was reflective of your practice exams could you actually make an improvement and could you make an improvement of four to five points? So if you're at like a 503 could you get to a 508 which would make you relatively competitive more so than you are right now that would be a big enough difference for you to probably want to take it again. But if you're at like a 504 or 505 and you don't think you can get past that 508 mark then it may lead you to think otherwise of taking the test again. So let's talk about how you should know whether you need to take the test or not. First is look at your GPA. You know med school is unfortunately a numbers game and so they do look at your numbers so they'll look at your MCAT but look at your GPA. So the average GPA of somebody applying to med school is right a little bit over a 3.55 and people that get accepted are about a 3.7 to a 3.8 and I'll have all this data linked down below but you want to ask yourself where are you in that range. If you're closer to that 3.7, 3.8 I feel a little bit better if I was you because you have at least one number working for you. If you're closer to the other number or even lower than the average then we need to talk about boosting up your application even more. So we can talk about that in a different video of what to do with a low GPA. Then the next step is to look at how competitive you are based on your extracurriculars and research and community service compared to your classmates and your peers. Do you have more? Do you have about the same? Are you doing the same ones? Or do you have less? If the answer is you're doing about the same where you're doing less then again your MCAT is not helping you and your extracurriculars probably don't help you. You'll be able to sell yourself at some point. So you want to see can you do something to your extracurriculars, add another experience, do another research project that's a little bit unique that we put on your application and people can look at it and say oh that's interesting. And finally another place that you can attract attention on your application are through your personal statements and your recommendation letters. So if you've had a really cool experience with somebody make sure you have them write you a letter of recommendation if that's your professor or put that into a personal statement and make sure you sell that experience tell the story. Make somebody say I'm interested in meeting this person because I think they'll be a good doctor. The last thing that guys that you want you to understand is having a low MCAT score isn't an end-all be-all when it comes to getting into medical school. It's just not going to help you get into medical school. That's essentially where we are. But you want to see what other portions of your application whether that's your GPA, your recommendation letters, your personal statements can help sell you and if none of those can then you need to talk about either taking a gap here to improve your GPA or to improve your experiences. If you're below 500 for example which is average definitely retake the MCAT especially if the rest of your application is about average so above average. But if you have other things in your application you're doing just at the average for the MCAT it's not going to be a big deal. You know I promise you there are many people that I've mentored and coached who have had okay MCATs that didn't really help them but the rest of the application did and they got to becoming a doctor. So hopefully guys this video helped you guys out. If you do guys have more questions about MCATs just let me know. Comment down below. Send me an email at themdjourney.com at gmail.com. I'll be happy to help you on a personal level. But make sure first of all you hit that like down below and subscribe to the channel. Thank you guys so much for watching. I'll see you guys in the next one. Take care guys.


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So Phil Spencer, yes, that Phil Spencer of Microsoft and Xbox was asked about the original victory pose for Steve in Super Smash Bros. Ultimate. Now, for those who don't know, the victory pose has been changed for pretty obvious reasons. In fact, let me show you the victory pose right now. As you could tell, it's, you know, on the surface, I guess innocent, maybe to a kid, because it's just, you know, Minecraft Steve sitting there holding a piece of meat, holding some steak or whatever it might be, just like he does in the game, but because of the position and the angle and all that, it looks like he's holding his nether region out. It is something that has been kind of hilarious since the launch of Steve in Smash, but it's it's been since changed and now there's no meat present at all. The victory pose is actually kind of lame-er, to be honest. I was kind of hoping that Nintendo would leave it in there, but obviously, you know, with the clear reference to something unto wards in the game, it was not going to last. But what's interesting here, and this is something that I actually wonder who enacted this change is that Phil Spencer was shown an image of this by Stefan Totillo from Kotaku in a conversation they had on, I think it was Microsoft TeamSpeak or whatever. And it turns out that Phil Spencer not only wasn't aware of that victory pose, he didn't seem extremely pleased about it. In fact, he might have been the one after that conversation to give Nintendo a call and be like, hey, you really should change this. We don't think this is okay. And in terms of not thinking it's okay, that would be in regards to, hey, Minecraft is this game that Microsoft does specifically seem to be targeting towards children. And this depiction, as innocent as it might be, is obviously sending the wrong vibes for that character. This is Microsoft's character. This is the bestselling IP of all time. Clearly, Phil Spencer is going to care a lot about how their number one character, you can argue, this is basically the mascot for Microsoft at this point, that how this character is treated. So here is how the exchange went down. So Stefan Totillo on Teams was like, hey, have you seen Steve's image that's making its rounds now, his victory image? Phil Spencer says, no. He goes, me, let's dig this up and share this with you. You can put it in the chat. I'll look at it. So he looks for link to his post like a taco. Where is it? Where is it? Spencer says, is it bad? And he goes, I'll get I'll get your live reaction to it in a second. You know, Phil Spencer laughs, I know I've got to be really worried now. Where is chat? I'm new to teams here. So here, here it is. Okay. So long pause, like just a pause, not a laugh, a long pause from Phil Spencer. Yeah, who did that? And then Stefan Totillo goes, that's the real image. I'm not like trolling you right now or something like that. It's weird. And it's people started talking about it last night, that this is what Steve looks at when he when you win a match, I guess that's a piece of meat. Some people thought it was the pickaxe and it just kind of hovers there. So and then Phil Spencer responds and says, I assume it will be fixed. So they fixed it yesterday, which is which is fine. It was inevitable. I think we all knew that it would get fixed. It was just a matter of who was going to say something to Nintendo to get them to do it. And with Phil Spencer being shown this, clearly, like he did not seem, you know, when you have that long pause, you know, he's not even laughing about it, right? Like he laughed before he knew what it was because, hey, you know, what's silly thing that Nintendo do now to Minecraft Steve, who cares? Like, it can't be that bad. Then he sees it and he has that long pause that lets you know, Phil Spencer wasn't exactly okay with this depiction of Steve in Super Smash Bros. It's interesting too, because you would figure that Microsoft had to approve of everything regarding Steve and Steve from Minecraft in Smash, right? But maybe just maybe Microsoft signed off on this game, you know, art assets and all that to Sakurai's team. And then that was it. They just kind of trusted Sakurai and Nintendo to do right by the character. It's possible that Microsoft didn't actually approve of the stuff that happens with Steve in this game. If Phil Spencer didn't even know about the victory pose, you have to wonder, like, did they really know about much of anything with this character or do they just trust Nintendo that much? Now, obviously, I don't think that this was done intentionally. I mean, it's possible that there is some member on Sakurai's team that kind of did this as a joke, hoping that they could get away with it just because, hey, he's just holding the piece of meat, what's the big deal? But the way he's holding it, the position he's holding it, it almost looks like it was possibly intentional. I think that, you know, Phil Spencer likely after this conversation with Tatilla probably quickly got on the phone and said, hey, Nintendo, like, what gives? You know what that looks like, right? Like, you can't have our kid-friendly character looking like he's holding the phallus.  I guess you call it phallus earlier, but whatever. Like, it's funny, but it's also something that we need to be mindful of here. So, yeah, I don't know who caused it to get removed. Obviously, Phil Spencer saw it before it was removed and quickly after Phil saw it, it was removed. It's been around since launch. Like, if it was, if Nintendo thought it was so bad or was brought to their attention is so bad, they likely could have removed it literally the next day. But, because it's just a victory pose. We're not talking about like changing a mood set here or something. It's just a file swap change to a different pose. But, yeah, they clearly probably might not have been planning to do anything about it until obviously the owner of that IP is like, yeah, okay, we can't have Steve looking like that. So, yeah, it is what it is. You know, it was far well lasted, of course. I always find things like this to be, you know, mildly amusing when stuff like this slips in the games. And then, you know, we're in an era now where games are updated all the time. So, stuff like this isn't going to last. And I don't think anyone was actually offended. At least, I didn't see anyone offended. I see some people mostly making jokes about it and laughing about it. I didn't really, you know, nobody was sitting there thinking that, you know, that this is some big offensive thing, at least from what I could tell, maybe there were some people offended. I don't know, people get offended over anything these days. But I think this is just kind of a funny piece of Super Smash Bros. Ultimate lore now that can come up in, you know, say, future trivia sessions in the future like, hey, what was Steve's original pose in Super Smash Bros. Ultimate when he won a match? It's going to be a really nice little trivia piece that's forever captured now, right? It's hit the internet. We have videos of it. We have screenshots of it. It's never going to go away. Anyways, you guys, let me know what you think about this down in the comments below. Do you like that it was changed? Obviously, you know, I think we all can agree it needed to be changed. But do you like that it was changed? Are you surprised about Phil Spencer's reaction? I mean, after all, this is the head of Xbox. And, you know, they do a lot of M-rated stuff.  But, you know, this is Phil Spencer. He wasn't, he didn't seem like he was too happy about the way Steve was depicted in the victory pose.


I think we make them feel comfortable, you know at home So yeah, we got that energy, you know that ground and energy and we got down the urge. Oh, yeah You know, yeah, I know we get we got we gas to have some type of little craziness in the building. Yeah Yeah, we on boss talk one-on-one. Yeah, we gonna talk but at the end of the day There's a big family over here a man boss talk one-on-one man Check it man. We got Terry cherry Algin a hi Reality TV is in the building say man. So Man like like every time I see y'all man, and I see y'all today y'all I enjoyed the episode. Thank y'all so much man Y'all killed the game with that to be honest with you.  So so when it comes down to it like You know, what are you guys? How do y'all dig so deep to get all the information out of these people? I've seen people pouring out man I've even seen people glassy. I had almost tearing up just because the way y'all tap in what's going on with OTCU man to tell the truth. We just go off each other. I think we make them feel comfortable, you know at home So yeah Energy, you know that ground and energy and we got down the urge. Oh, yeah Y'all know y'all know we get we got we gas to have some type of a little craziness in the building. Yeah Definitely sexy by nature Oh So, I mean, you know, I'm beyond with you when I first seen your show on your YouTube channel you sitting in the bed Yeah, it's I'm going on I'm kind of nervous because I Know Mike I Mean Michelle you actually got a good You're the reason I love to be vulnerable Which is my favorite position to open up these emotions for you and communicate my feelings doggy style because I can rehearse these Poems on any stage from the back or on a handstand That's all you're getting on the back on the handstand y'all to hear the way I heard the whole thing and let me tell you something Well, we put a head on to the house man That's that's that's what happened when you deal with with with energy I really Yeah, couldn't say to no better Al Jenae Reality TV in the building Terry cherry in the building mr. Make in the building O in the building listen man stop playing man. We ain't playing no game Terry cherry. Let's go Turn up. Let's go. I want it. I want it. I want to hear a little bit of That song the new song that we gonna be hearing it's coming out soon the video I want to hear a little bit of just a cappella in a little bit just a little bit You know we out here just talented Niggles with talent. Yeah, we on boss talk one-on-one one-on-one. Yeah, we gonna