lot-for-profit organizations should record revenue from advance grant payments and reimbursement grant payments as follow: Record revenue for advance grant payments at the time the grant is awarded and record revenue for reimbursement grant payments when payments are received. Record the entire amount of the grant as a receivable at the time awarded, offset by deferred grant income on the liability side of the balance sheet. Record the entire amount of the grant as a revenue at the time awarded, offset by a receivable on the asset side of the balance sheet. Record revenue for advance grant payments immediately upon receipt and record revenue for reimbursement grant payments as reimbursements become due