State the various types of contributions that a private not-for-profit entity can receive.
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State the various types of contributions that a private not-for-profit entity can receive.
Types of contributions that a private not for profit entity can receive are:
- Cash contributions
- In kind contributions
- Restricted contributions
- Temporary restricted contributions
- Unrestricted contributions
- Restricted contributions
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- Explain Not-for-profit entities.Differentiate between public support and revenues as sources of assets for private not-for-profit organizations. Whatbenefit is there in accounting for these differently?Explain the basic composition of financial statements produced for a private not-for-profit entity.
- Explain the difference between the three classifications of donor's contribution to a not-for profit organization. (unrestricted, permanently restricted and temporarily restricted).The following questions concern the accounting principles and procedures applicable to a private not-for-profit entity. Write answers to each question.a. What is the difference between revenue and public support?b. What is the significance of the statement of functional expenses?c. What accounting process does a private charity use in connection with donated materials? d. What is the difference in the two types of restricted net assets found in the financial records of a private not-for-profit organization?e. Under what conditions should the entity record donated services?f. What is the proper handling of costs associated with direct mail and other solicitations for money that also contain educational materials?g. A not-for-profit receives a painting. Under what conditions can this painting be judged as a work of art? If it meets the criteria for a work of art, how is the financial reporting of the entity affected?The following questions concern the accounting principles and procedures applicable to a private not-for-profit entity. Write answers to each question. What is the difference between revenue and public support? What is the significance of the statement of functional expenses? What accounting process does a private charity use in connection with donated materials? What is the difference in the two types of restricted net assets found in the financial records of a private not-for-profit organization? Under what conditions should the entity record donated services? What is the proper handling of costs associated with direct mail and other solicitations for money that also contain educational materials? A not-for-profit receives a painting. Under what conditions can this painting be judged as a work of art? If it meets the criteria for a work of art, how is the financial reporting of the entity affected?
- Discuss how characteristics of not-for-profit organizations differ from for-profit organizations.The non-profit institution must satisfy the following requisites to be a qualified donee that is exempt from donor's tax, exceptHow would a recipient for a not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?
- Discuss major differences between a governmental entity's uses of the modified accrualmethod and a for-profit corporation's use of the accrual method.If we "measure what matters" in a not-for-profit, what activities could they be measuring that are different than the for-profit organization?If there was a gift that would be transferred without restriction to another charity entity, how would a recipient for a not-for-profit entity record the receipt of that gift? Can the donor retain the right to revoke or redirect the gift?