Use the Annual Report of the organization you have selected to: a. Identify the financial statements that the entity presents and what additional disclosure it presents. b. Analyze how contributions are recognized (contributions revenues). Does the organization have net assets with restrictions imposed by donors? What is the nature of the restrictions?

Use the Annual Report of the organization you have selected to: a. Identify the financial statements that the entity presents and what additional disclosure it presents. b. Analyze how contributions are recognized (contributions revenues). Does the organization have net assets with restrictions imposed by donors? What is the nature of the restrictions?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter15: Exempt Entities

Section: Chapter Questions

Problem 11DQ

See similar textbooks

Similar questions

Which of the following accounting rules apply to all not-for-profit organizations? (Select all that apply.) The financial statements must include a statement of functional expenses The balance sheet must segregate assets according to restrictions on their use. The balance sheet must segregate current assets from long-term assets. The balance sheet must show reserves for likely amount of bad debts. Equipment must be reported net of accumulated depreciation. The activity statement must report expenses as decreases in net assets with donor restrictions. The activity statement must segregate revenues according to restrictions on their use.
Please help with the following: Review FASB Statement of Financial Accounting Concept No. 1, No. 4, and No. 8, as well as GASB Statement No. 1. Compare the financial reporting needs of the users of governmental, nonprofit, and for-profit entities. Identify a local government, nonprofit, and for-profit business in your community, and describe the resource providers/users for each type of organization. Explain the need for information for each resource provider/user group. Discuss how the objectives of the financial reporting listed for each type of organization meet these needs.
All of the listed features or obligations differentiate a registered charity from a private corporation except one. Which one? Ability to issue donors official tax receipts Required to file Form T3010 Charity can incorporate like a private company Requirement to meet annual spending quota
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?
Answer two questions please 1-What are the objectives of financial reporting of not-for-profit organizations? 2-Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?
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?
3) What are the FASB standard require that non-profit organization in financial statements?
Which of the following statements is true?a. All not-for-profit organizations must include a statement of functional expenses.b. Donor-restricted contributions whose restrictions have been met in the reporting period may be reported as unrestricted support.c. Statements should focus on the individual unrestricted and restricted funds of the organization.d. FASB ASC 958-605 contains requirements that are generally more stringent than those relating to for-profit organizations.
Which of the following characteristics identify a nonprofit as it relates to tax-status? (Choose all that apply.) Select one or more: a. They don't generate profit that gets reinvested into their mission. b. They are governed by a compensated board of directors c. They are primarily funded by membership fees d. They have a mission that is based around serving the public need
A charitable organization relies for its funding on donations from the general public, which is mainly in the form of cash collected in the streets by volunteers and cheques sent by post to the charity's head office. Wealthy individuals occasionally provide large donations, sometimes on condition that the money is used for specific purpose. The constitution of the charity specifies the purpose of the charity, and also states that no more than 15% of the charity's income each year may be spent on administration costs. Required Identify the inherent risks for this charitable organization that an auditor of its financial statements would need to consider.
What are the financial reporting goals of not-for-profit organizations?
Which of the following best describes a non-profit organization? One in which the leadership is governed by a board of directors O One in which the workforce is made up of volunteers O One that reinvests profit into the organization instead of distributing it to owners One that relies solely on private donations for the organization's financial needs plz do fast as soon as possible