Donations, Pledges, Contributions, and Net Assets Flashcards
1
Q
What are Contributions?
A
-Unconditional, non-reciprocal receipts of assets or services
2
Q
When are non-conditional Contributions recognized? Conditional?
A
- Period in which contribution is made
- When condition is met
3
Q
How are Revenue subject to internal restrictions and from exchange transactions always classified?
A
-As Unrestricted
4
Q
Can pledges be recognized as contributions?
A
-If they’re unconditional yes
5
Q
How are pledges made over multiple fiscal periods accounted for?
A
- Recognize NPV of estimated collectible amount
- Portion to be received in future periods recognized as temporarily restricted
- Increase in NPV treated as contribution revenue, not interest
6
Q
What are services received valued at?
A
-Fair Value always
