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CPA Far > Non Profit Overview > Flashcards

Non Profit Overview Flashcards

1
Q

Conditional pledges

A

No revenue recognized

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2
Q

Restricted contributions & unconditional pledges

A

Revenue with donor restrictions

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3
Q

Unrestricted contributions

A

Revenue without donor restrictions

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4
Q

A pledge of a 125,000 gift should be recognized only if

A

The pledge is viewed as an unconditional gift

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5
Q

What type of agreement represents a split interest

A

A charitable remainder trust

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6
Q

Endowments are on the

A

Statement of activities

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7
Q

Quasi endowment

A

Money set aside by board

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8
Q

Term endowment

A

Principal spent after certain amount of time

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9
Q

Board designated endowment

A

Principal spent a certain time

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10
Q

What is deducted from gross patient revenue

A

Discounts, adjusted contracts, implicit concession

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11
Q

What is deducted from gross tuition revenue

A

Scholarships, uncollectibles

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12
Q

If there is variance power or financially relation

A

Revenue

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13
Q

If there is neither variance power or financial relation

A

Liability

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14
Q

Unconditional

A

Revenues when made

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15
Q

Conditional

A

Revenues after actions happen

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16
Q

Main example of not for profits
HCO

A

Hospitals, colleges, other (frats, unions)

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17
Q

Contribution revenue formula

A

Fair value amount recieved - fv of resource gave up

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18
Q

A contribution in decemebwr year 1 restricted for use till March year 2 is reported as

A

Income in year 1

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19
Q

A pledge of 100 to be used for companies addition ; will not recieved for 3 years

A

Donor restricted revenue at present value of 100

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20
Q

The amount expected to be collected of a pledge amount is

A

Accrued as a pledge receivable and recorded as contribution revenue in period pledged

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21
Q

If collection of a pledge will be more than one year it should be

A

Reported using present value

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22
Q

If there is a donor imposed condition, revenue is not

A

Recognized until conditions are satisfied

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23
Q

Statement of financial position is similar to

A

Balance sheet

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24
Q

Assets - liabilities =

A

Residual interests

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25
Net assets without donor restrictions are
Available for general use
26
Assets set aside by board since true true restrictions must be external
Net assets without donor restrictions
27
Net assets w donor restrictions can be classified as
Temporary or permanent
28
The two types of temporary restrictions
Purpose & time
29
Equity section on balance sheet is replaced by
Net assets
30
Statement of activities is similar to
Income statement
31
Appropriate characterization of net assets is
Residual interest
32
Not for profits are what kind of accounting
Accrual
33
Financial statements are on a
Economic resource measurement focus
34
Contributions restricted for long term purposes are in what section
Financing
35
Unrestricted contributions are in what section
Operating
36
Contributions subject to temporary restrictions are under
Operating
37
Operating inflows (UER)
Unrestricted contributions, exchange revenue, revenue restricted to operating
38
Operating Outflows (EG)
Expenses paid, grants
39
Investing inflows
Proceeds from sales of assets or art
40
Investing outflows
Payment of asset purchases
41
Financing has
Two subsections
42
One of the two financing subsections are
Proceeds from contributions with long term donor restrictions
43
The second subsection in financing is
Other financing activities such as proceeds from principal payments on long term debt
44
Unrestricted cash contributions is a
Operating inflow
45
Cash contributions restricted by donor for property is a
Financing inflow
46
Cash expenditures to acquire property via donation is a
Investing outflow
47
Contribution for construction a new building is under
Financing
48
Donor restricted cash contributions for long term purposes
Financing inflow
49
Cost of a dorm for a private university
Investing
50
Operating sections starts with
Total change in net assets
51
Main things in notes of NFP (SDFE)
Statement of functional expenses Donated works of art not recognized Financial liquidity & flexibility Endowment details
52
What to report about endowments in notes (NIU)
Net asset classification and changes Investing & spending policies Underwater
53
Underwater endowment is when
FV at reporting date is less than the original value or amount required to be maintained
54
4 sections to statement of activities (RNEC)
Revenues & gains Net assets released from restrictions Expenses Change in net assets
55
Property & investments reported at
Fair value
56
Professional services included only if
Would have paid for them
57
Revenues and gains are separated into
Cash & other financial assets Non financial assets
58
Net assets released does what
Reclassifies “with restrictions” to without
59
Expenses only reported in
Without donor restrictions column
60
NPO are to recognize
Depreciation
61
Change in net assets is similar to
Net income ; on bottom line
62
Change in net assets closed to
Net asset balances on statements of financial position
63
Revenues & expenses are reported at ; secondary activities
Gross amounts ; net amounts
64
Two categories in statement of functional expenses
Program & supporting
65
Program activities are
Directly related to program (training, research, emergency relief, education)
66
Supporting activitied are
Secondary (management and general such as marketing, taxes, fundraising)
67
NFP depreciable assets include
Buildings, machines, computers, furniture
68
Supporting activies (CFR)
Conducting memberships, fundraising, record keeping & budgeting

CPA Far (19 decks)

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