Nonprofit Flashcards
4 types of NPOs
voluntary health and wellness
other npo
healthcare
colleges and universities-that follow fast
vhwo
bored based org that provide free low cost services with financial support derived from voluntary contributions and grants. resource providers are not primary recipients of services. ex st jude children hospital
other NPO’s
NPO that benefits members. resource providers can be primary recipients of services
ex library
museum
religious org
nongovernmental primary standard setter is _____
FASB
FASB net asset model.
3 types of net assets
unrestricted
temp restricted
perm. restricted
support service expenses are (3_____.) and definition
do not directly relate to primary mission of org
management
gen admin
fund raising
required financial statements for VHWO
Statement of Fin position (BS)
statement of activities (IS)
Statement of Cash Flows
Statement of functional Expenses
Required fin statements for other nonprofit Org
statement of Fin position
statement of activities
statement of cash flow
optional-statement of functional expenses
statement of fin position is nonprofit version of
balance sheet
statement of activities is nonprofit version of
Income Statement
Statement of Fin position layout
Asset
Lia
Net Asset
unrestricted
temp restricted
perm restrictedStatement of activities expenses are reported only in _______
unrestricted net asset category
statement of activities expenses are either
program services and supporting services.
program service expense are
expenses related to primary mission of org
statement of functional expense
required for VHWO
provides detail of expenses section of statement of activities for acc program and support service
two types of endowments
regular (pure)
other endowments
regular endowments
external party donates with stipulation that it must remain intact forever. permanent restricted asset
earnings can be restricted or unrestricted
other endowment types
quasi-set aside by gov. not external party
term - some time has past then can be spent
board. given my external parties
board designated-Amounts set aside by the governing board of the organization to be spent for specific purposes
split interest aggreements
a npo may share in a trust with a donor or third party
investment treated in not for profit
record at fv
not trading, ads, or htm categories
split interest agreement can be
irrevocable and irrevocable
irrevocable split interest agreement measurement
record asset at fv
liability for annuity portion due to donor or 3rd party
contribution revenue for NPO portion
revocable split interest agreement measurement
record asset at fv and refundable advance
contribution revenue is recognized when the trust becomes irrevocable or funds are distributed to the npo at end of agreement
temp restricted support has a ______element
time or purpose
if a pledge has a condition, recognize it as a _______, if receied
liability
JE
2500 gift is received for a homeless shelter. no donor imposed restrictions
cash 2500
unrestricted support 2500
conditions must be met before you can recognize
revenue
je
8000 is received but has a price match condition
cash 8k
unearned rev 8k
je
1k is received to permanently endow cultural programs
cash-restricted 1k
perm rest support- contribution 1k
je
a 5k donation is received in 2010 to be used to fin operations in 2011
cash 5k
temp rest support-cont 5k
- 40k is received for dog research
2. 40k is spent on dog research
1.cash 40k
temp rest support-cont 40k
- expense-unrest net asset 40k
cash 40k - reclassify out temp rest. net asset 40k
reclassify in unrest. net asset 40k
500 of office supply is donated
supply inv 500
unrest support-net asset 500
net asset is use only for
net position used only for
nonprofit
government
colleges and universities
private uses_____
public uses______
FASB
GASB
net patient service revenue calc
+ Gross Patient Service Revenues (including Ancillary Revenues)
- Charitable Services
= Patient Service Revenue
- Less Contractual Adjustments
= Net Patient Service Revenue (first line in Statement Activities)
if this were gov then we would also subtract out uncollectible accounts
patient service rev
daily patient services
other nursing services
other professional services
charity care
someone who is not able to pay and not expected to be collected. this is not reported anywhere, just subtracted from patient service rev. its not reported in any financial
bad debt is reported for _____ and only a deduction for ____.
nonprofit
government patient service rev
expense is reported by
function
____are not reported in the ongoing operations of the financials
gains
nonprofit health care org financials are
statement of fin pos
statement of operation
statement of changes in net asset
cashflows
public gov financials are
bs (statement of net pos)
statement of rev expenses and change in net pos
statement of cf
not for profit university(non gov)
public (gov)
follows who’s standard
Fast
Gasb
tuition and fee revenue
tuition rev
- scholarship allowance
-uncollectible amounts
=tuition and fee rev
Auxiliary expenses for college and univeristy
residence hall
food service
parking
bookstore
these will be aggregated and a single line item
not for profit financials are
bs
cashflows
statement of activities
government university financials are
statement of net pos
statement of rev exp and change in net pos
cashflows
