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FAR > Nonprofit > Flashcards

Nonprofit Flashcards

1
Q

4 types of NPOs

A

voluntary health and wellness
other npo
healthcare
colleges and universities-that follow fast

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2
Q

vhwo

A

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

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3
Q

other NPO’s

A

NPO that benefits members. resource providers can be primary recipients of services
ex library
museum
religious org

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4
Q

nongovernmental primary standard setter is _____

A

FASB

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5
Q

FASB net asset model.

3 types of net assets

A

unrestricted
temp restricted
perm. restricted

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6
Q

support service expenses are (3_____.) and definition

A

do not directly relate to primary mission of org

management
gen admin
fund raising

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7
Q

required financial statements for VHWO

A

Statement of Fin position (BS)
statement of activities (IS)
Statement of Cash Flows
Statement of functional Expenses

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8
Q

Required fin statements for other nonprofit Org

A

statement of Fin position
statement of activities
statement of cash flow
optional-statement of functional expenses

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9
Q

statement of fin position is nonprofit version of

A

balance sheet

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10
Q

statement of activities is nonprofit version of

A

Income Statement

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11
Q

Statement of Fin position layout

A 
Asset
Lia
Net Asset
            unrestricted
            temp restricted
            perm restricted
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12
Q

Statement of activities expenses are reported only in _______

A

unrestricted net asset category

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13
Q

statement of activities expenses are either

A

program services and supporting services.

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14
Q

program service expense are

A

expenses related to primary mission of org

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15
Q

statement of functional expense

A

required for VHWO

provides detail of expenses section of statement of activities for acc program and support service

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16
Q

two types of endowments

A

regular (pure)

other endowments

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17
Q

regular endowments

A

external party donates with stipulation that it must remain intact forever. permanent restricted asset

earnings can be restricted or unrestricted

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18
Q

other endowment types

A

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

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19
Q

split interest aggreements

A

a npo may share in a trust with a donor or third party

20
Q

investment treated in not for profit

A

record at fv

not trading, ads, or htm categories

21
Q

split interest agreement can be

A

irrevocable and irrevocable

22
Q

irrevocable split interest agreement measurement

A

record asset at fv
liability for annuity portion due to donor or 3rd party
contribution revenue for NPO portion

23
Q

revocable split interest agreement measurement

A

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

24
Q

temp restricted support has a ______element

A

time or purpose

25
Q

if a pledge has a condition, recognize it as a _______, if receied

A

liability

26
Q

JE

2500 gift is received for a homeless shelter. no donor imposed restrictions

A

cash 2500

unrestricted support 2500

27
Q

conditions must be met before you can recognize

A

revenue

28
Q

je

8000 is received but has a price match condition

A

cash 8k

unearned rev 8k

29
Q

je

1k is received to permanently endow cultural programs

A

cash-restricted 1k

perm rest support- contribution 1k

30
Q

je

a 5k donation is received in 2010 to be used to fin operations in 2011

A

cash 5k

temp rest support-cont 5k

31
Q
  1. 40k is received for dog research

2. 40k is spent on dog research

A

1.cash 40k
temp rest support-cont 40k

  1. expense-unrest net asset 40k
    cash 40k
  2. reclassify out temp rest. net asset 40k
    reclassify in unrest. net asset 40k
32
Q

500 of office supply is donated

A

supply inv 500

unrest support-net asset 500

33
Q

net asset is use only for

net position used only for

A

nonprofit

government

34
Q

colleges and universities
private uses_____
public uses______

A

FASB

GASB

35
Q

net patient service revenue calc

A

+ 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

36
Q

patient service rev

A

daily patient services
other nursing services
other professional services

37
Q

charity care

A

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

38
Q

bad debt is reported for _____ and only a deduction for ____.

A

nonprofit

government patient service rev

39
Q

expense is reported by

A

function

40
Q

____are not reported in the ongoing operations of the financials

A

gains

41
Q

nonprofit health care org financials are

A

statement of fin pos
statement of operation
statement of changes in net asset
cashflows

42
Q

public gov financials are

A

bs (statement of net pos)
statement of rev expenses and change in net pos
statement of cf

43
Q

not for profit university(non gov)
public (gov)

follows who’s standard

A

Fast

Gasb

44
Q

tuition and fee revenue

A

tuition rev
- scholarship allowance
-uncollectible amounts
=tuition and fee rev

45
Q

Auxiliary expenses for college and univeristy

A

residence hall
food service
parking
bookstore

these will be aggregated and a single line item

46
Q

not for profit financials are

A

bs
cashflows
statement of activities

47
Q

government university financials are

A

statement of net pos
statement of rev exp and change in net pos
cashflows

FAR (19 decks)

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