Nonprofit

Question 1

4 types of NPOs

Answer 1

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

Question 2

vhwo

Answer 2

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

Question 3

other NPO’s

Answer 3

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

Question 4

nongovernmental primary standard setter is _____

Answer 4

FASB

Question 5

FASB net asset model.

3 types of net assets

Answer 5

unrestricted
temp restricted
perm. restricted

Question 6

support service expenses are (3_____.) and definition

Answer 6

do not directly relate to primary mission of org

management
gen admin
fund raising

Question 7

required financial statements for VHWO

Answer 7

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

Question 8

Required fin statements for other nonprofit Org

Answer 8

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

Question 9

statement of fin position is nonprofit version of

Answer 9

balance sheet

Question 10

statement of activities is nonprofit version of

Answer 10

Income Statement

Question 11

Statement of Fin position layout

Answer 11

Asset
Lia
Net Asset
            unrestricted
            temp restricted
            perm restricted

Question 12

Statement of activities expenses are reported only in _______

Answer 12

unrestricted net asset category

Question 13

statement of activities expenses are either

Answer 13

program services and supporting services.

Question 14

program service expense are

Answer 14

expenses related to primary mission of org

Question 15

statement of functional expense

Answer 15

required for VHWO

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

Question 16

two types of endowments

Answer 16

regular (pure)

other endowments

Question 17

regular endowments

Answer 17

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

earnings can be restricted or unrestricted

Question 18

other endowment types

Answer 18

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

Question 19

split interest aggreements

Answer 19

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

Question 20

investment treated in not for profit

Answer 20

record at fv

not trading, ads, or htm categories

Question 21

split interest agreement can be

Answer 21

irrevocable and irrevocable

Question 22

irrevocable split interest agreement measurement

Answer 22

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

Question 23

revocable split interest agreement measurement

Answer 23

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

Question 24

temp restricted support has a ______element

Answer 24

time or purpose

Question 25

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

Answer 25

liability

Question 26

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

Answer 26

cash 2500 | unrestricted support 2500

Question 27

conditions must be met before you can recognize

Answer 27

revenue

Question 28

je | 8000 is received but has a price match condition

Answer 28

cash 8k | unearned rev 8k

Question 29

je | 1k is received to permanently endow cultural programs

Answer 29

cash-restricted 1k | perm rest support- contribution 1k

Question 30

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

Answer 30

cash 5k | temp rest support-cont 5k

Question 31

1. 40k is received for dog research | 2. 40k is spent on dog research

Answer 31

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

Question 32

500 of office supply is donated

Answer 32

supply inv 500 | unrest support-net asset 500

Question 33

net asset is use only for | net position used only for

Answer 33

nonprofit | government

Question 34

colleges and universities private uses_____ public uses______

Answer 34

FASB | GASB

Question 35

net patient service revenue calc

Answer 35

+ 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

Question 36

patient service rev

Answer 36

daily patient services other nursing services other professional services

Question 37

charity care

Answer 37

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

Question 38

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

Answer 38

nonprofit | government patient service rev

Question 39

expense is reported by

Answer 39

function

Question 40

____are not reported in the ongoing operations of the financials

Answer 40

gains

Question 41

nonprofit health care org financials are

Answer 41

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

Question 42

public gov financials are

Answer 42

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

Question 43

not for profit university(non gov) public (gov) follows who's standard

Answer 43

Fast | Gasb

Question 44

tuition and fee revenue

Answer 44

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

Question 45

Auxiliary expenses for college and univeristy

Answer 45

residence hall food service parking bookstore these will be aggregated and a single line item

Question 46

not for profit financials are

Answer 46

bs cashflows statement of activities

Question 47

government university financials are

Answer 47

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