Not for Profit Flashcards
If a public institution is solely an Enterprise fund
The school is allowed to produce only the Fund Based Financial Statements
Section 501 c(3)
Is for Tax exempt Organization (Not for profits) Charitys, educational, scientific
Required Financial Statements
Statement of Financial Position
Statement of Activities and changes in net assets
Statement of Cash Flows
Depreciation
Is required on long lived assets with a finite life
Pledges
Are recorded if they are unconditional promises
Reported at PV of anticipated future cash flows at a reasonable interest rate
Investments (AFS & Trading)
Treated exactly the same. Recorded at FV with gains and losses increases/decreasing net assets
Financial Aid
Direct Reduction to Tuition
Statement of Functional Expenses
Required for Voluntary Health and Welfare organizations
Optional for all others
Statement of Functional Expenses includes
Program Services (Nutrition/Health care)
Supporting Services (Fundraising/General/Administrative)
Requirements for a painted to be omitted as an asset
Protected and preserved
Added to collection for research, education, exhibition
If sold, receipts used to purchase other collections
Fees vs Revenue vs Public Support
Fees is what is charged
Revenue is the FV of the actual services
Public Support is the difference between fees and revenue
Cash Gift Received without variance power
Reported as a Liability
Contributed Services rules
Enhance a Nonfinancial Asset or
Require a specialized skill
Report as an asset or expense AND public Support
Assets with extraordinary long lives
Are allowed to be depreciated but not required
Cash Gift received with Variance power
Reported as Public Support
