Not For Profits

Question 1

Operating activities

Unrestricted cash contributions
Unrestricted investment earnings, revenue restricted for program purposes, revenue from exchange transactions, operating expenditures, including grants

Answer 1

Statement of operations is unrestricted assets for a time period

Balance sheet is all three at a specific date. Un, temp and perm

Question 2

Net receivables can have an allowance

Allowance for uncollectible accounts
Allowance for contractual adjustments
Allowance for employee discounts

Answer 2

Hospitals must have a :
Balance sheet
Statement of operations
Statement of changes in net assets
Statement of cash flows

Question 3

Someone gifts 100k and then we say we want to use 75k for an endowment…

How would it be classified

Answer 3

Unrestricted because the donor didn’t say what to do.. we did

Question 4

Stock gifted to a not for profit is recognized at

Answer 4

FMV

Question 5

Enterprise fund

Answer 5

1 rendered to the general public
2 financed substantially through user charges
3 intended to be self supporting