Exam 16: Non-Slg Not-For-Profit Organizations

Reporting for Not-for-Profit Organizations $\underline{\text{ Requirements: }}$ Explain the way a nongovernmental, not-for-profit organization must report the following items in its statement of activities: A. Receipt of unrestricted contributions B. Pledges restricted to a specific program C. Collections, in a subsequent year, of pledges restricted to a specific purpose D. Pledges restricted to fixed asset construction E. Earnings on restricted investments

A nongovernment not-for-profit organization statement of activities reports

Which of the following is true for a nongovernment, not-for-profit organization?

Nongovernment not-for-profit organizations are required to report their financial statements on

Fund-raising expenses are classified as

The net realizable value or present value of unrestricted pledges receivable outstanding at the end of a year for a nongovernmental not-for-profit organization are

A nongovernment not-for-profit organization received donated services from a local volunteer. The volunteer works as a receptionist for the organization. The market value of service is $5,000. How should this activity be reported be in the statement of activities?

Listed below are two transactions for an alcohol rehabilitation treatment program. All amounts are in thousands of dollars. $\underline{\text{Transactions: }}$ 1. Received pledges of $300 and cash gifts of $100 during the year to be used only for alcohol rehabilitation treatment programs. 2. Incurred expenses of $220 for its alcohol rehabilitation program but paid the expenses from unrestricted resources, not from available restricted resources. $\underline{\text{ Requirement: }}$ Prepare the journal entries for these transactions.

How should a nongovernment not-for-profit organization generally report increases in the fair value of marketable debt securities in its statement of activities?

Nongovernment, not-for-profit organizations use the following classifications to report expenses in the statement of activities

Pledges should be reported by a nongovernment not-for-profit organization as revenues in the period that they are unconditionally received

A nongovernment, not-for-profit environmental organization conducts a mailing about the dangers of global warming. Included in the mailing is a request for donations. How should this activity be reported be in the statement of activities?

A not-for-profit entity that receives a donation restricted for a specific purpose and meets the use restriction in the same reporting period reports

A not-for-profit organization was the recipient of a significant fixed asset donation. The assets, a building valued at $82,000, and one acre of land, valued at $210,000, are going to be used by the organization for office space and parking. The donor's net book value of the building was $22,000, and of the land, $65,000. The not-for-profit organization should record the assets at a total value of

The statement of net assets for a nongovernment nonprofit organization would report the following components of net assets

Membership dues of nongovernment, not-for-profit organizations are

Other not-for-profit organizations include

What costs may be deducted directly from revenues instead of being reported with the as other expenses?

Statement of Activity for a Nongovernmental, Not-for-Profit Organization Selected information from the accounts of the Weinstein Musical Society, a nongovernment, not-for-profit organization for the year ended December 31, 20X5 is presented below. (All amounts are in thousands of dollars and all accounts have a normal balance): All expenses of the Maestro and the Classical Music Appreciation Programs are payable from donor restricted resources. $\underline{\text{ Requirement: }}$ Prepare the Statement of Activity for the Society

Nongovernment not-for profit organizations that wish to follow generally accepted accounting principles in the preparation of their financial statements should follow