Essentials of Accounting for Governmental and Not-for-Profit Organizations 12th Edition by Paul Copley

Exercise 1

Obtain a copy of the annual report of a private college or university. Answer the following questions from the report. For examples, try:

a. Is the annual report audited Name the auditing firm.
b. Does the organization present (1) a single Statement of Activities, or does it present (2) a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in Net Assets
c. What additional financial statements are presented
d. Does the organization have temporarily restricted net assets What is the amount of the net assets released from restrictions in the current period
e. Does the organization have permanently restricted net assets
f. Is there a note describing split interest agreements