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

Exercise 3

With regard to private-sector colleges and universities:
a. List the three net asset classes required under FASB Statement 117.
b. List the financial reports required under FASB Statement 117.
c. Distinguish between an endowment, a term endowment, and a quasiendowment. Indicate the accounting required for each.
d. Outline the accounting required by the FASB for
(1) An endowment gift received in cash.
(2) A pledge received in 2014, unrestricted as to purpose but restricted for use in 2015.
(3) A pledge received in 2014, restricted as to purpose other than plant. The purpose was fulfilled in 2015.