Union Seminary Uses the Fund Basis of Accounting for Internal

Essay

Union Seminary uses the fund basis of accounting for internal record keeping. Presented below is the fully adjusted 12/31/2015 balance sheet for Union,prepared using funds and account groups.The following are fund descriptions:
•Operating Fund - the fund used for transactions not falling within the definition of other funds. There are no restrictions on these resources.
•Memorial Fund - Used to account for resources donated from outside parties for specific capital additions
•Endowment Fund - Assets received from an outside donor for permanent investment,only the earnings may be expended.
•Scholarship Fund - Cash set aside by the Seminary's governing board for use as scholarships and student aid.
•Fixed Assets Account Group - A record of the Seminary's fixed assets and long-term debt.
Required:
Prepare a Statement of Financial Position following the guidelines provided in FASB Statements 116 and 117 for private not-for-profits and assuming Union does not classify plant assets as temporarily restricted.