Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 10

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Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 10. Chapter 10 - Accounting for not-for-profit organizations. In this chapter students will be able to: Distinguish not-for-profit organizations (NFPs) from entities in the governmental and commercial sectors of the U.S. economy, identify the authoritative standards-setting body for establishing GAAP for nongovernmental NFPs, explain financial reporting and accounting for NFPs.
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Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 10. Chapter 10 - Accounting for not-for-profit organizations. In this chapter students will be able to: Distinguish not-for-profit organizations (NFPs) from entities in the governmental and commercial sectors of the U.S. economy, identify the authoritative standards-setting body for establishing GAAP for nongovernmental NFPs, explain financial reporting and accounting for NFPs..

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Essentials of Accounting for Governmental and Not­for­Profit Organizations Chapter 10 Accounting for Not-For-Profit Organizations McGraw­Hill/Irwin Copyright © 2013 by The McGraw­Hill Companies, Inc. All rights reserved. Chapter 10 – Learning Objectives Describe characteristics of private not­for­ profit organizations and the accounting for contributions Apply the accrual basis of accounting in the recording of typical transactions of a private not­for­profit organization Prepare the financial statements for a private not­for­profit organization 10­2 Standard Setting Authority GASB Authority over government related not­for­profits Not­for­profits owned or controlled by a governmental entity should follow applicable GASB standards Most commonly, these follow enterprise fund accounting FASB Private not­for­profits AICPA audit guides also applicable Major SFASs 93, 116, 117, 124, 136, 164 10­3 Private Not­For­Profits FASBs 116 & 117 were written in order to bring comparability between the financial reports of Private Colleges, Hospitals, Voluntary Health and Welfare Organizations and Other Not­for­Profits. However, because of unique features of the college and hospital settings, these entities are covered in greater detail in separate chapters. 10­4 VHWOs and Other Not­for­Profits The remainder of this chapter focuses on Voluntary Health and Welfare Organizations and Other Not­for­Profits. What are the characteristics of a VHWO? Promotes general health and well­being of the public. Tends to operate mainly from grants and gifts. Examples: United Way, American Cancer Society, Girl Scouts, YMCA. 10­5 Understanding the Basic Financial Statements The three required statements are: Statement of Financial Position Statement of Activities Statement of Cash Flows Voluntary Health and Welfare Organizations must also prepare a Statement of Functional Expenses This statement is recommended but not required for other not­for­ profits. 10­6 Basis of Accounting and Use of Funds Accrual Basis: The accrual basis is required. Funds: Many Private Not­ for­profit organizations use This includes calculation and recording of depreciation expense. The financial statements report expenses, not expenditures or encumbrances. fund designations internally for bookkeeping purposes, but the financial statements are on an overall basis and do not make reference to funds except in the notes or supplemental schedules 10­7 Statement of Financial Position Assets and liabilities are not required to be classified as current and non­current, but may be. Long­term assets and debt are reported. Net Assets (equities) are classified as: Unrestricted Temporarily restricted ­ time or purpose restrictions Permanently restricted 10­8 Park County Animal Shelter Statement of Financial Position Accounting rules require contributions to be recorded when promised. Do not wait until collected. As of 12­31­2015 Assets Cash $ Pledges receivable Interest receivable Supplies Inventory Endowment Investments Total Assets $ Liabilities Accounts payable Wages payable Total Liabilities Net assets Unrestricted Temporarily restricted Permanently restricted (endowment) Total Net Assets 110,700 30,000 500 12,500 250,000 403,700 3,000 2,700 5,700 93,000 55,000 250,000 398,000 Total Liabilities and Net Assets $ 403,700 10­9 Park County Animal Shelter Statement of Financial Position As of 12­31­2015 Assets Cash $ Pledges receivable Interest receivable Supplies Inventory Endowment Investments Total Assets $ 110,700 30,000 500 12,500 250,000 403,700 Restrictions are reflected in the Equity Section: called Net Assets Liabilities Accounts payable Wages payable Total Liabilities Net assets Unrestricted Temporarily restricted Permanently restricted (endowment) Total Net Assets 3,000 2,700 5,700 93,000 55,000 250,000 398,000 Total Liabilities and Net Assets $ 403,700 10­10 Statement of Activities The statement must distinguish changes in net assets that are permanently restricted, temporarily restricted, and unrestricted. Restrictions must be outside donor­ imposed Can use three separate statements, columns or other formats Revenue vs support: Support: is a class of revenues limited to gifts such as contributions Exchange transaction, such as sales of service, are labeled “revenues” 10­11 Statement of Activities Expenses All expenses are reported in the unrestricted column Classify expenses as program or supporting services. Restrictions Temporarily restricted resources must be ‘released’ or moved from the temporary column to the unrestricted column as restrictions are satisfied. 10­12 Revenues are recorded within Revenues 3 categories Contributions Grants – spay & neuter Adoption fees Interest Income Net assets released from restriction: Park County Animal Shelter, Inc. Statement of Activities For the year ended 12­31­2015 Temporarily Permanently Unrestricted Restricted Restricted $ 146,000 $ 50,000 $ 15,000 $ 35,000 25,000 2,000 Total 211,000 35,000 25,000 2,000 Satisfaction of program restrictions Capital improvement restriction Total Revenues and Other Support Expenses Program Service Expenses Adoption services Spay and neuter clinic Educational programs

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