Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 12: Not-for-profit organizations

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Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 12: Not-for-profit organizations. Chapter 12 - Not-for-profit organizations. In this chapter, the learning objectives are: Identify the authoritative standards-setting bodies for establishing GAAP for Not-For-Profits (NFPs); how and why financial statements of not-for-profits divide resources into three categories: unrestricted, temporarily restricted, and permanently; reporting of Cash Flows by NFPs;...
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Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 12: Not-for-profit organizations. Chapter 12 - Not-for-profit organizations. In this chapter, the learning objectives are: Identify the authoritative standards-setting bodies for establishing GAAP for Not-For-Profits (NFPs); how and why financial statements of not-for-profits divide resources into three categories: unrestricted, temporarily restricted, and permanently; reporting of Cash Flows by NFPs;....

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Click icon to add picture Chapter 12 Not-for-Profit Organizations Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 1 All rights reserved. Thoughts to Ponder “We make a living by what we get. We make a life by what we give.” Winston Churchill “Service to others is the rent you pay for your room here on earth.” Mohammed Ali Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 2 All rights reserved. Life’s Lessons : Chapter 12 Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 3 All rights reserved. Learning Objectives • Identify the authoritative standards-setting bodies for establishing GAAP for Not-For-Profits (NFPs). • How and why financial statements of not-for-profits divide resources into three categories: Unrestricted, Temporarily restricted, and Permanently • Reporting of Cash Flows by NFPs • Explain NFP financial reporting and accounting for: • Contributions, contributions of services, pass through contributions, pledges, collection items, conditional promises, gains and losses on investment, capital assets • Special problems of determining the cost of fund-raising activities • Assessing the financial conditions of NFPs’ Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 4 All rights reserved. Nongovernmental NFP or Governmental Entity •It was not created by a government, but rather by individuals. •It does not have the power to levy taxes. •It may not have the power to levy tax-exempt debt. •FASB is the authoritative standards-setting body for financial reporting, not the GASB. •Examples of not-for-profit organizations: March of Dimes,American Red Cross, etc. • March of Dimes’ mission is to improve the health of babies by preventing birth defects, premature birth, and infant mortality • American Red Cross works to provide relief to victims of disasters and help people prevent, prepare for, and respond to emergencies. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 5 All rights reserved. Governments Vs. Non-profits GASB: sets standards for all state and local governmental entities (including governmental nonprofits). FASB: sets standards for non governmental non-profits except federal government. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 6 All rights reserved. A wide variety of entities •Some not-for-profits are like governments • Funding derived from non-exchange transactions. •Some not-for-profits are comparable to business. • Funding derived from exchange transactions. • Ex. Hospitals, nursing homes, child care centers. •Some non-profits are hybrids: • Funding derived from both exchange & non- exchange transactions. • Ex. colleges and universities. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 7 All rights reserved. SFAS 117: Financial Statements of Not-for-Profit Organizations Three Primary Financial Statements Statement of financial position (Balance Sheet) Statement of activities Statement of cash flows Three Categories to Classify Net Assets permanently restricted – principal must remain permanently intact, income available for expenditure temporarily restricted – resources that must be used for a specific purpose or when specified events have occurred unrestricted Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 8 All rights reserved. FASB and GASB standards differ on these issues: Financial statement display Reporting entity Investments Cash flows Pensions Compensated absences Operating leases Risks and uncertainties Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 9 All rights reserved. Statement of Financial Position FASB Statement No.117 Reports on the organization as a whole, rather than on individual funds Net Assets (assets less liabilities) must be classified as either: 1) unrestricted 2) temporarily restricted 3) permanently restricted Classifications are based on the existence or absence of donor-imposed restrictions. As long as net assets are classified, there is considerable flexibility in displaying information including showing disaggregated fund-based data Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 12 | 10 All rights reserved. Investments GAAP FASB Statement No. 124 Mark equity investments that have values and all debt securities to fair readily determinable value. Similar to SFAS No. 115 for businesses and GASB Statement No. 31 for governments, but simpler. SFAS No. 124 requires extensive disclosures regarding investments and related income.

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