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16 Cards in this Set
- Front
- Back
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Financial statements for NFPs |
Statement of Financial Position Statement of Activities Statement of Cash Flows Notes Comparative statements encouraged not required |
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Statement of Financial Position |
Called Balance Sheet Net assets classified into With donor restrictions Without donor restrictions |
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Net assets with Donor restrictions |
Donor puts restrictions that may be permanent or temporary |
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Net Assets without Donor restrictions |
Includes board designated net assets set aside for specific purpose |
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Statement of Activities |
Reports changes in both classes of net assets changes take the form of Revenues, Gains, Losses Report expenses by Program vs support and natural classification |
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NFPs follow same standard as for profit when preparing |
cash flow statement |
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Increases in net assets that arise from exchange transactions |
Revenues membership dues program service Fees Sales of services |
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Recording Contributed Services Electrician contributes $10k in services in wiring a buiding for charity Nurse contribtes $3k in services to provide professional services at free clinin |
Building 10k Contributions - 10k Unrestricted Salary Expense 3k Contributins Unrestricted 3k |
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Cateogry of revenue that arises from receipt of resources in non exchange transation in which donor recieves not benefit |
Support |
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Contributions and Pledges |
Contributions: support with cash or other assets Pledges: promise to contribute |
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2 Types of Pledges |
Unconditional - depends only on the passage of time to give contribution Conditional - depends on certain future event to give contribution |
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Revenue
Gains Support |
Revenue - increase in net assets from exchange transactions Gains - increase in net assets from incidental transactions out of management control Support - revenues from contributions of resources or non exchange transaction. donor gets no benefit |
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Contributions |
voluntary, unconditional, non reciprocal transfer of cash/other assets to NFP can be restricted or unrestricted |
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Unconditional pledges received in less than year can be reported at _______ Long term Unconditional pledges are recorded at _______ |
Net Realize Value Fair Value |
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Charity receives pledges of $1k to be paid within next year. it also receives pledges of $5k to be collected 2&3 years from now. It is estimated fair value of long term pledges is $4760 |
Contributions Rec. 6000 Contr. TR 5000 Disc. Contr. Rec. 240 5k-4670 |
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NFP combine activities that combine a program or administrative activity with fund raising. what are criteria |
Criteria to allocate joint costs met if Purpose: joint activity helps accomplish program purpose Audience: audience was selected for a program for purpose rather than donation Content: joint activity motivates audience to take action in purpose |
