Go to the Web site of a private not-for-profit organization such as United Cerebral Palsy (www.ucp.org), the
Question:
Go to the Web site of a private not-for-profit organization such as United Cerebral Palsy (www.ucp.org), the American Heart Association (www.americanheart.org), or Goodwill Industries (www.goodwill.org). Find the charity’s latest financial statements, which usually can be found by clicking on a button such as “About Our Charity” and then clicking on “Annual Report” or “Audited Financial Statements.” Some financial statements are easy to find while some are quite difficult. Other organizations simply do not include financial statements on their Web sites.
Required
After examining these financial statements, answer the following questions about the private not-forprofit organization:
1. How many different program services were listed? Name each.
2. What percentage of total expenses went to supporting services?
3. Were any contributed services recognized and, if so, for how much?
4. What dollar amount was spent on fund-raising?
5. What was the year-end total for unrestricted net assets, temporarily restricted net assets, and unrestricted net assets?
6. What amount of net assets was reclassified from temporarily restricted to unrestricted net assets this past year because the external restriction had been satisfied?
GoodwillGoodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik