Notes on Net Assets. The following items are taken from the financial statements of the Kids Clubs
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a. Explain what the term board-designated, unrestricted net assets means. What does the board plan to do with these net assets? Can board members change their minds in future years?
b. Describe the types of restrictions that donors have placed on net assets. How much of those gifts are restricted for a period of time as opposed to purpose?
c. If an unexpected need arises, can the board of directors decide to spend donor-restricted funds in ways other than the donor indicated when the contribution wasmade?
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...
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Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
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