Search the Internet for the financial statements of the United Way or a charity of your choice.
a. Print a copy of the financial statements and bring them to class for discussion.
b. Is the charity a VHWO? How can you tell?
c. Are net assets properly classified into three categories?
d. Are expenses classified into function categories on the face of the financial statements or in the notes?
e. Were any temporarily restricted net assets reclassified as unrestricted? Can you determine the nature of the restrictions that were met?