Question: The mayor of a large city approaches a group of
The mayor of a large city approaches a group of citizens and suggests that they form an organization to provide social, educational, and recreational programs for local youth. The group agrees and forms an entity called the Community Youth Organization (CYO). The group also chooses a board of directors, and the board hires an executive director and several staff members. CYO’s activities are financed entirely by grants from the city, and many of CYO’s programs are held after school hours in the high school. Is the CYO a not- for- profit or a government organization? Why? What changes in characteristics would be needed to change it from one type of entity to the other?
Answer to relevant QuestionsThree accountants started talking about hospitals. One said he was treated at a not- for- profit hospital, another said she was treated at a county hospital, and the third said he had just returned from the hospital run by ...What is the purpose of fund accounting?The controller for the City of Walla Walla recently made the following comment: “ At a minimum, we could run city government with the use of only one fund.” Do you agree with this statement? Why or why not? State whether the following sentences are true or false regarding the nature and uses of governmental-type funds. If the sentence is false, state why. 1. Debt service expenditures and capital outlays are never made directly ...What is the purpose of cash forecasting, and how does it assist in the smooth functioning of a government?
Post your question