Why would a VHWO wish to present its financial information on a fund basis rather than simply on an organization-wide basis? What benefits are there in fund-basis reporting?
Answer to relevant QuestionsEarly in 2018, a not-for-profit organization received a $2,000,000 gift from a wealthy benefactor. This benefactor specified that the gift be invested in perpetuity with income restricted to provide speaker fees for a ...Record the following events of Mental Health Clinic, a VHWO: 1. A contribution of $20,000 was received and is to be used for the purchase of equipment, but not until an addition to the building is constructed. Construction ...Super Senior Agency is a VHWO. The following events occurred during the year. The agency uses one control account for its fixed assets, with supporting subsidiary records. 1. Property was purchased for $200,000. A down ...Explain a hospital’s rigid adherence to gross revenue determination. Record the following endowment activity events of Private University: 1. An alumnus donates $250,000 to the endowment fund. The cash is fully invested in bonds with a face value of $242,000 that are purchased at an $8,000 ...
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