From Chapter 11 complete Exercise 11-3 and Exercise 11-4 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome. Respond to at least two of your classmates postings.

Exercise 11-3:

With regard to private-sector colleges and universities:

a. List the three net asset classes required under FASB Statement 117.

b. List the financial reports required under FASB Statement 117.

c. Distinguish between an endowment, a term endowment, and a quasi-endowment. Indicate the accounting required for each.

d. Outline the accounting required by the FASB for

(1) An endowment gift received in cash.

(2) A pledge received in 2014, unrestricted as to purpose but restricted for use in 2015.

(3) A pledge received in 2014, restricted as to purpose other than plant. The purpose was fulfilled in 2015.

Exercise 11-4:

Define and outline the accounting required for each of the following types of agreements:

a. Charitable lead trusts.

b. Charitable remainder trusts.

c. Perpetual trust held by a third party.