Question: Good evening to everyone, can I get some help with my accounting homework: 1. What is meant by variance power? Suppose that a charitable foundation

Good evening to everyone, can I get some help with my accounting homework:

1. What is meant by "variance power?" Suppose that a charitable foundation receives a gift that the donor specifies must be used to support the college education of a particular individual. What is the relevance of "variance power" in how the foundation accounts for the gift?

2. Besides a Balance Sheet, Income Statement, and a Statement of Cash Flows, what additional financial statement is required to be presented by a Voluntary Health & Welfare Organization? Why is this statement required? Also explain the purpose of this statement and the elements required to be presented.

3. How and when does a not-for-profit entity report pledges?

4. What factors must a nonprofit consider when recognizing contributions?

Thank you in advance.

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