Question: please help me answer this question will rate your answer right away Review 2022 Financial Statements and notes of Royal Botanical Garden (RBG)https://www.rbg.ca/app/uploads/2022-RBG-Signed-Financial-Statements.pdf?x20574 Recently few
please help me answer this question will rate your answer right away
Review 2022 Financial Statements and notes of Royal Botanical Garden (RBG)https://www.rbg.ca/app/uploads/2022-RBG-Signed-Financial-Statements.pdf?x20574
Recently few new Board Members joined RBG's Board of Directors; although they are experienced business professionals and passionate about RBG's mission, they have limited knowledge of not-for-profit accounting and reporting. You were asked to prepare a Memo to the RBG Board of Directors outlining the following issues:
- Briefly outline how NFPOs differ from profit-oriented organizations
- Distinguish between unrestricted and restricted contributions.
- Explain the revenue recognition method for RBG
- Board members had noticed a significant increase in Deficiency for 2022 over 2021 (page 5, Statements of Operations). Could you please explain it?
- RBG had received a donation of a collection of rear books explaining gardening techniques in the 19th century and would like to know how to record it. RBG does not have the funds to complete the appraisal.
- Provide a brief overview of trends for revenue and expenses for RBG for the 2021 and 2022 reporting periods. Explain the impact on the financial position of RBG
- Since the completion of the 2022 Financial Statements, the following transactions have been completed. Please provide Journal entries for each of the events
- 50% of accounts payable outstanding were paid
- 10% of Science and Education deferred revenue was recognized.
- The fundraising campaign was held to collect funds for current-year operations. Cash of $100,000 was collected, and an additional $5,000 was pledged and is expected to be received in the early part of next year. Total fundraising costs were $30,000, of which $10,000 was paid in cash, $10,000 is owed to suppliers and $10,000 has been accrued.
- Donation of $150,000 was received to be held in endowment, where the income earned will support rose garden maintenance
use this website to answer the above questions: https://www.rbg.ca/app/uploads/2022-RBG-Signed-Financial-Statements.pdf?x20574
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