Not For Profit Financial Reporting

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  1. Financial Statements for NPO
    • 1. Statement of Financial Position
    • 2. Statement of Operations
    • 3. Statement of Changes in Net Assets
    • 4. Statement of Cash Flows
  2. Donated inventories
    • - Optional to record
    • - If recorded, must meet "normal" NPO recognition criteria: 
    •  - FV can be reasonably estimated
    •  - Used in the normal course of operations and would otherwise have been purchased
    •  - Record at FV
  3. Regular inventories
    Lower of cost and current replacement cost
  4. Interfund transfers and balances
    • - Break out by funds - capital assets, endowments, restricted and unrestricted
    • - Nature of restrictions on use
    • - Amt terms and conditions of interfund loans
  5. Restricted fund method
    Funds are segregated into one or more restricted funds, an endowment fund and unrestricted fund.
  6. When to recognize contributions receivable?
    • - Amount can be reasonably estimated; and
    • - Ultimate collection is reasonably assured
    • - Do not record amounts due in more than one year
  7. Tangible capital assets held
    Record at fair value at date of contribution
  8. Intangible assets held
    • Recognize if  
    • - expected future benefits are probable
    • - cost can be measured reliably
    • Write downs cannot be reversed
Card Set:
Not For Profit Financial Reporting
2015-03-29 17:35:38

Financial reporting guidelines for NPO's
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