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8 Cards in this Set
- Front
- Back
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Section 4400 |
Statement's Include: -Statement of Operations -Statement of Financial Position -Statement of Changes in Net Assets -Statement of Cash Flows **See blackboard for real life example |
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Section 4410 Contributions - Revenue Recognition |
The 3 types of Contributions are: 1. Restricted - Donation restricted for specific purpose 2. Endowment - Invest donation and use income from investment for purpose (scholarships, etc) 3. Unrestricted - No strings attached |
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Section 4420 Contributions Receivable |
Pledges - Record if amounts can be reasonable estimated and collection is reasonably assured. |
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Section 4431/4432 Donated Tangible Capital Assets / Intangible Assets |
Large NFPO's (2 yr avg. revenues > $500k)- Must capitalize and amortize Small NFPO's (2 yr avg. revenues < $500k) - They have 3 choices: - Capitalize & Amortize - Capitalize & no amortize - Expense |
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Section 4440 Collections Held (Works of Art) |
Similar policy as for tangible capital assets |
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Section 4450 Reporting Controlled & Related Entities |
-Control over another NFPO: 1)Consolidation, or 2) Disclosure -Control over a FPO: 1)Consolidation, or 2) Equity Method -Joint Control over a FPO: 1)proportionate consolidation, or 2) Equity Method -Significant Influence in another NFPO: Disclosure -Significant Influence in a FPO: Equity Method -Economic Interest: Full disclosure -Other Investment: 1) Fair value, or 2) Cost/amortized cost |
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Section 4460 Related Party Transactions |
Disclosure (pg 704) |
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Section 4470 Allocated Expenses |
Allocated Expenses (fundraising costs) - Disclosure |
