Accounting for Government and Non-Profit Entities, Ch. 13

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Answer the following bullets in min of 45 words or more

Accounting for Government and Non-Profit Entities, Ch. 13

NFP Revenue

MARTIN GINSBURG

Many of us make pledges such as to NPR, or other organizations (religious groups, social organizations, etc…) When a not-for-profit (NFP) receives these they must account for them. Sometimes though, they may have a “gift” for making a donation. And this may have different consequences. Think of an NFP that you know of.

  • How do they raise money?
  • Are these pledges/contributions?
  • What determines how they are recorded?
  • How do these differ from exchange transactions?
  • In both cases, when is revenue recorded?

Answer the following bullets in min of 45 words or more

NFP CAFR Statements

MARTIN GINSBURG ,

Over the past few weeks we have explored governmental accounting and its unique differences with respect to fund accounting, modified accrual accounting, and the two sets of financial statements required under GASB Statement #34 – government-wide statements, and fund statements. This week will focus on the intricacies, differences, and uniqueness of the NFP (not-for-profit) organization.

Using a selected NFP CAFR you are interested in;

  • identify what financial statements are required of that organization?
  • How are they different or comparable to those provided by organizations that operate for profit?
  • How does the retained earnings section of for-profit organizations differ from that of the net assets section of not-for-profits?
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