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Calculate the program ratio

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Question - The objective of this exercise is to get you familiar with the audited financial statements and IRS Form of a Nonprofit Entity, the American Cancer Society (www.cancer.org, click on "About Us," and click on "Financials and Governance") and obtain the audited financial statements for the fiscal year ended December 31, 2019 and Form 990 for 2019. Form 990?can also be obtained from www.Guidestar.org. Answer the following questions:

1. What are the four broad mission areas of the organization? Where did you find this information?

2. Does ACS hold an endowment? What information is available and from where?

3. Does the American Cancer Society record any volunteer time as contributed service? How do you know?

4. Identify the types of receivables presented in the statement of financial position. In addition, provide a brief explanation of how these items meet the definition of an asset and describe the journal entries that would be required to record these assets.

5. Calculate the program ratio (Total Program expenses/Total expenses) based on the financial statements and the 990. Do the ratios differ? Why?

6. The 990 Schedule A identifies the reason for the American Cancer Society's status as a public charity. What reason is identified?

Reference no: EM133159628

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