Solution-Differences between other non-profit organizations

Differences between other non-profit organizations

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Reference no: EM132862890

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1. Describe the similarities and differences between other non-profit organizations and government organizations based on the GASB standards research. Give an example of the differences when it comes to financial information as well as operations.

2. You are the financial manager of a museum and are responsible for collecting the financial information necessary to prepare the annual tax return. The museum recently hired a new boss who tells it to include all museum sales, including those made in the gift shop, in your income. You mention the fact that you are aware of the gift shop income is unrelated to the museum's tax-exempt mission and suggest that it be reported separately as has been done in previous years, but your new boss dismisses your concerns.

How could you, as the manager, present this information more clearly to your new boss? In your role, be sure to discuss the concept of unrelated business income (UBI) and unrelated business income tax (UBIT).

Reference no: EM132862890

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Differences between other non-profit organizations : Describe the similarities and differences between other non-profit organizations and government organizations based on the GASB standards research

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Differences between other non-profit organizations

Reference no: EM132862890

Reference no: EM132862890

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