Reference no: EM133192878
Assignment: Non Profit Issues in Organizations
A. What are the four categories that non-profits are categorized in and what types of entities are included in each?
B. Discuss how characteristics of not-for-profit organizations and public sector organizations are similar and how they differ.
C. Discuss some of the differences in the preparation and presentation of the operating statements of nongovernmental not-for-profit entities and governmental not-for-profit entities reporting as business-type entities.
D. What are the three categories into which NFPs must classify their net assets? Describe which net assets are included in each category. Would board-designated net assets be reported as temporarily restricted net assets? Explain your answer.
E. What is the value of a statement of functional expenses? What is the FASB and the Financial Reporting Executive Committee's position on who should prepare a statement of functional expenses? Explain why you believe they have taken the positions they have.
F. What is the difference between an unconditional and a conditional pledge? How are the two pledges reported?
G. Distinguish between program services expenses and supporting services expenses. Why is it important that NFPs report expenses for program services separately from those for supporting services?
H. What criteria must be met before a not-for-profit organization can record donated services? If the criteria are met, how should donated services be recorded? Give examples to support your answer.
I. A new administrator for the art museum was concerned that the museum's collection of rare 17th-century American porcelain was not recognized on the financial statements. Explain to the administrator why the collection might not be recognized on the financial statements.
J. What are joint costs and how are joint costs recorded?
K. Identify which level(s) of government regulate(s) NFP organizations and identify the source of authority.
L. Explain a major difference between a 501(c)(3) tax-exempt organization and a 501(c)(7) tax-exempt organization.
M. What is the purpose of the Form 990? Because there are different types of Form 990, explain how an NFP would know which type it must file.
N. What are the distinguishing characteristics between a public charity and a private foundation? What is a public support test and how does it relate to public charities and private foundations?
O. Discuss what, if any, political activity can be undertaken by a charitable NFP organization.
P. What are articles of incorporation and how do they differ from by-laws of an NFP organization?
Q. Explain the role of the Government Accountability Office (GAO), the Department of the Treasury, and the Office of Management and Budget (OMB) in the financial accounting and reporting of the federal government.
R. According to the FASAB conceptual framework, there are four objectives for federal financial reporting. Discuss the four objectives and explain why the focus of the FASAB objectives differs from that of the FASB or the GASB.
S. Defining the reporting entity at the federal level is complicated by different perspectives from which the federal government can be viewed. What are the three perspectives? How are they defined? How do they interrelate?