Answer questions 14-1 and 14-4 with approximately 40 to 90 words each.
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| 14-1. | Identify which level(s) of government regulate(s) NFP organizations and identify the source of authority. |
| 14-4. | 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?
Answer the following questions with 100 to 150 words each.
FASB Statement 117 |
- What are the three classifications of net assets established by FASB Statement 117? How are these net assets affected by the existence or absence of donor-imposed restrictions? How are releases of these net assets accomplished?
- how is adherence to the restrictions monitored?
- how is income from restricted assets reported?
Financial Reporting
- What financial statements are required of not-for-profit organizations? 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?
- what are some of the differences in the balance sheet of a not for profit entity and a for profit entity?
NFP or Governmental
- in what ways can governmental entities raise additional revenue for large dollar projects?
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