Financial reporting for not-for-profit organizations

Assignment Help Other Subject

Reference no: EM133726599

Question: Your city has a voluntary health and welfare organization (VHWD) that provides musical opportunities for inner-city youth. It does not use fund accounting, but it does identify all revenues by their net asset class. The following transactions have occurred in the past year:

The VHWD received gift pledges from donors in the amount of $25,000, which were to be used however they were needed. History shows that 95% of the pledges were collected.

After 1 month, $24,000 of the pledges was collected. There was $1,000 written off as uncollectible.

The VHWD received a gift of 1,000 shares of stock. The donor of the gift of shares stated that the money was to be used to buy musical instruments for the program.
Fair value of the stock on the date of the gift was $15 per share.

Sale of the stock yielded $17,000.
The VHWD purchased 2 violins at the cost of $2,000 each, 2 cellos for $3,000 each, and a small harp for $5,000 for the program, using the proceeds from the stock sale.
The VHWD billed the city for $5,000 of contracted costs.

The VHWD spent $10,000 on the following:
Music lessons
$7,000
Instrument maintenance
2,000
Administrative expense

1,000

Total

$10,000

Please make a journal entry for each of the transactions. The main areas for information on financial reporting for not-for-profit organizations (NFPOs) and VHWOs can be found in Financial Accounting Standards Board (FASB) statements 116 and 117. For your VHWO, you will have to make an additional report that is not required for NFPOs.

Provide examples of the types of information that would be included in this report. The deliverable length is all journal entries,

Reference no: EM133726599

Questions Cloud

Who are blind because of cortical damage : Who are blind because of cortical damage can still synchronize their circadian rhythm to the local pattern of day and night. Why?

Discuss the stages of the sleep-wake cycle : PSY7310 Biological Basis of Behavior Discuss the stages of the sleep-wake cycle, the biological needs for sleep, and the impact of losing sleep in the human

What it is about this particular serial criminal : Your 2 page Proposal must demonstrate which serial criminal you plan to write about and what it is about this particular serial criminal you find so interesting

Describe how the concepts apply to your life : To go beyond the definitions of key concepts and describe how these concepts apply to your life and thereby help you to become a more effective communicator.

Financial reporting for not-for-profit organizations : Provide examples of the types of information that would be included in this report. The deliverable length is all journal entries

Difference between crime spree and crime series : "Crime spree" and "crime series"; discuss the difference between them. Research current news and provide an example of both.

What were your observations related to this experience : What were your observations related to this experience? Can you think of anything that could have made the experience better for the patient and/or family?

Why was that description frequently accurate in the past : Jails have been regarded as totally inadequate institutions. Why was that description frequently accurate in the past? Why is it less likely to be true today?

Identify all revenues by their net asset class : Identify all revenues by their net asset class. The following transactions have occurred in the past year

User Account

All Pages