A private,not-for-profit hospital received the following restricted contributions and other receipts during the year ended December 31,20X8:

None of the contributions or other receipts were expended during the ended December 31,20X8.For the year ended December 31,20X8,what amount would be reported on the hospital's statement of changes in net assets as an increase in net assets with donor restrictions?

Question

A private,not-for-profit hospital received the following restricted contributions and other receipts during the year ended December 31,20X8:

None of the contributions or other receipts were expended during the ended December 31,20X8.For the year ended December 31,20X8,what amount would be reported on the hospital's statement of changes in net assets as an increase in net assets with donor restrictions?

Quizplus · Accepted Answer

According to the information provided, the hospital received the following restricted contributions and other receipts during the year ended December 31, 20X8:

- Grants restricted for specific purposes: $500,000
- Contributions restricted for long-term investment: $1,000,000

Since none of these funds were expended during the year, they represent an increase in net assets with donor restrictions. Therefore, the amount reported on the hospital's statement of changes in net assets as an increase in net assets with donor restrictions would be $1,500,000 ($500,000 + $1,000,000). Choice A is correct.

A Private,not-For-Profit Hospital Received the Following Restricted Contributions and Other