_____ Under FAS 117, voluntary health and welfare organizations must present

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Under FAS 117 (now known as ASC 958 due to the codification of accounting standards), voluntary health and welfare organizations are required to present a separate statement of functional expenses. This statement must show expenses by both their function (such as program services, management and general, and fundraising) and their natural classification (such as salaries, rent, utilities, etc.). This requirement is unique to these types of organizations and is intended to provide greater transparency into how they allocate their resources.

_____ Under FAS 117, Voluntary Health and Welfare Organizations Must