Contributions received by NFP's may be restricted.Funds can be received in the form of endowment contributions,and contributions that are externally restricted by the donor or internally restricted by the Board.
Required:
Explain the differences between endowment contributions,contributions that are externally restricted by the donor or internally restricted by the Board.Discuss the accounting treatment for each type of restricted contribution if the NFP uses the deferral method of reporting.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q27: In a not-for-profit organization, donated capital assets
Q35: A local ice cream shop pledged 10%
Q36: With respect to the endowment fund, which
Q37: When is it not appropriate to use
Q40: The primary objective of using an encumbrance
Q41: A museum has invested substantial funds in
Q41: Describe the four fundamental ways in which
Q42: World Doctors (WD)is a non-profit-organization that provides
Q44: Baseball for All (BFA)is a non-profit organization
Q45: Food for All (FFA)is a non-profit organization
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents