Question
13-14 1-3 Hi I need help with the following Which of the following organizations would be considered a nongovernmental not-for-profit organization? An organization that provides
13-14 1-3
Hi I need help with the following
Which of the following organizations would be considered a nongovernmental not-for-profit organization?
- An organization that provides shelter for men who have been victims of domestic violence and has been designated as a not-for-profit organization by the IRS. The board of trustees is composed of county commissioners, but in the case of the dissolution of the organization, any remaining funds would be donated to the United Way. Funding for the organization comes entirely from contributions.
- An organization that provides services to persons who wish to learn English as their second language. The organization is incorporated and is funded by fees charged to the learners. All profits are reinvested in the organization to provide further services. The organization has applied for not-for-profit status with the IRS.
- An organization classified by the IRS as a not-for-profit organization that employs individuals with disabilities in a workshop where the workers make custom stationery out of recycled goods. The organization receives cash and in-kind contributions as well as the proceeds from the sale of the stationery. The organization's board is composed of local businessmen and women.
- An organization that provides fund-raising services for other not-for-profit organizations. The organization is funded by fees for its services and was incorporated by the former chairperson of the local United Way organization. The organization distributes 40 percent of its profits to local charities.
According to GAAP, all not-for-profit organizations are required to prepare
- A statement of activities, a statement of functional expense, and a statement of cash flows using accrual accounting.
- A statement of activities, a balance sheet, and a statement of cash flows using accrual accounting.
- A statement of financial position, a statement of activities, a statement of cash flows and a statement of functional expenses using accrual accounting.
- A statement of cash flows, a statement of activities, and a statement of financial position using either cash basis or accrual basis accounting.
Jane's Planes is an organization that provides air transportation for critically ill children. A friend of Jane's Planes, Richard Bucks donated a plane to be used over its remaining life solely for transportation of critically ill children. In addition, he donated a substantial amount of investments that were to be used strictly to generate income to help fund the organization's expenses. These donations would be included in the organization's net assets as:
Plane Investments
a) Permanently Restricted Permanently restricted
b)Temporarily restricted Permanently restricted
c) Permanently restricted Temporarily restricted
d) Temporarily restricted Temporarily restricted
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started