answer the following true or false for each:

28. Zelda is president of a tax-exempt NFP. Zelda owns property and has agreed to rent the property to the NFP for $150,000 per year. Zelda and the NFP have entered into a rental agreement (lease contract). The appraised fair rental value for this particular property is $130,000 per year. Assuming no additional adjustments are made, and that no additional appraisals are obtained, the IRS will most likely revoke the NFPs tax-exempt status.

29. The source of GAAP for public colleges and universities (C&U) is primarily the GASB

30. The statement most like the income statement used by public C&U is called the Statement of Revenues, Expenses, and Change in Net Position

31. The balance-sheet-like statement used by private C&U have categories of net assets categorized as unrestricted, temporarily restricted and permanently restricted.

32. The income-like statement most likely to have operating and nonoperating activity is the Statement of Activities.

33. The C&U type that will report intangible assets separately is a Private C&U.