Question
any guidance would be greatly appreciated please guide me to Compare the organization's reporting of pledges and contributions to its reporting of exchange transactions. How
any guidance would be greatly appreciated
please guide me to Compare the organization's reporting of pledges and contributions to its reporting of exchange transactions. How should they be recorded and subsequently reported in the financial statements
reference
http://horizonschildren.org/wp-content/uploads/2016/12/Horizons-FY16-Final-Financial-Statements-and-Report.pdf
Donated Goods and Services Volunteers and other organizations contribute services to the Agency in support of various aspects of its programs. These services are reflected in the accompanying financial statements based upon the estimated value assigned to them by the donating volunteers, agencies, or by management. The value of donated professional services provided for the years ended June 30, 2016 and 2015, was $109,781 and $64,186, respectively. The value of donated goods received for the years ended June 30, 2016 and 2015, was $34,850 and $110,669, respectively. The Agency receives services of volunteers to fulfill various aspects of its programs. These volunteers contributed over 150,000 and 140,000 hours of service for the years ended June 30, 2016 and 2015, respectively. The hourly value for these services, which is determined by management, was approximately $29 per hour for June 30, 2016 and $28 per hour for June 30, 2015. In addition, the Agency receives certain goods which are used in various aspects of its programs. The value of these goods and services is not reflected in the accompanying financial statements, since these donations do not meet the criteria for recognition under standards pertaining to ASC Topic, Accounting for Contributions Received. 13 Horizons for Homeless Children Notes to the Financial Statements - Continued June 30, 2016 and 2015 5. Donated Goods and Services - continued Total unrecorded donated goods and services were as follows for the years ended June 30: 2016 2015 Volunteer workers $ 4,350,000 $ 3,920,000 Educational supplies 57,158 82,480 Advertising - 120,000 Other 56,872 43,556 Printing and design services - 5,900 Total $ 4,464,030 $ 4,171,936
Pledges Receivable As of June 30, 2016 and 2015, the Agency has $593,816 and $1,108,624, respectively, in outstanding pledges. Approximately 42% of the Agency's pledges receivable at June 30, 2016, was from two donors. Approximately 70% of the Agency's pledges receivable at June 30, 2015, was from four donors. As of June 30, 2016 and 2015, approximately 22% and 11%, respectively, of the Agency's pledges receivables were from members of the Board of Directors. The allowance for doubtful accounts is based on collection experience and other circumstances that may affect the ability of donors to meet their obligations. It is the Agency's policy to charge off uncollectible pledges receivable when management determines the receivable will not be collected. Pledges receivable are expected to be collected as follows as of June 30:2016 2015 $ 609,259 $ 983,213 - 150,000 609,259 1,133,213 (9,443) (18,589) (6,000) (6,000) $ 593,816 $ 1,108,624 Less - discount (rates ranging from 3.25% to 5.00%) Net pledges receivable
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