Download the 2016 Form 990 for the Lone Star Flight Museum.

Review the filing, identify the following items, provide the request number and give the name of the schedule or form from which you found or derived the information.

Mission:

Total Revenue:

Prior Year 399,838

Current Year 12,199,757

Total Expense:

Prior Year 1,838,861

Current Year 2,453,039

Net assets:

Beginning Net assets 14,493,308

Ending Net assets 25,610,829

% of expenses spent on:

program expenses, 38.4%

g&a expenses, and 40.7%

fundraising expenses 20.8%

You learned in class that FASB has released new guidance impacting Non-Profit reporting. How would you expect lines 27, 28, and 29 of Part X to change under the new FASB guidance (ASU No. 2016-14)?

Assume you are a potential donor. Reviewing the information that you’ve gathered in the first part above, what questions do you have for management? Using just the information above, do you have any concerns about supporting the organization your company’s funds? What about your personal funds? Do your questions change if you are a potential business partner of the organization, rather than just a donor? Come up with three questions you would ask to help clarify your understanding of the organization’s financial health