Historically, the financial reporting for private not-for-profit entities have differed significantly according to the type of organization (such as a health care center versus a college or university). The reporting of these entities is now standardized considerably by FASB pronouncements that focus on the reporting of contributions and the financial statements to be issued. However, public colleges and universities and similar organizations still must follow the standards issued by the GASB. Discuss which statements the FASB has established for a private not-for-profit organization. In the mean time, for reporting purposes, the economic resources of a private not-for-profit organization must be classified within one of three categories. Discuss each one of these categories in greater detail. Use sources to validate your response.