1. Which authoritative body or bodies guide financial reporting for not-for-profits other than governmental entities? Discuss how this works for charities, hospitals, and colleges/universities.
2. Find the CAFR for a chosen charity. Discuss the typical financial statements for that charity, what the charity does, and what percentage of donations go to fund the mission of the charity. Do you believe that 100% of the inflow of funds should go to mission? Why or why not?
3. Do some research on fraud in charitable organizations. You may find articles about this as well. Summarize your findings for the class.