Government and Not for profit Accounting – Chapter 13

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To answer below 1 to 5 qestions in part one First Locate the latest annual report for any private not-for-profit college or university.

Please  Provide the name and URL for the entity.

Part 1

1.            1.) Is the annual report audited? Name the auditing firm and describe the type of audit opinion that was issued.

2.            2.) List the financial statements that are presented.

3.            3.) What do the notes to the financial statements say about (a) revenue recognition, (b) scholarships, and (c) contributions?

4.            4.) Does the organization have temporarily restricted net assets?  What is the amount of the net assets released from restrictions in the current period?

5.            5.) Does the organization have permanently restricted net assets?

Part 2

1.            Summarize the standards for private not-for-profit colleges and universities (pages 594 – 596)

2.            Explain the special concerns related to auxiliary enterprises and fund-raising foundations (pages 602 – 603)

3.            Explain the different reporting options available to public (government) and private (other NFP) colleges and universities (pages 589 – 594)