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Pages:
3 pages/≈825 words
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3 Sources
Style:
Other
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
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MS Word
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Topic:

Financial Reporting Review of a Not-for-Profit Organization

Essay Instructions:

Week 10 - Assignment: Financial Reporting Review of a Not-for-Profit Organization
Overview
Not-for-Profit (NFP) organizations are different from governmental entities in that they lack the authority of law to generate revenues and have greater flexibility in administering their budgets.
Select one NFP organization in an area of interest to you and review their financial statements and audit report. The NFP organization selected must have their financial statements and audit report publicly available on their website.
Instructions
Write a 3–5 page paper in which you do the following:
Determine if the NFP's statements conform to the FASB guidance, explaining how the selected NFP uses the required fund categories and recommending at least two areas of potential interest to stakeholders concerning the NFP's revenue and expense status.
Analyze the selected NFP’s financial statements to determine if the statements conform to the Financial Accounting Standards Board (FASB) guidance from Not-for-Profits. (Note: You have to click “Accept” to see the guidance.)
As part of the analysis, explain how the selected NFP organization uses the required fund categories and recommend at least two areas of potential interest to stakeholders concerning the NFP’s revenue and expense status.
Explain the format utilized to prepare the Statement of Cash Flows, pointing out at least two areas of emphasis that differ from GAAP accounting format.
The financial statements of NFP organizations include a Statement of Cash Flows.
Analyze this Statement of Cash Flows in order to explain the format utilized.
Point out any unique areas of emphasis that differ from GAAP accounting format.
Compare the organization's reporting of pledges and contributions to its reporting of exchange transactions, discussing at least three of the funds used.
NFP organizations report pledges and contributions in addition to reporting exchange transactions.
Assess the fiscal condition of the selected NFP organization, interpreting financial indicators specific to NFPs and financial ratios widely accepted as being indicative of fiscal health.
Use at least three quality sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
Produce writing that contains accurate grammar, mechanics, and spelling in accordance with SWS style.

Essay Sample Content Preview:
Financial Reporting review of Not-For-Profit Organizations
All of a non-revenue profit goes toward furthering its mission and covering administrative costs instead of being distributed to shareholders. Non-profits, in contrast to for-profit enterprises, do not return any surplus funds to their investors. Instead, they use the money to promote a specific ideology or social cause. They operate primarily as charitable organizations and are not required to pay taxes on any revenue they receive from well-wishers or earn on their own. Most non-profit organizations strive to further social goals in religion, science, research, and education. Three main kinds of non-profit organizations exist: Social advocacy organizations promote or lobby for a particular social or political cause. These organizations receive funding from membership dues and members who pay fees to participate in their educational activities (Bowman, 2011). Chambers of commerce, real estate boards, and associations for health professionals are a few examples of popular trade organizations. Foundations provide funding for organizations and activities that further a particular societal goal. They must donate a set proportion of their salary to keep their status. Despite contributing to groups engaged in political lobbying, foundations are not allowed to finance political activities in the U.S.
I want to focus my paper on the United Way Worldwide organization. It was formed in 1887 in Denver, Colorado, United States, and operates as a Private non-profit organization. The Financial Accounting Standards Board (FASB) creates and publishes accounting standards using a transparent and open approach to encourage reporting that is useful to investors and other users of financial documents. The FASB had to develop some GAAP to help improve the organization's effectiveness, thus implying the same for the United Way Worldwide organization (Flood, 2021). Many principles should be adhered to when conducting business, including the following: The Principle of Regularity, sincerity, Non-compensation, Permanence of methods, focus on consistency etc.
Mutual funds can be categorized based on their principal investment characteristics and objectives. According to this categorization, investors can spread their cash among a number of funds with different risk and return profiles. Other types of funds, such as equity funds, bond funds, money market funds, balanced funds, fund of funds, retirement funds, absolute/total return funds, commodity funds, guaranteed funds, and structured fu...
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