Term
Not for profit organizations (3 describing factors) |
|
Definition
1) RECEIVES CONTRIbutions from providers who do not expect an equal return 2) goals other than providing goods and svcs for profit 3) absence of ownership interest. |
|
|
Term
statement of functional expenses |
|
Definition
All NPs have to provide: balance sheet (statement of financial position) operating/income statement (statement of activities) statement of cash flows--VWHOs also have to submit statement of FE (detailed statement reporting expenses by functional class, e.g. major groupings of program svcs and supporting svcs) and by nature (e.g. salaries, rent, or gas) in a matrix format. |
|
|
Term
Loan between funds recording |
|
Definition
operating fund borrows $100 from building fund:
operating fund assets = liabilities + fund bal Cash due to bldg fund +$100 +$100
building fund assets =liab+fundbal cash due from oper fund no change -$100 +$100 |
|
|
Term
fund purchases services from another fund (recording) |
|
Definition
hospital sends 10 nurses to its nursing school
nursing school operating fund assets = liab + fund balance accounts rec tuition revenue -$100,000 +$100,000
hospital operating fund assets = liabilities + fund balance no change Accts payable tuition exp +$100,000 - +$100,000 |
|
|
Term
transfer between funds as a permanent movement of resources from one to the other, reasons then how it looks |
|
Definition
reasons: mgmt says to do it, transfer is mandatory, legal requirements
if town transfers ten grand fromeneral unrest fund to debt service fund:
general fund assets = liab + fund balance cash transf to debtsvcfund -$10,0000 +$10,000
debt service fund assets = liab + fund balance cash trans from operfund +$10,000 +$10,000 |
|
|