A person pledges a new additional long-term multi-year donation. They do trust the staff of the nonprofit and its daily leadership to grow the mission but this time for the multiple years of the grant, the donor wants the money to go to a particular one of the services the nonprofit offers. How should donor designate the grant?

A person pledges a new additional long-term multi-year donation. They do trust the staff of the nonprofit and its daily leadership to grow the mission but this time for the multiple years of the grant, the donor wants the money to go to a particular one of the services the nonprofit offers. How should donor designate the grant?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A private not-for-profit entity receives numerous pledges of financial support to be conveyed at various times over the next few years. Under what condition should these pledges be recognized as receivables and contributed support? At what amount should these pledges be reported?
Please answer the all questions.
A donor gives the oroganization cash and specifies that the money is to be usedin 4 years. Is this change in net assets with or without donor restrictions?
-Suppose that deans objective with the donation to the museum was to finance expansion of the historical collection. What is deans charitable contribution deduction for the painting in this situation?
Snow Inc., a calendar year, accrual basis corporation, wants to make a $20,000 donation to the Wild Bird Sanctuary, a qualified charitable organization, but does not have adequate funds to make the contribution in 2023. On December 28, 2023, Snow's board of directors authorizes a $20,000 contribution to the Wild Bird Sanctuary. The donation is made on April 10, 2024. Based on these facts: a. Snow's 2023 income is reduced by $10,000 and Snow's 2024 income is reduced by $10,000. b. Snow gets no tax benefit in either 2023 or 2024 for the charitable contribution. c. Snow must pay $4,200 in Federal income taxes in 2023. d. Snow must deduct the $20,000 contribution in 2024, the year of the payment. e. Snow defers payment of $4,200 in Federal income taxes in 2023.
in Georgia to be eligible to collect funds from the real estate education research and recovery fund a civil suit must be filed 2 years of the cause of the action 5 years of the cause of the action 4 years of the cause of the action 3 years of the cause of the action
For each of the following indicate the fund (or funds), if any, in which you think the activity should be accounted for and reported. If you think the fund should be a fiduciary fund, then indicate the type of fund; if a governmental or proprietary fund, then so state. Provide a brief explanation for your response. The Jackson School District holds all funds of the foundation that supports the Jackson High School football team. The foundation is governed by a board of advisors, the members of which are selected by a committee of other advisors. The District performs no administrative functions other than depositing the funds in a checking account and writing checks as directed by the foundation. Virginia State University requires that all cash collected by university‐sponsored clubs be held in university maintained accounts and that all disbursements be approved by the Assistant Dean of Students, consistent with policies and procedures established by the university. Using general…
The following selected transactions occurred for a nongovernmental, not-for-profit organization. 1. Received a contribution of stock to establish an endowment fund. The income from the endowment is unrestricted. The donor had acquired the stock for $23 about 20 years earlier. Its estimated fair value when donated was $250. 2. Pledges receivable at year end were $100, all from pledges received during the year. The pledges are unrestricted and 5% of the pledges are estimated to be uncollectible. The pledges expect to be collected early next year. For questions 3-5, assume that the organization has adopted a policy that restrictions on donations made for capital purposes are met when the capital item is purchased. A cash gift of $200 was received restricted for the purchase of equipment. Equipment of $80 was purchased from the gift restricted for this purpose. Depreciation expense for the year on the equipment purchased is $10. Required: Prepare the journal entries for the above…
A private college has received pledges that are due within one year pledges that are long-term. How will the college report the pledges in its financial statements?
Early in 2018, a not-forprofit organization received a $4,000,000 gift from a wealthy benefactor. This benefactor specified that the gift be invested in perpetuity with income restricted to provide speaker fees for a lecture series named for the benefactor. The not-for-profit is permitted to choose suitable investments and is responsible for all other costs associated with initiating and administering this series.Neither the donor’s stipulation nor the law addresses gains and losses on this permanent endowment. In 2018, the investments purchased with the gift earned $100,000 in dividend income. The fair value of the investments increased by $300,000. The not-for-profit’s accounting policy is to record increases in net assets, for which a donor-imposed restriction is met in the same accounting period as gains and investment income are recognized, as increases in unrestricted net assets.Five presentations in the lecture series were held in 2018. The speaker fees for the five…
The governing board of a private not-for-profit entity votes to set $400,000 in cash aside in an investment fund so that this money and future interest will be available in five years, when a new building is scheduled for construction. Which of the following is not true? Multiple Choice The investments are reported on the statement of financial position as net assets without donor restrictions. The acquisition of the investments is not reported on the statement of activities. Board-designated funds will appear in the net asset section of the statement of financial position as net assets with donor restrictions. Income earned by these investments appears on the statement of activities under net assets without donor restrictions.
The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions. Computed interest of…

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