The GOOD SHEPHERD Foundation, a nonprofit organization, had the following cash contributions and expenditures in 2018: Acquisitions of investment in securities Payment of long-term debt Payment of supporting expenses Disposal of property and equipment Acquisition of property and equipment Unrestricted cash contributlon Cash contributions, restricted by the donor to the acquisition of property Cash contributions to be permanently invested P11,500 20,000 6,400 10,400 9,800 45,000 29,000 50,000 9,000 Payment of program expense Cash contributions, restricted by the donor to the retirement of long-term debt 31,000 Page 12 Net cash provided by (used in) operating activities: Net cash provided by (used in) Investment activities: Net cash provided by (used in) financing activities:
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- In 2018, Pyle Hospital received a $250,000 pure endowment grant. Also in 2018, Pyle’s governing board designated, for special uses, $300,000 that had originated from unrestricted gifts. What amount of these resources should be accounted for as part of the unrestricted net asset class? a. $0 b. $250,000 c. $300,000 d. $550,000The following information pertains to interest received by Beech Public University from endowment fund investments for the year ended June 30, 2018: Received Expended forCurrent Operations Unrestricted . . . . . . . . . Restricted . . . . . . . . $300,000 500,000 $100,000 75,000 What amount should be credited to Endowment Income for the year ended June 30, 2018?a. $800,000b. $375,000c. $175,000d. $100,000City of Rocky Basin Private - Purpose Trust Fund College Scholarship Fund Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2022 Additions: 1. A prominent citizen funds the trust for the College Scholarship Fund with $4,500,000 from her estate based on the provisions of her will. The City of Rocky Basin controls the trust assets. The terms of the will require the trust to maintain the principal intact; investment income is to be used to provide college scholarships for deserving graduates of Rocky Basin High School, which is independent from the City of Rocky Basin. 2. The entire gift is invested in certificates of deposit (CDs). 3. Interest income of $225,000 was received in cash. 4. That $225,000 was reinvested in short-term CDs. 5. The short-term CDs matured, yielding interest income of $2,250. 6. Interest income of $252,000 was received in cash. 7. Scholarships totaling $146,250 were paid to eligible students based on the provisions of the will that…
- Cullumber College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value $112,000 116,600 144,400 $373,000 Fair Value $99,000 138,600 158,400 $396,000 During 2025, the investment pool earned dividends of $10,400 and interest of $16,200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $23,000 and were reinvested in securities held in the pool.Identifying the appropriate net asset classification For each of the following transactions, identify the net asset classification (without donor restrictions, with donor restrictions) that is affected in the nonprofit’s financial statements for the year ended December 31, 2019. Both net asset classifications may be affected in some transactions. If net assets are not affected by the transaction, select No entry as your answer. 1. Donor A gave the nonprofit a cash gift of $50,000 in June 2019, telling the nonprofit the gift could not be used until 2020. (Identify the affected net asset classification(s) in the journal entries made both in June 2019 and at the start of 2020.) June 2019 ______________________ Start of 2020 __________________ 2. Attorney Howard Gorman volunteered his services to Taconic Singers, a nonprofit. He spent 12 hours preparing contracts for the services of professional singers and 8 hours serving as an usher before performances. Gorman normally gets…Current Attempt in Progress Your answer is partially correct. Crane College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value $114,750 118,850 142,400 $376,000 Fair Value $97.750 Account Titles and Explanation Loan Fund 136,850 156,400 $391.000 During 2025, the investment pool earned dividends of $10.700 and interest of $19.200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $15.000 and were reinvested in securities held in the pool. Prepare the journal entries that are necessary in the records of each of the funds to account for the earnings of the investment pool during 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,…
- Answer both i and ii. please answer asap Assume instead that Good Charity prepares its annual financial statements using the restricted fund method of accounting for contributions and has chosen to have a general, capital and endowment fund to account for its activities. Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. Feb 1: A donor contributes $60,000 on the condition that the principal amount be invested in marketable securities and that only the income earned from the investment be spent on operations. Income of $2,000 was earned and received during 2020 on these investments. General donations of $85,000 were received during 2020. d) Feb 1: the government gave $80,000 to Good Charity to purchase equipment and furniture with a useful life of 10 years. This was all used to purchase $100,000 of equipment and furniture on July 1, 2020 and the operation opened in a rented facility on July 2, 2020. e) Costs of $72,000 were incurred…A citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has stipulated that the investments be held. Any resulting income must be used to help maintain the city’s cemetery. In which fund should this asset be reported? Special revenue funds Capital projects funds Permanent funds General FundsIn 2021, Garden City bought land for $50,000. Which of the following is not true? O a. The land could be reported as an asset by the business-type in the fund-based financial statements. O b. The land could be reported as an asset by the governmental funds in the fund-based financial statements. O c. The land could be reported as an asset by the governmental funds in the government-wide financial statements. O d. The land could be reported as an asset by the business-type activities in the government-wide financial statements.
- Determine the amount of revenue recognized for each of the following items and whether the revenue would be classified as net assets with donor restrictions or net assets without donor restrictions. 1. 77000 of promises to give to program activities. 2. 675000, services are donated that meet the recognition of services definition. 3. 274000 cash received. Restricted to 52000 for scholarships and the rest for acquisition of capital project. 4. 572000 of unconditional promises to give to support activities. 5. A donor contributes 729000 cash to set up a donor‐restricted endowment fund. The income is restricted to support program purposes. 6. A donor contributes cash to set up an annuity trust with a present value of 742000. Net assets with donor restrictions is 649000 Net assets without donor restrictions is 2420000.Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for- profit entity that operates in Missouri. The leaders of these two organizations have decided to combine forces on January 1, 2020, in order to have a bigger impact from their work. They are currently discussing ways by which this combination can be created. The following are statements of financial position for both charities at that date. HELP & SAVE Statement of Financial Position January 1, 2020 Assets Cash $1,800,000 110,000 400,000 800,000 $3,110,000 Contributions receivable (net) Investments Buildings & equipment (net) Total assets Liabilities Accounts payable and accrued liabilities Notes payable Total liabilities $210,000 1,200,000 $1,410,000 Net Assets $1,300,000 400,000 $1,700,000 $3,110,000 Net assets without donor restrictions Net assets with donor restrictions Total net assets Total liabilities and net assets SWIM FOR SAFETY Statement of Financial Position January…Compute taxable income of a charitable trust for the A.Y 2023-24 under the following cases: Particulars Income other than voluntary contribution Voluntary contribution Voluntary contribution in the corpus of the trust Income applied for the purpose for which trust is created Case 1 4,00,000 1,00,000 2,00,000 4,50,000 Case 2 5,00,000 80,000 1,50,000 4,93,000 Case 3 15,00,000 2,00,000 5,00,000 2,00,000