2 Learning Objectives Understand the sources of GAAP for nongovernment not-for-profit organizations Explain basis of accounting and the financial statements required for nongovernment notfor-profit organizations Distinguish between and among the three net asset classes Understand the timing of recognition and the classification of revenues and expenses of nongovernment not-for-profit organizations
3 Learning Objectives (continued) Understand the reporting of restricted contributions and restricted investment income Account for and report the satisfaction of donor-imposed temporary restrictions on the use of resources Prepare journal entries for common transactions of nongovernmental not-for-profit organizations Prepare nongovernment not-for-profit organization financial statements
4 The Nonprofit GAAP Problem Private sector (nongovernmental) nonprofit organizations (NPOs) look to the FASB for GAAP Public sector (governmental) NPOs look to the GASB for GAAP Focus of this chapter is on nongovernmental NPOs
5 Interested in two groups Voluntary health and welfare organizations (VHWOs) Other not-for-profit organizations (ONPOs) which exclude Colleges & Universities (Chapter 17) Health care organizations (Chapter 18) VHWOs
6 Evolution of NPO GAAP AICPA started playing role in mid-1960s FASB assumes responsibility in 1979 FASB #32 adopted AICPA Statements of Position (SOPs), audit guides, and accounting guides
7 Primary Authoritative Guidance FASB #116 Accounting for Contributions Received and Contributions Made FASB #117 Financial Statements for Notfor-Profit Organizations FASB #124 Accounting for Certain Investments Held by Not-for-Profit Organizations AICPA Audit and Accounting Guide, Not-for- Profit Organizations, adopts all this guidance
8 Distinguishing Features of VHWOs Purpose to meet a community health, welfare, or other social service need Voluntary nature no fee is charged, or only a very small fee in proportion to the service provided is charged Relationship to resource providers not the primary recipients of services or benefits
9 Examples of VHWOs United Way Boy Scouts and Girl Scouts American Heart Association YMCA and YWCA
10 Examples of ONPOs Cemetery organizations Civic organizations Fraternal organizations Libraries Museums Other cultural institutions Performing arts organizations Political parties Private and community foundations Private elementary and secondary schools Professional associations Religious organizations Research and scientific organizations Zoological and botanical societies
11 Classes of Net Assets Unrestricted Net Assets Temporarily Restricted Net Assets Permanently Restricted Net Assets Examine in reverse order
12 Permanently Restricted Net Assets Donor-imposed restrictions are permanent in nature not capable of being satisfied or removed by organization Examples Assets that were donated as permanent endowments Assets that are restricted for a certain purpose and must be preserved
13 Temporarily Restricted Net Assets Donor imposed restrictions will be met (satisfied) by passage of time or by use of resources for required purpose Examples Assets restricted to certain use research, capital asset acquisition, etc. Assets restricted for use in certain time period Pledges receivable due in future years Assets with implied time restriction based on organization s policy
14 Unrestricted Net Assets No donor-imposed restrictions Examples all other assets, including board-designated resources that are not donor-restricted, even if restricted by bond indentures or other contracts not involving donors or grantors
15 Non-GAAP Accounting & Reporting Requirements IRS requirement for annual filing of Form 990 Donors and grantors may require special reports to ensure funding is properly spent Fund accounting may be used for tracking large grants or because it has been used successfully in the past
16 MFBA Measurement focus in on economic resources Basis of accounting is accrual
17 Required Financial Statements Statement of Financial Position (Balance Sheet) Statement of Activities Statement of Cash Flows VHWOs must also present Statement of Functional Expenses
18 Statement of Financial Position No specific format required Fund reporting not prohibited Aggregated totals for assets, liabilities, and net assets is required, as is reporting the three classes of net assets Some accounts do have specific requirements
19 Investments FASB #124 provides guidance Investments initially recorded at cost (if donated, at fair value at time of gift) At report date Investments in debt and equity securities reported at fair value Other investments reported at cost, lower of cost or market, or at market value Change in fair value reported as unrestricted unless restricted by donor stipulation or law
20 Pledges Unconditional Promises to Give Recognize receivable if pledges are unconditional promises to give Does not have provisions that release donor based on future and uncertain event Conditional promise may be unconditional if occurrence of event is remote Revenue recognized for net amount expected to be collected within one year Revenue for collections to be made in more than one year recognized at present value
21 Pledges Conditional Promises to Give Not reported as receivables Note disclosure only Support from conditional promises to give recognized when conditions are met
22 Fixed Assets Recognized at cost (or fair value if donated) use of estimates allowed but must be disclosed in the notes Donated fixed assets reported as unrestricted unless temporarily restricted required Depreciation expense recorded on fixed assets used in operations or in production of income Assets held for sale not depreciated
23 Collections Defined as works of art, historical treasures, or similar assets that are Held for public exhibition Protected, cared for, and preserved Subject to policy that requires proceeds from sale of items to acquire other items for collection NPOs must capitalize works of art, historical treasures, or similar assets that do not meet above requirements
24 Collections (continued) Accounting options for collections Not capitalizing any collections Capitalize collections after adopting FASB #116 but not those acquired prior to that date Capitalize all collections regardless of when acquired
25 Collections (continued) Capitalized collections Assets reported at fair value and as contributions Increase appropriate net asset classification Collections not capitalized are disclosed only in notes to financial statements
26 Trusts and Similar Agreements May be held by a third party Should be recognized as assets and contributions unless third part has discretion to provide resources to others If such discretion is allowed, recognize as assets and contributions when resources provided Revocable trusts are treated as conditional promises
27 Trusts and Similar Agreements (continued) Irrevocable perpetual trusts established for sole benefit of NPO increase permanently restricted net assets Term endowments increase temporarily restricted net assets
28 Statement of Activities [Page 651] Revenues and gains reported by source Expenses Reported by function Classified as either Program services Support services Changes in classes of net assets reported separately
29 Reporting Revenues & Expenses Must be reported at gross Result from ongoing major or central activities Revenues reported in appropriate net asset category All expenses reported in unrestricted net asset category
30 Reporting Gains and Losses May be reported at net or gross Result from transactions that are considered peripheral or incidental to organization Reported in appropriate net asset category
31 Contributions Significant source of revenue for most NPOs Defined as: an unconditional transfer of cash or other assets to an entity or a settlement or cancellation of its liabilities in a voluntary nonreciprocal transfer by another entity acting other than as owner
32 Key Features of Contributions Unconditional not subject to future and uncertain events that could require return of assets or reinstatement of liabilities Nonreciprocal nothing of significant value is given in return for the contribution Voluntary Not an ownership investment
33 Recognizing Contribution Revenue In period received or unconditionally promised Must analyze grants, memberships dues, & sponsorships Part may be contributions Part may be exchange transaction Reported in appropriate net asset category
34 Options for Use Restriction Contributions Report as temporarily restricted net assets satisfaction of restrictions reported as decrease to temporarily restricted net assets and increase to unrestricted net assets Report satisfied portions as changes in unrestricted net assets
35 Still Another FASB Standard #136 Transfers of Assets to a Not-for- Profit Organization or Charitable Trust that Raises or Holds Contributions for Others Recognize revenues if holder has right to redirect use of assets to party other than designated beneficiary If power not explicitly granted, liability recognized instead of revenue
36 Pledges Revenues recognized when unconditional pledge is received Conditional pledges & transfers recognized as revenues when conditions are met Unconditional pledges due in future years reported as restricted support unless donor specifies it is for current operations
37 Membership Dues can take many forms Exchange revenues for which benefits or services are made available revenue recognized over period that benefits are provided Contributions recognized as revenues when received A little bit of both
38 Special Fund-Raising Events Revenues reported at gross unless event is incidental or peripheral Options for reporting expense direct costs Expense deduction from related revenue Separate line in expense section Gain reported if event is incidental or peripheral (expenses reported parenthetically)
39 Investment Income and Gains/Losses Determined partly by the investment valuation method used For most investments, changes in fair value, interest, and dividends are reported as changes in appropriate net asset category Restricted income, gains, and losses reported as changes in temporarily restricted or permanently restricted net assets
40 Donated Materials, Facilities, & Services Materials Contribution revenue when received Expense recognized when materials used or sold Donated services reported as contributions and assets or expenses if services created or nonfinancial assets enhanced
41 Other criteria for recognizing donated services Require specialized skills (accounting, medicine, plumbing), Provided by individuals with those skills, and Would typically have been purchased if they are not donated.
42 Net Assets Released from Restrictions Reported when donor restrictions on resource use are met Reported as both an increase to unrestricted net assets (but are not revenues) and decrease to temporarily restricted net assets (but not as expenses)
43 Overview for Restricted Contributions and Investment Income [Pages ] Illustration 16-3 provides comprehensive overview of reported restricted contributions and investment income Meant to summarize much of chapter
44 Expense Classifications Program Services relate directly to the primary missions of the organization Supporting Services not directly related to primary missions; include: General administration Membership development Fund-raising Both classifications classified by program or function
45 Fund-Raising Costs Examples Mailing lists Printing Mailing Personnel Occupancy Newspaper and other media advertising Costs of unsolicited merchandise sent to encourage contributions
46 Fund-Raising Costs as Joint Activities Costs of joint activities must be reported as fund-raising expenses unless The activity meets three conditions related to the purpose of the activity The audience to whom the activity is addressed Actions that the audience is asked to take
47 Conditions Related to Purpose of Activity At least one purpose of joint activity must be to accomplish some program function that is part of the NPO s mission or to fulfill management & general responsibilities Audience for the activity must not be selected based on ability or likelihood to make contributions Activity must motivate the audience to take specific actions (other than making contributions) that support program goals or fulfill a management & general responsibility
48 Statement of Cash Flows: Unique Aspects Reporting contributions & investment earnings that are restricted for capital assetrelated, endowment, or other long-term purposes as financing activities Reporting changes in cash restricted for longterm purposes as investing activities Reconciliation of the total changes in net assets from the statement of activities to the net cash flows from operating activities
49 Statement of Functional Expenses VHWOs must present statement; optional for ONPOs Provides detail of expenses section of Statement of Activities by object class or type of expense
50 Nongovernment VHWO and ONPO Accounting and Reporting Illustration
51 #1 Prior year donation [Page 658] Reclassifications Out Reclassifications In 22,000 22,000 Entry is made because the implied (or expressed) time restriction has been met. Reclassification is reported as Net assets released from restrictions.
52 #2 Gifts for current and future years [Page 659] Cash Unrestricted Support Contributions Temporarily Restricted Support Contributions 15,000 5,000 10,000 5,000 was for current year; 10,000 for next year. Restricted support account is used to record temporarily restricted contributions. This example is of a time restriction.
53 #3 Unrestricted Pledges [Page 659] Pledges Receivable Allowance for Uncollectible Pledges Unrestricted Support Contributions Temporarily Restricted Support Contributions 250,000 25, ,000 45,000 50,000 restricted for next year; 200,000 designated to support current year operations; 10% of pledges expected to be uncollectible.
54 #4 Collections of pledges [Page 660] Cash Allowance for Uncollectible Pledges Pledges Receivable 205,000 18, , ,000 in pledges were collected; 18,000 were written off.
55 Donation and subsequent sale [Page 660] #5 Donation Land & Building Held for Resale Unrestricted Support Contributions 150, ,000 #6 Subsequent sale Cash Land & Building Held for Resale 150, ,000 Land and building donated in current year and held for resale. No restrictions on donated property or its sale proceeds.
56 #7 Investment income [Page 660] Cash Accrued Interest Receivable Unrestricted Revenues Investment Income 36,000 2,000 34,000 Investment income of 20,000 on unrestricted investments and 14,000 of unrestricted income from endowments was received. Interest accrued at the end of the previous year was also received.
57 #8 Fund-raising banquet held [Page 660] Cash Unrestricted Support Special Events 75,000 75,000 Expenses Direct Cost of Special Cash Events 25,000 25,000 Ticket sales for banquet totaled 75,000. Related direct costs of $25,000 for meals and gratuities were paid.
58 #9 Donated materials and facilities [Page 660] Inventory of Materials Expenses Fund-Raising Unrestricted Support Donated Materials 4,000 6,000 10,000 Expenses Research Expenses Management & General Unrestricted Support Donated Services 4,800 3,200 8,000 Materials, 10,000 40% unused at year-end; 60% used for fund-raising Facilities, 8,000 60% for research offices; 40% for recordkeeping
59 #10 Recordable donated services [Pages ] Expenses Management & General Expenses Research Unrestricted Support Donated Services 7,000 3,000 10,000
61 #12 Salaries and wages paid or accrued [Page 661] Expenses Management & General Expenses Fund-raising Expenses Education Expenses Research Cash Accrued Salaries Payable 30,000 15,000 27,000 16,000 85,000 3,000
62 #13 Other expenses & accruals [Page 661] Vouchers Payable Inventory of Materials Expenses Management & General Expenses Fund-raising Expenses Education Expenses Research Cash Vouchers Payable 17, ,000 67,000 85,000 50, ,800 14,000
63 #14 Board designation [Page 661] Unrestricted Net Assets Unrestricted Net Assets Designated for Endowment 50,000 50,000 Endowment earnings will be used to finance research. Since this is only a Board designation, it does not change the classification from unrestricted to restricted.
64 #15 Restricted gifts meet time requirements [Page 662] No entry time restriction has been met but there is another restriction: that resources be used to for certain research programs. Resources will not be reclassified until use restriction is also fulfilled.
65 #16 Restricted gifts & pledges received [Page 662] Cash Pledges Receivable Allowance for Uncollectible Pledges Temporarily Restricted Support Contributions 30, ,000 10, ,000 Pledges are collectible over the next year. Both gifts and pledges restricted for certain education efforts. 10% of pledges estimated to be uncollectible.
66 #17 Pledges collected or written off [Page 662] Cash Allowance for Uncollectible Pledges Pledges Receivable 80,000 7,000 87,000
67 #18 Investment income [Page 662] Cash Temporarily Restricted Revenues Investment Income 20,500 20,500 Income on investments of restricted contributions. Income is also restricted by donors.
68 #19 Expenses financed by temporarily restricted net assets incurred & paid [Page 662] Expenses incurred Expenses Education Expenses Research Cash 70,000 18,000 88,000 Reclassification of Net Assets Temporarily Restricted Net Assets Reclassifications Out Unrestricted Net Assets Reclassifications In 88,000 88,000
69 #20 Gift of a permanent endowment [Page 663] Cash Restricted for Endowment Permanently Restricted Support Contributions 55,000 55,000
70 #21 Endowment fund earnings [Page 663] Cash Restricted for Endowment Permanently Restricted Support Investment Income 10,500 10,500 Restricted by donor stipulation to increasing permanent endowment base.
71 #22 Sale of endowment investment [Page 663] Cash Restricted for Endowment Investments Restricted for Endowment Permanently Restricted Gain Gain on Sale of Investments 14,400 13,000 1,400 Cost of investments was 13,000. By donor stipulation, realized gains (losses) on endowment must be added (deducted) from permanent endowment principal.
72 #23 Cash for fixed asset acquisition [Page 663] Cash Restricted for Plant Purposes Temporarily Restricted Support Contributions 100, ,000
73 #24 Purchase of equipment [Page 663] Purchase Equipment Cash Restricted for Plant Purposes 140, ,000 Reclassification of Net Assets Reclassification Out Reclassification In 140, ,000
74 #25 Record depreciation [Pages ] Expenses Management & General Expenses Fund-raising Expenses Education Expenses Research Accumulated Depreciation Buildings & Improvements Accumulated Depreciation Equipment 13,000 12,000 2,000 3,000 14,000 16,000
75 #26 Investment income on restricted investments [Page 664] Cash Restricted for Plant Purposes Interest Receivable Restricted for Plant Purposes Temporarily Restricted Revenues Investment Income 12,000 3,000 15,000 Income restricted by donors for fixed asset purchases.
76 #27 Mortgage principal & interest payments [Page 664] Payment Mortgage Payable Expense Interest Cash Restricted for Plant Purposes 40,000 20,000 60,000 Reclassification of Net Assets Reclassifications Out Reclassifications In 60,000 60,000
77 #28 Building addition completed [Page 664] Purchase Buildings & Improvements Cash Restricted for Plant Purposes Cash 200, , ,000 Reclassification of Net Assets Reclassifications Out Reclassifications In 100, ,000
78 #29 Sale of equipment [Page 664] Cash Accumulated Depreciation Equipment Equipment Unrestricted Gain Gain on Sale of Equipment 40,000 45,000 75,000 10,000 Equipment had been used in operations. Proceeds from sale are not restricted.
79 #30 10-year Endowment expired [Page 665] Reclassification of Cash Cash Restricted for Plant Purposes Cash Cash Restricted for Endowment 65,000 35, ,000 Reclassification of Net Assets Reclassifications Out Reclassifications In 35,000 35,000 Endowment was for 100,000, but 65,000 still restricted for plant purposes.
80 Financial Statement examples Balance Sheet [Page 667] Statement of Activities [Page 668] Statement of Cash Flows [Page 669] Statement of Functional Expenses [Page 670]
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