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
|
|
|
