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Lee College Essay

483 words - 2 pages

Lee College Financial Statements
ACC 380: Accounting for Not-For-Profit Organizations
June 4, 2012

Lee College Financial Statements
Why do Not-For-Profit organizations need financial statements? The accounting system for nonprofits is designed to capture the economic activities of the firm and its financial position. The financial statements are constructed based on the “Accounting Equation” in which: Assets = Liabilities + Net Assets (Keating, 2008). This equation is very helpful, but not show us how or why net assets change over time. This is the purpose of the financial statements. For Lee College, a private not-for-profit, the financial statements required under the FASB Statement 117 are the Statement of Financial Position, Statement of Activities, and Statement of Cash Flows ...view middle of the document...

However, there is an acceptable alternative to the Statement of Activities. An acceptable alternative to the Statement of Activities is to present two statements: 1) Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets and 2) Statement of Changes in Net Assets.
The Statement of Activities, below, for Lee College was calculated using the closing entries for the year ended December 31, 2012. The revenues, expenses, gains losses, and reclassifications are all put under their descriptive headings and classed according to their restrictiveness, if any.

Using an Excel spreadsheet, the calculations were made by using formulas through Excel. The beginning net assets, as of January 1, 2012, were given in the information provided with the closing entries. In the closing entries, however, there was a discount to Tuition and Fees. This is not labeled as an expense, but instead the revenue is reported net of the discount.
As stated earlier, there is an acceptable alternative to the Statement of Activities. Part one of the alternative is the Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets. This alternative clearly states the unrestricted revenues, net assets released from restrictions, expenses and losses, and shows the increase in net assets. The Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets for Lee College is presented below in Excel format.

References:
Copley, P.A. (2011). Essentials of Accounting for Governmental and Not-for-Profit Organizations. (10th ed.). Boston: McGraw-Hill Irwin. ISBN: 9780073527055

Keating, E.K., Frumkin, P. (2008). NASAA Training. How To Assess Nonprofit Financial Performance. Retrieved on June 3, 2012 from http://www.nasaa-arts.org/Learning-Services/Past-Meetings/Reading-5-Understanding-Financial-Statements.pdf

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