9/11 and Non-profit Financial Statements
9/11 Policies
Personal Finances
100
True/False: The external auditors determine how much revenue and expense is booked by 9/11 M&M each year.
False. Financial reporting is the responsibility of management. The auditors can only say whether they believe the financial statements present fairly in all material respects.
100
True or False: In most circumstances, a vendor invoice can be paid via P-card.
False
100
If you think your tax rate will be lower when you retire than it is now, you should:
A) Contribute tax-free salary into a traditional 401k/403b
B) Contribute post-tax salary into a Roth 401k/403b
C) Give yourself a high five
A) Contribute tax-free salary into a traditional 401k/403b
200
True/False: The amount of cash received in a year is equal to the amount of revenue that an organization earns in a year.
False. In GAAP accounting, revenue may be recorded even when cash has not yet been received, and, sometimes cash is received but the revenue is not yet recorded.
Cash from ticket sales, services, or donations, may be received in a year that is different from when the related revenue is booked.
200
What must be done if receipts are lost for an expense reimbursement?
A. Forget the expense.
B. Submit the expense and note "lost receipt" and include a detail explaining the expense and alternate support
C. Submit the expense without the receipt.
D. Provide credit card statement only
A. Forget the expense.
B. Submit the expense and note "lost receipt" and include a detail explaining the expense and alternate support
C. Submit the expense without the receipt.
D. Provide credit card statement only
B. Submit the expense and note "lost receipt" and include a detail explaining the expense and alternate support
200
If you had contributed $100/month into the S&P500 beginning in January 2015, how much would your investment be worth in May 2025?
A) $12,000
B) $24,000
C) $31,000
D) This isn't a knowable amount
C) $31,000 (rounded)
300
True/False: Non-profits are not allowed to keep the interest they earn on their bank accounts and must turn it over to the federal government or risk losing their 501(c)(3) status.
False. Holding some liquid cash in a savings account is a good idea for non-profits and individuals alike, to ensure the non-profit has enough cash on hand for an emergency. Nonprofits are entitled to keep any interest earned on such savings, providing additional revenue to the organization.
300
True/False: As a VP at the 9/11 M&M, you would be allowed to hire your best friend's company to provide services to your department worth $100,000 without checking prices of any competing vendors because you trust your best friend to give you a good deal.
False. At $100,000, you are required to check prices of multiple vendors and obtain at least 3 different price quotes.
300
According to most recently available federal reserve study of consumer finance, the median checking and savings amount that Americans under age 35 have is:
A) $1,000
B) $5,400
C) $20,600
D) $52,000
B) $5,400. While the average balance is $20,540, the median amount is only $5,400, and tells a different story.
400
9/11 M&M receives how much in donated services from external lawyers, accountants, and consultants, in a typical year, that we would otherwise have paid for:
A: $0
B: $100-$1,000
C: $10,000 - $99,000
D: $100,000 - $500,000
D: $100,000 - $500,000
400
The minimum capitalization threshold for machinery and equipment, furniture, fixtures, computer equipment, permanent exhibition fixtures, and leasehold improvements is:
A) Depends on the project manager
B) Any dollar value if the item is intended to be used for more than 5 years.
C) $5,000, as long as the item will be used for over a year
D) $10,000, as long as the item will be used for over a year
C) $5,000, as long as the item will be used for over a year
400
According to data from the National Association of Realtors, 13% of homebuyers used a mortgage to finance what initial sum to be paid for their new house in 2022?
Down Payment
500
True/False: It is the 9/11 M&M's long-term goal to have a 0% overhead rate, so that all dollars spent provide program services.
False: That would be impossible. Necessary functions like Finance, HR, Legal, IT, and others needed to run a non-profit, all contribute to an organization's overhead rate. An organization should strive for a prudent overhead rate, but that rate can never be 0%.
500
Physical Challenge
Bean Bag Toss
Bean Bag 100 points each
500
When you’re setting up a monthly budget, you should plan to spend most of your income on things that you can’t live without (like housing and food) as opposed to the things you simply want (like Netflix). What’s the shorter word for necessities that also starts with "N" that you could use to title that section of your budget spreadsheet?
Needs