Random NPO Stuff
Let's Get Together (Consolidation)
Let's Roll
(Investments)
Charity Case (Contributions)
Money, Money, Money
(Revenue)
100
These mutual benefit organizations consist of trade and professional associations and business leagues, such as chambers of commerce
What is 501(c)(6)
100
This accounting standard requires consolidation of for-profit subsidiaries and financially interrelated NPO's that are subject to common control.
What is ASC 958-20
100
This common investment workpaper is prepared to capture and verify investment cash flows and returns.
What is a roll-forward
100
This transaction is defined as an unconditional, nonreciprocal transfer of asset, relief of liabilities, use of facilities or utilities, or provision of services.
What is a Contribution?
200
The public benefit organizations are precluded from political campaign activity and donations received are tax-deductible
What is 501(c)3
200
Consolidation is required if both of these factors are present in related entities
What are control and economic interest?
200
This is the generally accepted valuation technique for debt and equity securities presented in a NPO's statement of financial position.
What is fair value?
200
A contribution may be consider this if there are uncertain future events or actions that could give the transferor the right to revoke the transfer.
What is Conditional
200
This is often the best approach for testing of membership revenue when an organization has fixed due rates.
What is recalculation
300
This act generally requires CA charitable nonprofits with $2 million in revenues to have an audit.
What is the Nonprofit Integrity Act.
300
In these statements of related entities, the entities are shown together in a single column as if they were a single entity.
What are consolidated statements
300
This accounting standard sets rules for NPO investments in debt and equity securities
What is ASC 958-320
300
This type of contribution is recognized as revenue when unconditionally promised or received and is expensed in the period used.
What is an In-Kind Contribution
300
For organizations with event revenue, obtaining a calendar of events and tracing a sample of the events to the G/L is a good way to address risks associated with this assertion.
What is completeness
400
Tahoe Keys Property Owner's Association is a common interest development located in South Lake Tahoe which consists of 1,529 member units. The Association was organized as a nonprofit mutual benefit corporation to provide management, maintenance, and architectural control of the individual and common area property. This NPO is generally exempt from Federal taxes under this revenue code.
What is 501(c)(4)
400
These types of balances and activities must be eliminated in the consolidation of related entities
What are intercompany balances and activities.
400
These highly liquid assets are generally combined with cash for presentation purposes unless they're restricted or otherwise designated (name at least 2)
What are money market accounts, money funds, and CD's or 3 months or less.
400
Tests of contributions should be carefully designed to ensure this assertion is addressed. Obtaining evidence from an independent source is often used to gain assurance over this assertion.
What is Completeness
400
Generally, unless in limited cases with self-contained events and activities, revenues and expenses must be shown in the statement of activities in this manner.
What is Gross
500
Dried Fruit Association of California, one of GAI's clients, is a nonprofit mutual benefit corporation that provides inspection, certification, and technical services to the California dried fruit and tree nut industries and is exempt under this IRS code section
What is 501(c)(6)
500
Presenting these types of statements as the basic statements increase the scope of the audit since we must audit each column on a stand-alone basis with separate materiality calculations
What are Consolidating statements.
500
This accounting standard requires the documentation of the level of category within the fair value hierarchy. FASB subsequently issues ASU 2011-04 to amend required wording and provide clarification of FASB's intent.
What is ASU 820
500
These two factors must be present in order for a NPO to be considered financially interrelated to a specified beneficiary
What is 1. One can influence the operating and financial decisions of the other 2. One has an ongoing "economic interest" in the net assets of the other.
500
This practice of obtaining and verifying information with staff outside of accounting may include obtaining donor lists from fundraising software, using event brochures, and having program staff review listings for completeness.
What is Independent Verification.
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