Kimberly Kugler
ACC380: Accounting for Not-for-Profit Organizations
Final Paper Exercise 11-8
Rick Kwan
April 19, 2010
The purpose of the Statement of Activities is to provide totals for revenues, expenses, gains, losses, the amounts of assets released from restriction, and the change in net assets for each of the three classes; unrestricted, temporarily restricted and permanently restricted categories and the statement is required of nonprofits by FASB statement 117.
I prepared the statements for Lee College with the information provided in the text problem.
I first prepared the Statement of Activities for the year ending December 31, 2009. As you can see from the statement all expenses are categorized as unrestricted. All revenues are categorized as unrestricted, temporarily restricted or permanently restricted. I prepared the statements for Lee College with the information provided in the text problem. I first prepared the Statement of Activities for the year ending December 31, 2009. As you can see from the statement all expenses are categorized as unrestricted. All revenues are categorized as unrestricted, temporarily restricted or permanently restricted. You can see that the net assets released from restrictions ( plant acquisitions and program restrictions) appear at the bottom of the revenue section as increases in unrestricted net assets and decreases in temporarily restricted net assets. Since permanently restricted assets are just that permanent no reclassifications were made to these resources.
11-8 A) Lee College
Statement of Activities
For The Year Ended December 31, 2009
Revenues
Net Tuition and Fees
Contributions
Unrestricted Income on Endowments
Sales and Services of Aux. Enterprises
Grant Revenue
Gains on Long-term Investments
Net Assets Released from Restriction
Satisfaction of Plant Acq. Restrictions
Satisfaction of Program Restrictions
Total Revenues...