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Government and Not for profit Accounting – Chapter 13 My Book Details are: To answer these questions, Book Link is below: https://reader.yuzu.com/#/ Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork2018...

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Government and Not for profit Accounting – Chapter 13
My Book Details are:
To answer these questions, Book Link is below:
https:
eader.yuzu.com/#
Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork2018
To answer below 1 to 5 qestions in part one First Locate the latest annual report for any private not-for-profit college or university.
Please  Provide the name and URL for the entity.
Part 1
1. 1.) Is the annual report audited? Name the auditing firm and describe the type of audit opinion that was issued.
2. 2.) List the financial statements that are presented.
3. 3.) What do the notes to the financial statements say about (a) revenue recognition, (b) scholarships, and (c) contributions?
4. 4.) Does the organization have temporarily restricted net assets?  What is the amount of the net assets released from restrictions in the cu
ent period?
5. 5.) Does the organization have permanently restricted net assets?
Part 2
1. Summarize the standards for private not-for-profit colleges and universities (pages 594 – 596)
2. Explain the special concerns related to auxiliary enterprises and fund-raising foundations (pages 602 – 603)
3. Explain the different reporting options available to public (government) and private (other NFP) colleges and universities (pages 589 – 594)
Answered Same Day Jul 24, 2020

Solution

Preeta answered on Jul 27 2020
138 Votes
PART 1
For the analysis of annual report of a private not-for-profit university, I have chosen Harvard University. The following answers are given relevant to this annual report. The official website of the university is https:
www.harvard.edu/. The annual report of 2017 can be accessed from https:
finance.harvard.edu/files/fad/files/final_harvard_university_financial_report_2017.pdf.
1. Is the annual report audited? Name the auditing firm and describe the type of audit opinion that was issued.
Ans: Yes, the annual report is audited. The name of the firm conducting the audit process is PricewaterhouseCoopers LLP. The auditor has given an unmodified opinion related to the financial statement. They have mentioned in the opinion that the financial statement is fair in all material aspects and present a true financial position. The changes in the net assets and cash flow have been made according to generally accepted accounting principles of US. They have mentioned the same in Emphasis of Matter. In Other Matter they reported that they audited the balance sheet of June 30, 2016 as well and same information has been pooled and expressed an unmodified opinion to that as well.
2. List the financial statements that are presented.
Ans: The financial statement presented are:-
· Balance Sheets.
· Statements of changes in net assets with general operating account detail.
· Statements of changes in net assets of the endowment.
· Statements of cash flows.
3. What do the notes to the financial statements say about (a) revenue recognition, (b) scholarships, and (c) contributions?
Ans: The following can be accessed from the notes to the financial statement:
(a) Revenue recognition – Revue is recognized on the accrual basis. Inter affiliate accounts and transactions are not taken into account.
(b) Scholarship – All the scholarship issued has been mentioned in Notes 14 in the table format. Total scholarship amount for 2017 is $561,425.
(c) Contributions...
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