[shanek327]

Becker is so very broad and it seems to me it is so very deep.

Can anyone help me simplify NFP by helping me understand where I should focus much of my attention.

For example, if I asked this question for Gov. the responses would include “oh, know the fund types and the differences between the accounting basis for each of them, etc.”

That’s what I’m looking for, only for NFP please…

FAR - 75
AUD - 78
BEC - 82
REG - 77

2 Corinthians 5:21

Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

[wombataholic]

I would definitely know the difference between permanent, temporary and unrestricted funds, the characteristics of each (For example, there are a couple of Ninja MCQ that state that the board of such-and-such designated funds for a specific purpose, which does not make them restricted), and how the types of funds interact with each other.

Licensed CPA
Passed each section on the first try with Ninja Notes/MCQ/Audio

[shanek327]

thanks! Any one else?

FAR - 75
AUD - 78
BEC - 82
REG - 77

2 Corinthians 5:21

Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

[ymmit]

revenue recognition for pledges, multi year etc.

Licensed CPA!

[Skynet]

NFP is actually easier compared to Governmental Accounting. The only thing you really have to know is Unrestricted, Temporarily Restricted, and Permanently Restricted Assets. Governmental, now that is a different story, as you have to know the different types of funds.

[FAR_WARS]

NPO Financial Statements

-stmt Net Position

-stmt of Activities

-stmt of Cash Flows (know the FA and IA differences)

-Stmt of functional expense

-VHWO's only

Hospital

– how to calculate Patient Service Revenue

Any expense is a decrease to UNRESTRICTED assets

The company making the contribution must place limitations on a contribution for it to be restricted. If the company receiving the donation designates it for a specific purpose, it is still unrestricted.

Becker's Final Review provides a pretty good summary.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[shanek327]

thanks so much guys. can anybody elaborate a bit on the Unrestricted, Temporarily Restricted, and Permanently Restricted Assets info?

I think Becker does a poor job of explaining this part…

FAR - 75
AUD - 78
BEC - 82
REG - 77

2 Corinthians 5:21

Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

[wombataholic]

Permanently restricted assets – An outside party (Usually a donor) says the money/contribution must be held permanently. Depending on what the outside party decides when making the contribution, income from the permanently restricted asset can also be permanently restricted, temporarily restricted or unrestricted. If I remember right, if the donor doesn't specify anything regarding the earnings, they're unrestricted for use.

Example: John Doe donates his stock portfolio to University College, with instructions that the stocks can never be sold, but dividends on the stock can be used to buy new helmets for the swimming team. The investment is permanently restricted and the dividends are temporarily restricted.

Temporarily restricted assets – The asset either has to be used for a specific purpose or can't be used until certain criteria are met. Both are set by the donor. Temporarily restricted assets are transferred to unrestricted assets to be spent (Assets released from restriction).

Example: When University College goes to buy new helmets for their swimming team using the dividend money from the previous example, the funds will be moved from restricted assets to unrestricted assets.

Unrestricted assets – The assets can be used for any purpose.

Note that restrictions on assets can only come from outside parties. If the board of University College decides to earmark money to buy new roller skates for the bowling team, the funds are unrestricted because the decision on how the money can be used came from inside University College.

Licensed CPA
Passed each section on the first try with Ninja Notes/MCQ/Audio

[shanek327]

@wombat – thanks so much!

@FAR_WARS – Becker lets me down here too, can anyone elaborate on the fin. and inv. activities differences on the NFP Statement of CF's?

FAR - 75
AUD - 78
BEC - 82
REG - 77

2 Corinthians 5:21

Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

[wombataholic]

Investing activities – Pretty much exactly the same as for-profit. Buying/selling investments and equipment.

Financing activities – Similar to for-profit, but also instead of cash going to/from owners, it is cash coming from donors for use in setting up endowments and for use in buying long-lived assets (I thought of it in terms of a for-profit receiving an investment from the owners that would be used at a later date).

Licensed CPA
Passed each section on the first try with Ninja Notes/MCQ/Audio

[shanek327]

@wombat – Appreciate you sharing some of that which earned you a 91!

FAR - 75
AUD - 78
BEC - 82
REG - 77

2 Corinthians 5:21

Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

[Author]

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