Not-for-Profit Transfers of Assets and Other Accounting Issues Skills Practice

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  • January 12, 2018 at 8:51 pm #1692461
    shawnl112
    Spectator

    3. The not for profit Compello Foundation Inc., was established for the purpose of raising funds for the benefit of the not-for-profit Colligo University. Compello Foundation received donations of $250,000.

    Although Compello and the University are considered to be financially interrelated, the foundation releases resources to the university at its own discretio.

    Recipient JE – Compello Foundation

    Debit: Cash 250,000
    Credit: Cash 250,000

    Beneficiary JE – Colligo University

    NO ENTRY

    The answer are shown above. However, I want to make sure of something.

    1. Is it true that the entries “Contribution” and “Revenue without donor restrictions” are used interchangeably?

    2. If is true, is there a case when we use “Contribution” as oppose to
    “Revenue without donor restrictions”?

    3. Is there a situation where we use “Revenue with donor restrictions”?

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