1. Restricted Funds & Transaction Analysishodya75m3s
This week students will:
- Assess the uses of various restricted funds.
- Compare and contrast inventory values using different inventory management methods.
Chapter 11: Reporting the Results of Operations: The Activity and Cash Flow Statements
Chapter 12: Unique Aspects of Accounting for Not-for-Profit and Health Care Organizations
- Restricted Funds
Do you think that a not-for-profit organization’s board can release the restrictions on money in a strike fund and use it for general operations? Does it matter whether we are talking about a strike fund held by a steel workers’ union to pay benefits to its members during a strike, versus a fund used by a not-for-profit as a safety reserve in case its workers go on strike? Respond to at least two of your classmates’ postings.
- Discussion 2 Transaction Analysis
Analyze the following scenario: The Unified Path is an umbrella organization that solicits donations to support its many charitable suborganizations. One of these is the Millbridge Family Service (MFS). All transactions for MFS are handled through the MFS special purpose fund. For both the United Path general operating fund and MFS special purpose fund, show the impact of the fundamental equation of accounting of each of the following events.
- Unified Path transfers cash to the MFS bank account for $50,000 for the MFS family counseling program. This is a direct subsidy to MFS. No repayment is required.
- Unified Path has a bookkeeping department which assists the suborganizations with their purchase of insurance, supplies, payroll, and other items. This centralized approach is less expensive than if each part of the larger organization had its own bookkeeping staff. Unified Path charges MFS $400 for bookkeeping services for the month. No payment is made at this time.
- MFS borrows $20,000 from Unified Path’s general fund to meet a current operating shortfall. MFS will repay this loan from money received from charges to its clients within six months.
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