All not-for-profits are required to provide financial reports including a statement of financial position, a statement of activities, and a statement of cash flows. Voluntary health and welfare organizations must also provide a statement of functional expenses. The financial reports outline the three classes of net assets as unrestricted, temporarily restricted, and permanently restricted. They provide accounting guidelines for property, plant, and equipment acquired with both unrestricted and restricted revenues. The reports also outline accounting and reporting standards for investments, contributions, and multiyear pledges.

1. What are the financial reports required of all not-for-profits? What
aIDitional report is required for voluntary health and welfare
organizations?
What are the financial reports required of all not-for-profits? What aIDitional report is
required for voluntary health and welfare organizations?What are the financial reports
required of all not-for-profits? What aIDitional report is required for voluntary health and
welfare organizations?Permalink: https:// /what-are-the-fin…re-organizations/ ?9-7 The
New City College reported deferred revenues of $612,000 as of July 12, 2014, the first day of
its fiscal year. Record the following transactions related to student tuition and fees and
related scholarship allowances for New City College for the year ended June 30, 2015.The
deferred revenues relate to unearned revenues for the summer session, which ended in
August.During the fiscal year ended June 30, 2015, student tuition and fees were assessed in
the amount of $12,000,000. Of that amount $9,650,000 was collected in cash. Also of that
amount, $639,000 pertained to that portion of the summer session that took place after
June 30.Student scholarships, for which no services were required, amounted to $787,000.
Students applied these scholarships to their tuition bills at the beginning of each
semester.Student scholarships and fellowships, for which services were required, such as
graduate assistantships, amounted to $760,000. These students also applied their
scholarship and fellowship awards to their tuition bills at the beginning of each
semester.10-2 Consider FASB standards for reporting by private not-for-profit
organizations and answerthe following:What are the financial reports required of all not-
for-profits? What aIDitional report isrequired for voluntary health and welfare
organizations?List the three classes of net assets.Outline the accounting required for
property, plant, and equipment. Include accountingfor plant acquired with both
unrestricted and restricted revenues.Outline accounting and reporting for investments. 10-
3 Consider FASB standards for accounting for contributions and answer the
following:Outline revenue recognition criteria for resources restricted for (1) time and (2)
purpose.Describe the difference in accounting for contributions with a condition and a
restriction.Outline the requirements for recognizing contributed services as
revenue. Outline accounting for multiyear pledges