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Lee College

In: Business and Management

Submitted By amyjones1980
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Lee College Financial Statements
ACC 380: Accounting for Not-For-Profit Organizations
June 4, 2012

Lee College Financial Statements
Why do Not-For-Profit organizations need financial statements? The accounting system for nonprofits is designed to capture the economic activities of the firm and its financial position. The financial statements are constructed based on the “Accounting Equation” in which: Assets = Liabilities + Net Assets (Keating, 2008). This equation is very helpful, but not show us how or why net assets change over time. This is the purpose of the financial statements. For Lee College, a private not-for-profit, the financial statements required under the FASB Statement 117 are the Statement of Financial Position, Statement of Activities, and Statement of Cash Flows (Copley, 2011). The focus of this paper will be on the Statement of Activities and the acceptable alternative.
The Statement of Activities’ purpose is to show revenues, expenses, gains, losses, and reclassifications and to show the changes in net assets by net asset class (unrestricted, temporarily restricted, or permanently restricted) (Copley, 2011). FASB Statement 117, as stated earlier, requires the Statement of Activities as part of the three required financial statements for a private, not-for-profit college. However, there is an acceptable alternative to the Statement of Activities. An acceptable alternative to the Statement of Activities is to present two statements: 1) Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets and 2) Statement of Changes in Net Assets.
The Statement of Activities, below, for Lee College was calculated using the closing entries for the year ended December 31, 2012. The revenues, expenses, gains losses, and reclassifications are all put under their descriptive headings and classed according to their

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