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Final Paper Gasb

In: Other Topics

Submitted By LILRUBEN89
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The college that I was required to give you a final Project was with Lee College which is a not-for profit college. There assets will be categorized under the FASB 116 & 117. This would be the category that they would need to categorize there assets. As per the graph you will see that the columns used to classify the revenue, assets was Unlimited, Temporarily Limited, and Permanent. When using the columns listed above they should be able to record income assets correctly just in case they are required to provide documentation for the Charity. As you have seen above Lee College provided several different reports which will assist them in the way the Activity , Unlimited Earnings, Expenditures as well as the other Alternations in Unlimited Ney Assets, and a report of Alterations in Net Assets are recorded. Let keep in mind that the report of Earnings , Expenditures as well as the other Alterations is considered to be unlimited Net Assets the expenditures are Academic, General, and Auxiliary activities. We should also keep in mind that they have an additional report that is called the report of Alterations which shows the net assets was completed since it is need to demonstrate alterations in Lee Colleges Temporarily Limited, with permanently limited Net Assets. Be aware that a lot of the assets will not be shown on the Net Assets side of the reporting. Per the enclosed information is shows that Lee College has a private not-for-profit college and can’t seem to be to rich, For that reason, in using the unlimited net assets/ expenditures ration I have come to the conclusion that Lee College is almost at a 5% ratio. If we are looking at a for profit framework, earnings less expenditures is known as net income or net profit and is a sign of the firms achievement. We all know that instead of looking at the profit side of things, non profit concentrates on

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