Final Project
Name
ACC 380: Accounting for Not-for-Profit Organizations
Teacher
Date

Final Project

Assume the January 1, 2015, net asset balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,760,000 permanently restricted net assets. a. Prepare a Statement of Activities using the format present in Illustration 10-2.

Lee College
Statement of Activities
For the Year Ending December 31, 2015

| Unrestricted | Temporarily Restricted | Permanently Restricted | Total | Revenues, Gains, and Other Support: | | | | | Contributions | 100,000 | 1,500,000 | 2,540,000 | 4,140,000 | Tuitions and Fees | 11,000,000 | | | 11,000,000 | Auxiliary Enterprise | 5,500,000 | | | 5,500,000 | Grants | | 970,000 | | 970,000 | Gains of Endowment Investment | 40,000 | | | 40,000 | Gains on Long-term investments | | | 670,000 | 670,000 | Net Asset Released from Restrictions: | | | | | Satisfaction of programs/use Restriction | 720,000 | (720,000) | | | Satisfactions of Plant Acquisitions Restriction | 1,080,000 | (1,080,000) | | | Total Revenues, Gains, and other Support | 18,440,000 | 670,000 | 3,210,000 | 22,230,000 | Expenses: | | | | | Tuition Discount | 375,000 | | | 375,000 | Instruction | 7,000,000 | | | 7,000,000 | Research | 4,500,000 | | | 4,500,000 | Public Service | 1,200,000 | | | 1,200,000 | Institutional Support | 1,600,000 | | | 1,600,000 | Student Services | 150,000 | | | 150,000 | Auxiliary Enterprise | 3,725,000 | | | 3,725,000 | Total Expenses | 18,550,000 | 0 | 0 | 18,550,000 | Change in Net Assets | (110,000) | 670,000 | 3,210,000 | 3,850,000 | Net Assets Beginning | 1,100,000 | (970,000) | (4,970,000) | (4,910,000) | Net Assets Ending | 1,000,000 | 300,000 | 1,760,000 | 1,060,000 |