INDEX

  • A
  • Accelerated depreciation methods, 342
  • Accounting
    • bash basis accounting, 230
    • changes, 510
    • comprehensive bases, 11
    • equity method, 162
    • estimates, changes, 70, 448, 451
    • policies, 509
    • principles, changes, 71, 447, 448–451
      • disclosure requirements, 450–451
      • justification, 450
      • reporting, 450
    • requirements, 448–449
    • rules, 163
    • treatment, 111
  • Accounting changes, 72, 447
    • perspective/issues, 447–452
  • Accounting Standards Update (ASU)
    • 310-30, 156–157
    • 825, 160
    • 2009-12 Fair Value Measurements and Disclosures, 155
    • 2010-6, disclosure requirements, 114–115
    • 2010-07 Not-for-Profit Entities, 375
    • 2010-9 Subsequent Events, 75
    • 2010-11 Derivatives and Hedging, 493–494
    • 2010-17 Revenue Recognition, 123
      • disclosure requirements, 123
      • requirements, 123
    • 2010-28 Intangibles—Goodwill and Other, 356–357
      • requirements, 357
    • 2011-04, 115, 153
    • 2011-8, 357
    • 2011-9 Compensation, 418
    • 2011-11 Balance Sheet, 27–28, 328
    • 2012-02 Intangibles—Goodwill and Other, 355
    • 2012-05 Statement of Cash Flows, 53
    • 2013-01 Balance Sheet, 28
    • 2013-03 Financial Instruments, 499
    • 2013-04 Liabilities, 363
      • liability arrangements, 364
    • 2013-06 Not-for-Profit Entities, 112–113
    • 2013-10 Derivatives and Hedging, 494
    • 2013-12 Definition of a Public Business Entity, 8
    • 2014-09 Revenue from Contracts with Customers, 123–124
      • revenue recognition requirements, summary, 129–132
    • 2014-15 Presentation of Financial Statements, 371–372
    • 2014-17 Business Combinations, 383–384
    • 2015-02 Consolidation, 175
    • 2015-5 Intangibles—Goodwill and Other, 353
    • 2015-07 Fair Value Measurement, 156
    • 2015-11 Inventory, 337
    • 2015-14 Compensation—Retirement Benefits, 398
    • 2015-16, 509
    • 2016-14 Not-for-Profit Entities, 9, 26, 33, 44, 94, 99, 157, 323
      • implementation, 35
    • 2017-01 Not-for-Profit Entities, 175
    • 2017-07, requirement, 399
    • 2018-08 Clarifying the Scope and the Accounting Guidance for Contributions Received, 127, 238
      • requirements, 128–129
    • 2018-15 Intangibles-Goodwill and Other Internal Use Software, 354–355
    • 2018-20, 457
    • 2019-01, 457
    • implementation matters, 456–457
  • Accrual-basis accounting
    • cash accounting, basis, 11
    • concepts/rules/examples, 11–17
    • legal requirements, 18–19
    • perspective/issues, 11
  • Accrual basis, advantages, 15–16
  • Accrual-basis reporting, usage (timing), 18
  • Accrual-basis statements, 13
  • Accrual statements, cash accounting statements (combination), 16–17
  • Accrued interest income, 13
  • Accrued pension cost, 393
  • Accumulated benefit obligation, 393
  • Accumulated depreciation, 467
  • Accumulated postretirement benefit obligation (APBO), 393, 410
    • settlement/equivalence, 410–411
    • unfunded APBO, 412
  • Acquirers, identification, 378–379
  • Acquiring organization
    • disclosure, 385–386
    • qualitative/quantitative factors consideration, 381
  • Acquisition
    • accounting, 378–382
    • achievement, stages, 387
    • consideration transferred, 382
    • date
      • determination, 379
      • reporting period, 388
    • disclosures, 384, 385–389
    • measurement period, 383
    • mergers and acquisitions (M&As), 375–389
    • presentation, 383
    • push down accounting, 383–384
  • Acquisition-date fair value, 386
  • Actuarial gains/losses, 416
  • Actuarial present value (APV), 393, 412
  • Advertising, impact, 109
  • Advertising income, 279
  • Affiliated organizations, 169
    • concepts/rules/examples, 170–180
    • entities, reporting, 172
    • perspective/issues, 169
    • related-party disclosures, 172–173
    • reporting organization, combination, 188–189
    • support, 217
  • Agency funds, 84
  • Agency transactions, 180
    • reporting, 50
  • Agent, definition, 182
  • Allocation methods, 204
  • Alternative investments, 159–160
  • American Institute of Certified Public Accountants (AICPA)
    • Audit & Accounting Guide
      • Not-for-Profit Entities, 93
      • Not-for-Profit Organizations, 149
    • Auditing Issues Task Force, 14
    • Clarified Auditing Standards, 14
    • Guide, guidance, 109
    • Issues Papers, 8
    • Technical Information Service Inquiries and Replies, 8
  • Amortization, 393
  • Annual accounting period, integration, 69
  • Annual budget
    • allocation, 246–247
    • preparation, 246
  • Annual information return, 270, 281
  • Annuity contract, 393–394, 400
  • Annuity funds, 84
  • APBO. See Accumulated postretirement benefit obligation
  • Appropriation accounting, usage, 229
  • APV. See Actuarial present value
  • ARB 43, 335
  • Arm's-length transaction, 366
  • ASC. See Accounting Standards Codification
  • Asset-holding affiliate, 170
  • Assets
    • acquisition, 376
      • financing, 453–454
      • recognition/measurement, 379–381
    • acquisition, gifts/grants (usage), 507
    • assets held for sale, 381
    • categories, disclosure, 422
    • construction, 503
    • contributed long-lived assets, 340–341
    • cost, 340
    • determination, accounting topics, 380
    • disclosures, aggregation, 386
    • disposal, 346, 349–350
    • enhancements/diminishments, 94
    • expropriation, 362
    • funds, confusion, 80
    • GAAP disclosure requirements, 152
    • group, acquisition, 376
    • impairment, determination, 354
    • increases/decreases, 95
    • leased asset, amortization, 465
    • long-lived assets, gifts, 54
    • market value, decrease, 344
    • offsetting, 27–28, 327–328
    • ownership, transfer, 467e–468e
    • recoverability, 344–346
    • retirement obligations, 347–349, 350
    • transfer, 186–187, 382
    • usage, contractual limitations, 26
    • use, change, 344
    • valuation, 232–233
  • Associations
    • accounting, 228–229
    • sections/groups, reporting, 228–229
  • Assumptions, 394
    • explicit approach, 395
  • Audit committees, concern, 5
  • Audit guides/statement of position, 121
  • Auditing Issues Task Force (AICPA), 14
  • Available to be issued, ASC Master Glossary, 75
  • Average cost, 332
  • B
  • Balance sheet
    • reporting, 87e–88e
    • sample, 89e–90e
  • Bank debt, 366
  • Bargain purchase option (BPO), 457, 464, 478, 484–485
  • Bargain purchases, 103
  • Bargain renewal option, 458, 464
  • Basis levels, 267
  • Basis, usage (narrative description), 417, 422
  • Beneficiary accounting, 184–186
  • Beneficiary organization
    • adjustment, segregation, 184–185
    • information, 121–122
    • investment, adjustment, 184
  • Benefit obligations
    • measurement date, 406
    • reconciliation/balances, 416
  • Benefits
    • accumulation, 400
    • full eligibility, 395
    • plan
      • disclosure requirement, 406–407
      • funded status, recognition, 405
  • Bid-and-asked quotations, SEC availability, 150
  • Board-designated endowment, 93
  • Board-designated funds, 80, 83
  • Board-designated investment fund, creation, 82
  • Board of directors, action, 81–82, 254
  • Board of trustees, information request, 69
  • Bona fide pledge, assessment (factors), 139–141
  • Bookkeeping staff
    • adequacy, 230
    • cash basis accounting usage, 14
  • Building Funds, 82
  • Building lease, accounting, 483–485
  • Business combinations, 408, 416, 421
    • contingent consideration payments, 45
    • inventory values, 338
    • lease accounting, 476
  • Business Management for Independent Schools, 239
  • Business, term (meaning), 277–278
  • Business volume, concentrations, 370
  • C
  • Callable obligations, 329
  • Capital Additions, 115
  • Capital campaign, 25
  • Capitalization
    • asset cost, 340
    • opposition, 233
  • Capitalized collections, recording, 221
  • Capitalized interest cost, accounting, 505e–506e
  • Capital leases, 464
    • accounting, 465e–466e, 467e–468e
    • interest, relationship, 504
  • Capital shares, initiation fees, 231
  • Capital-type funds, 84
  • Career-average-pay formula, 394
  • Carrying amount, 364
  • Cash
    • balances, 6
    • definition, 47–48
    • offsetting, 327
    • usage, donor restriction, 25
    • value, increases, 50
  • Cash accounting
    • accrual-basis accounting, contrast, 11
    • concepts/rules/examples, 11–17
    • perspective/issues, 11
    • statements, accrual statements (combination), 16–17
  • Cash basis
    • accounting, 14
    • advantages, 13–15
    • modified cash basis, 17–18
  • Cash basis accounting, 230
  • Cash-basis statements, 15
  • Cash equivalents
    • definition, 47–48
    • investments, contrast, 52
    • purchasing/selling, cash receipts/payments, 51
  • Cash flows, 425–427, 531–532
    • classifications, 48e
    • discontinued operations, reporting, 50
    • financing activities source, 53
    • hedges, 497–498
    • separation, 46
    • statement
      • direct method, usage, 54e–55
      • indirect method, usage, 55e–56e
  • Charitable contributions, deductibility, 273e
  • Charitable gift annuity, 197
  • Charitable lead annuity trust, 195
  • Charitable lead trust, 195
    • unrelated third party, 195e–196e
  • Charitable lead unitrusts, 195
  • Charitable organizations, 263–265
    • annual information returns, 281
    • initial registration, 280–281
    • registration/reporting, 280–281
    • return inspection, 281
    • separation, 229
  • Charitable remainder annuity trust (CRAT), 197
  • Charitable remainder trust, 196–197
  • Charitable remainder unitrust (CRUT), 197
  • Charities
    • concerns, 271–273
    • contribution
      • acknowledgments, 271
      • disclosures, 271
    • excise tax considerations, 272
    • solicitation disclosures, 271–373
  • Checkbook, substitute, 14
  • Churches, 230
  • City fees, adjustment, 16
  • Claims-made insurance policies, 362
  • Clarified Auditing Standards (AICPA), 14
  • Class financial statements, complication, 61–62, 66–68
  • Classification of Certain Cash Receipts and Payments, 45
  • Clubs, 230–232
    • capital shares/initiation fees, 231
    • fixed asset accounting, 231
    • unrelated business income, 232
  • Collateralized mortgage obligation (CMO), inclusion, 150
  • Collections, 221, 380, 526
    • ASC Master Glossary definition, 221
    • asset valuation, 232–233
    • capitalization, 221
    • concepts/rules/examples, 222–223
    • disclosure requirements, 223–224
    • items, capitalization, 222–223
    • perspective/issues, 221–222
  • Colleges, investments (GAAP guidance), 159
  • Columnar statement of financial position, 63e
  • Columnar statement of income, expenses, changes, 64e
  • Commitments, 512–513
  • Common parent, affiliates, 171
  • Common related-party transactions, examples, 173
  • Common stock, long-term investments (earnings), 51
  • Community foundations, 237
  • Comparative financial information, 59–60
    • concepts/rules/examples, 60
    • disclosure requirements, 60
    • perspective/issues, 59
  • Comprehensive income, presentation (avoidance), 405
  • Conditional asset retirement obligation, ASC Master Glossary definition, 347–348
  • Conditional promises, 380
  • Conduit bond obligor, 75
  • Conduit debt
    • obligation, 75–76
    • obligors, 76
  • Consideration transferred, 382
  • Consolidated for-profit subsidiaries, minority interest, 51
  • Consolidations, guidance, 177–178
  • Contingencies, 359, 380–381, 512–513
    • concepts/rules/examples, 360–367
    • disclosure requirements, 369–373
    • gain contingencies, 367
    • income taxes, uncertainty (accounting), 367–368
    • litigation/claims, 363
    • loss contingencies, 360–366
    • perspective/issues, 359–360
  • Contingent consideration
    • arrangements, 386
    • payments, 45
  • Contingent items, 72–73
  • Contingent rentals, 458
  • Contingent rents, 365
  • Contra adjustments, 406
  • Contracts
    • payments, 365
    • performance obligations
      • identification, 124–125
      • transaction price, allocation, 126
    • revenue concentration, 371e
    • revenue, recording (timing), 238
    • termination costs, 443
  • Contractual employer contribution rate, change, 421
  • Contributed facilities, 233
  • Contributed inventory, cost of sales (functional category), 218
  • Contributed long-lived assets, 340–341
  • Contribution revenue, 340
  • Contributions, 52, 101, 529–530
    • accounting standards, 122
    • acknowledgments, 271
    • concepts/rules/examples, 102–129
    • disclosures, 271
    • donor-imposed permanent restrictions, 95
    • donor restriction, 50
    • fair value measurement, 193
    • GAAP provisions, 102
    • perspective/issues, 101–102
    • receiving, 3
    • restricted contributions, 53
    • unrestricted contributions, 102–105
  • Contributor concentration, 371e
  • Contributory plan, 394, 412
  • Control
    • ASC Master Glossary definition, 176
    • economic interest, 177
    • temporary exception, 177–178
  • Control transfer, indicators, 126
  • Co-obligors, payment, 363
  • Corporate-owned life insurance policies, settlement (proceeds), 46
  • Corridor, 402
  • Cost flow assumptions, 334
  • Cost method investments, 167
  • Cost of sales, functional category, 218
  • Cost-reimbursable contracts, 72
  • Cost-reimbursement, prepayment (contrast), 107–108
  • Costs. See Contracts
    • expensing, 72
    • incurring, 70
    • other costs/expenses, 71–72
  • Creditors, statement of cash flows assistance, 43–44
  • Credit risk, concentration, 498
  • CRUT. See Charitable remainder unitrust
  • Cumulative earnings approach, 46
  • Currency (cash definition), 47
  • Currency swaps, 327–328
  • Current assets, 323–325
    • concepts/rules/examples, 324–330
    • disclosure requirements, 330
    • perspective/issues, 323–324
  • Current fund, 82
  • Current general fund, 82
  • Current interest rates, usage, 412
  • Current lease receivable, reporting, 485–486
  • Current liabilities, 323, 326
    • concepts/rules/examples, 324–330
    • disclosure requirements, 330
    • perspective/issues, 323–324
  • Current restricted contributions, 105–108
    • accounting, 106–107
    • investment securities, 108
    • prepayment, cost-reimbursement (contrast), 107–108
    • projects, grants, 107
  • Current restricted fund, 83
  • Current restricted income, report, 106e
  • Current unrestricted fund, 82
  • Curtailment, 394, 409–410
    • gain/loss, 410
  • Custodian funds, 84
  • Customers
    • contract, identification, 124
    • contractual rights, 353
    • payable, 125
    • quantity discounts, 72
  • D
  • Debt
    • covenants, 5
    • debt-related disclosures, 528–529
    • extinguishment, 476–477
    • host contract, 199
      • embedded equity-based derivative (relationship), 199
    • interest, 504
    • issuance, 25
    • long-term debt, 53
    • prepayment/extinguishment costs, 45
    • securities, 150
    • short-term debts, 53
    • unrealized gains/losses, 151
  • Debtors, interim financial reports, 69
  • Declining balance, 342
  • Deferred charges, amortization, 50
  • Deferred compensation contracts, 415
  • Deferred income taxes, 51
  • Deferred revenue, 51
  • Defined benefit pension plans, 392, 394, 417
  • Defined contribution pension plans, 392, 394
  • Defined contribution plans, 423
  • Demand deposits (cash definition), 47
  • Depletable (tangible asset category), 339
  • Depreciable (tangible asset category), 339
  • Depreciable basis, 479
  • Depreciation, 51, 70, 339, 524–525
    • accelerated methods, 341–342
    • accounting, 239
    • calculations, changes, 344
    • declining balance, 342
    • disclosure requirements, 349
    • expense, 467
    • group (composite) method, 342
    • methods, 341–342
      • GAAP recognition, 341
    • partial-year depreciation, 343
    • replacement method, 342
    • retirement method, 342
    • straight-line method, 341
    • sum-of-the-years’ digits, 342
    • units-of-production, 342
  • Derivative activity, volume (understanding), 495
  • Derivative instruments, 491–494
    • designation, 495–496
    • presence, determination, 198–199
  • Derivatives, 533–534
  • Deterioration, 335
  • Direct costing, 333
  • Direct financing, 462–463
    • lease, 470–471
      • accounting, 471–473
  • Direct mail, 202
  • Direct method
    • presentation, 48–49
    • usage, 54e–55e
  • Disaggregation, level, 114–115
  • Disclosure checklist, 509
  • Discontinued operations, 72
    • reporting, 50
  • Discounts
    • amortization, 50
    • application, 154–155
  • Disposal activities, costs (accounting), 441–444
  • Disqualifying Lobbying Expenditures of Certain Organizations, tax, 272
  • Distribution approach, nature, 46
  • Divestitures, 416, 421
  • Dividend income, receipts, 52
  • Donated inventories, 337
  • Donors
    • bona fide pledge, assessment (factors), 139–141
    • case statement, 24
    • charitable contributions, deductibility, 273e
    • donor-restricted endowment funds, 157
      • GAAP provision, 96–97
    • expense recognition rules, GAAP requirements, 121
    • explicit stipulation/circumstances, absence, 35–36
    • funds, designation, 25
    • loss contingencies, noncompliance, 361–362
    • mailing lists, maintenance, 202
    • relationships, 380
    • statement of cash flows assistance, 43
    • stipulations, impact, 142–144
  • Door-to-door canvassing, 202
  • E
  • Economic interest, 177
    • ASC Master Glossary definition, 176
  • Effective date, 456–457
  • Effective tax rate, estimate, 72
  • Election dates, 500–501
  • Embedded derivative instruments, usage, 198–199
  • Embedded equity-based derivative, debt host contract (relationship), 199
  • Employee benefits, 381
  • Employee compensation, liability, 330
  • Employees, number (change), 421
  • Employer
    • best estimate, 417
    • identification number, usage, 283
    • plans, usage, 421
  • Endowment funds
    • disclosure requirements, 98
    • reporting, 96–97
  • Endowments
    • board-designated endowment, 93
    • gains, 66
    • gifts, 115–122
    • restricted income, 67
  • Entities, 518–519
    • benefits, 397–398
    • control transfer, 126
    • earnings, proportionate share, 162
    • going concern, continuation, 372
    • governing body, self-perpetuation, 379
    • government entities, financial assistance, 361
    • liability recognition, GAAP specification, 348
    • ownership, 169
    • public business entity/NFP, role, 129
    • qualitative disclosures, 494
    • reporting, 172
    • reporting entity, definition, 172
  • Equity investments, unrealized gains/losses, 151
  • Equity method, 167
    • application, 163–165
    • calculations, 165e
    • changes, 164
    • guidance, 177–178
    • investees, distributions received, 46
  • Equity securities, 150–151
    • impairment indicators, 160–161
    • long-term obligation, position-date issuance, 329
    • reported at cost, impairment, 160–162
  • Estimated residual value, 465
  • Estimated useful life, depreciation calculations (changes), 344
  • Events, nature, 74
  • Excess business holdings, 269
    • disposition, 265
  • Excess expenditures, 272
  • Exchange transactions, 101, 122–124
  • Excise tax
    • considerations, 272
    • establishment, 266
    • payment, 265, 266–267
  • Executory costs, 458, 464
  • Exempt function, jeopardy, 270
  • Exempt status, loss, 262
  • Exit activities, costs (accounting), 441–444
  • Expected defaults, 161
  • Expected long-term rate of return, 395, 402
  • Expected postretirement benefit obligation (EPBO), 395
    • measurement, basis, 411
  • Expected return, 395
  • Expendable current support, 102–108
  • Expendable funds, 84–85
  • Expenditures, prohibition, 270
  • Expenses
    • adjustment, 16–17
    • alternate presentation, 251–252
    • analysis, example, 68e
    • budget, 247–248
      • preparation, worksheet (usage), 249e
    • classification, 35–36, 217–218
      • reporting, 218
    • functional classification, 215
    • gross amounts, information, 36–37
    • incurring, 70
    • recognition, 70–71
    • revenue, association, 70
    • SFAC component, 35
  • F
  • Facilities, usage, 112
  • Failure to renew, 464
  • Fair market value (FMV), 464–465, 470–472, 482–484
    • book value, contrast, 480
  • Fair value, 395
    • changes, reporting, 501
    • disclosures, 498–499
    • hedges, 497
    • hedging instruments, 495
    • measurement, 154, 193, 535–537
      • cost approach, 113
      • income approach, 113
      • levels, transfers, 114
      • market approach, 113
      • option, 499–501
      • premiums/discounts, application, 154–155
      • valuation techniques, 113
  • Federal excise tax, payment (absence), 13
  • Federal reporting requirements, compliance, 4
  • Federal/state reporting requirements
    • intermediate sanctions, 261–261
    • meeting, importance, 260–262
  • Federal/state tax reporting/regulatory requirements, 259
  • Federal tax forms, filing, 282–287
  • Final-pay formula, 395
  • Finance leases, lessee requirement, 454–455
  • Financial Accounting Standards Board (FASB), 3
    • Accounting Standards Codification (ASC) (See Accounting Standards Codification)
    • Accounting Standards Update (ASU) (See Accounting Standards Update)
    • ASC 360-10, 15
    • ASC 850-10, 958-810, 15
    • ASC 855 Subsequent Events, 14
    • ASC 958, 15, 23
    • Codification Topic 815 Derivatives and Hedging, 28
    • Concepts Statements, 7
    • Not-for-Profit Advisory Committee, 109
    • Statement 116, 185
    • Statement of Financial Accounting Concepts 6, 91
  • Financial assets, 500
    • safeguarding/management, 4
  • Financial capacity, 377
  • Financial effect, estimate, 74
  • Financial information, comparison, 59
  • Financial instruments, 491, 532–533
    • concepts/rules/examples, 491–501
    • disclosure requirements, 328, 494–498
    • fair value measurement, 154
    • perspective/issues, 491
  • Financial liabilities, 500
  • Financially interrelated not-for-profit organizations, 176–177
  • Financial problems, anticipation, 4
  • Financial records, keeping, 4
  • Financial reporting, special purpose framework, 11
  • Financial statements
    • combination, 237
    • current restricted income, report, 106e
    • disclosure requirements, 146–147
    • error, correction, 452
    • GAAP requirement, 172
    • interim financial statements, 337–338
    • issues, 59
    • organization selection, 14
    • preparation, 4, 15
    • presentation, 37–42, 97, 194, 234
    • result, 451
    • separate issuance, 179
  • Financing
    • agreement, 329
    • component, existence, 125
    • direct financing, 462–463
  • Financing activities, 45, 53–54
    • cash flows, 53
    • examples, 54
  • Finished goods inventory accounts, 332
  • First-in, first-out (FIFO), 332, 334–335
  • Fiscal years
    • differences, 164
    • discrepancies, 164–165
  • Five-year master plan, 255–257
    • costs, estimation, 255–256
    • example, 257e
    • goals, setting, 255
    • income plan, 256
    • procedures, 255–256
  • Fixed assets, 66–67
    • accounting, 231, 233
    • contributions, 108
    • creation/enhancement, 110
    • depreciation, 230
    • fund, 83–84
      • usage, 84
    • recording, 234
  • Flat-benefit formula, 395
  • FMV. See Fair market value
  • Foreign-currency-denominated assets/liabilities, 493
  • Form 990 (Return of Organization Exempt from Tax), 281, 282–286
    • completion, 285–286
    • example, 290e–301e
  • Form 990-N (e-Postcard), 261, 286
  • Form 990-PF, 282, 286–287
  • Form 990, Schedule A (filing), 265
  • Form 990-T, 287
  • Form 990T, filing, 260
  • Form K-1, receiving, 278
  • For-profit entities
    • investments, 174–176
    • not-for-profit investment, 163
  • Forward contracts, 327–328
  • Fourth quarter adjustments, 73
  • Full absorption costing, 332–333
  • Full eligibility, 395
  • Functional/natural expense classifications, display (matrix), 219e
  • Functional reporting, 215, 530–531
    • concepts/rules/examples, 216–218
    • disclosure requirements, 218–219
    • perspective/issues, 215
  • Fund accounting, 79
    • advantage/disadvantage, 86
    • concepts/rules/examples, 81–90
    • development, 81
    • perspective/issues, 79–80
  • Funding policy, 395
  • Fundraising
    • appeal, 202–207
    • campaigns, publicizing/conducting, 202
    • contributed items, example, 208e
    • disclosure requirements, 211
    • expenses, absence (reporting), 210–211
    • GAAP requirements, 201
    • manuals/instructions/material, preparation/distribution, 202
    • materials, 109
    • purposes, contributed items (usage), 207–208
    • special events, conducting, 202
  • Fundraising expenses, 201
    • concepts/rules/examples, 202–211
    • disclosure requirements, 211
    • perspective/issues, 201–202
  • Fundraising not-for-profit organization, actions, 104
  • Funds, 395
    • assets, confusion, 80
    • balance, 80
    • balance sheet, reporting, 87e–88e
    • board-designated funds, 80–81
    • categories, 82–84
    • current unrestricted fund, 82
    • elimination, reporting purposes, 88–90
    • financial statements, 85–88
    • groupings, alternatives, 84
    • income statements, 85e–86e
    • information, presentation, 60–68
    • organization component, 80
    • statement of changes, 67
    • types, 84
  • Future cash flows
    • calculations, 345
    • estimates, 345
  • Future obligation, fair value (estimate), 347
  • G
  • Gain contingencies, 367
  • Gains, 395, 402
    • classification, 35–36
    • component (net periodic pension cost), 395–396
    • endowment gains, 66
    • realized gains/losses, reporting, 151
    • recognition, 70
    • SFAC component, 35
  • General fund, 82
  • Generally accepted accounting principles (GAAP), 7–10
    • accrual basis accounting usage, 18
    • cash equivalents meaning, 47
    • contingency requirements, interpretation, 364–365
    • depreciation methods, 341–342
    • GAAP for Governments, 80
    • guidelines, 70–71
    • net asset reporting requirement, 91
    • pension accounting, objective, 397
    • policies, difference, 11
    • provisions, 24
    • reporting requirements, 88
    • revenue/expense, GAAP guidelines, 70–71
    • usage, 44
  • Gifts
    • accounting standards, 122
    • classification, factors, 132–133
    • donor stipulation, factors, 142–144
    • pass-through gifts, 180–187
    • usage, 507
  • Gifts-in-kind, 108–115
  • Goods
    • entity transfer, 126
    • purchase, contract distinctions (factors), 134–135
  • Goodwill, 355–356
    • acquisition, 383
    • development, 354
    • impairment test, 356
    • previously recognized goodwill, 383
    • recognition/measurement, 381–382
    • zero-negative goodwill, 356–357
  • Governance, control powers, 377
  • Government entities, financial assistance, 361
  • Grantor restrictions, noncompliance, 361–362
  • Grants, 107
    • awards, recording, 238
    • pledges, comparison, 238
    • usage, 507
  • Gross basis, 103–104
  • Gross cash flows, discussion, 51–53
  • Gross investment, 470
  • Gross receipts, meaning, 284–286
  • Group (composite) method, 342
  • Guarantees, 364–366, 372–373
    • contracts, types, 365
    • initial liability, 366
    • issuance, 366
  • Guarantors, obligations, 366
  • H
  • Health care
    • cost trend rate(s), assumption, 417–418, 423–425
    • NFPs, TPA application, 186
  • Health Care Organizations (AICPA Audit and Accounting Guide), 186, 501
  • Higher and best use, 113
  • Implicit interest rate, 458
  • Income
    • distribution, 267–269
    • organization exempt purpose, relationship, 285
    • statements, 85e–86e
  • Income taxes, 381, 535
    • accounting, 164
    • provisions, uncertainty, 279–280
    • uncertainty, accounting (FASB ASC 740-10), 367–368
  • Incremental borrowing rate, 459, 466
  • Incremental direct cost, items, 445
  • Indemnification assets, 381, 386
  • Indirect effects, recognition, 449
  • Indirect method, usage, 55e–56e
  • Indirect production costs, 333
  • Individual funds, statement of changes, 67
  • Individual tax deductions, 272–273
  • Informational materials, usage, 109
  • Initial direct cost, 459
  • Initial direct leasing cost, amortization, 469
  • Inputs
    • disclosures, 115
    • hierarchy, 114
  • Insurance claims, settlement (proceeds), 46
  • Intangible assets, 351, 525–526
    • acquisition, 383
    • amortization, 50, 352–353
    • concepts/rules/examples, 351–357
    • disclosure requirements, 358
    • internally developed intangible assets, 352
    • internally developed intangibles, 353–355
    • perspective/issues, 351
    • recording, 351–352
    • useful life, determination, 352
  • Interest
    • capitalization
      • requirements, 507
      • time period, determination, 506
    • capital leases, relationship, 504
    • cost, 416
    • incurring, total amount, 505
  • Interest capitalized, amount, 504–505
  • Interest cost, capitalization, 503
    • concepts/rules/examples, 503–507
    • disclosure requirements, 508
    • perspective/issues, 503
  • Interest cost component (net periodic pension cost), 396
    • calculation, 401
  • Interest-free loans, 103
  • Interest rate
    • implicit interest rate, 458
    • swaps, 327–328
  • Interest, receipts, 52
  • Interfund borrowing, 87
    • caution, 88
  • Interim financial statements, 337–338
  • Interim reporting, 68–73
    • concepts/rules/examples, 69–73
    • disclosure requirements, 73
    • perspective/issues, 68–69
    • revenue/expense recognition, 70–71
    • subsequent events, 74–75
  • Interim statements, 248–254
  • Intermediary, definition, 181–182
  • Intermediate sanctions, 261–262
  • Internal financial statements, usage, 82
  • Internally developed intangible assets, 352
  • Internally developed intangibles, 353–355
  • Internal Revenue Code (IRC)
    • 403(b), 392
    • tax exemption, provision, 262–263
  • Internal Revenue Service (IRS), annual information returns, 260
  • International Accounting Standards Board (IASB), International Financial Reporting Standards, 8
  • International Financial Reporting Standards (IFRS)
    • fair value measurement/disclosure requirements, 154
    • standards, 27, 328
  • Inventories, 71, 331, 523
    • concepts/rules/examples, 332–338
    • costs, overheads (exclusion), 333
    • disclosure requirements, 338
    • donated inventories, 337
    • interim financial statements, 337–338
    • perspective/issues, 331–332
    • valuation, 332
    • values, 338
  • Investee, investor share, 162
  • Investing activities, 44
    • cash flows, 51
  • Investment income, 53, 158–159
    • adjustments, 16
    • excise tax, payment, 265, 266–267
    • unrestricted investment income, 62
  • Investments, 52, 149, 520–523
    • alternatives, 159–160
    • balances, 6
    • cash equivalents, contrast, 52
    • concepts/rules/examples, 150–165
    • cost method investments, 167
    • disclosure
      • considerations, 156
      • requirements, 165–167
    • exempt function, jeopardy, 270
    • expenses, 158
    • fair value disclosures, 152–155
    • gross investments, 470
    • perspective/issues, 149
    • policies/strategies, narrative description, 417, 421
    • pooling, 158–159
    • realized/unrealized gains/losses, 51
    • sale, example, 151e
    • securities, 108
  • Investment, usage (donor restriction), 25
  • Irrevocable split-interest agreements, 193–194
  • Issued, ASC Master Glossary, 75
  • Issuers, financial condition, 161
  • J
  • Johanna M. Stanneck Foundation, 11
    • cash-basis/accrual-basis statements, 12e
    • records, keeping, 14
  • Joint activities
    • audience criterion, 206
    • content criterion, 207
    • disclosures, 207
    • GAAP rules, 203
    • incidental activities, 207
    • program functions/management, 205–206
    • purpose criterion, 205–206
  • Joint and several liability, 363–364
  • Joint costs, 201
    • allocation, 203
    • allocation, appropriateness, 212–213
    • fundraising appeal, inclusion, 202–207
  • Joint venture, formation, 376
  • J.W.M. Diabetes Research Institute financial statements
  • K
  • Kick-out rights, 175
    • exercising, 175–176
  • L
  • Land, 507
    • accounting, 483–485
  • Land, building, and equipment, 108
    • fund, 83
  • Last-in, first-out (LIFO), 332, 335–337
    • layers, liquidation, 71
  • Leaseback, classification, 480
  • Leased asset, amortization, 465
  • Leased property
    • economic life, estimation, 458
    • fair value, 458
  • Leases
    • accounting, 463–474, 476–477, 486
    • agreements, changes (accounting), 476–477
    • capital leases, 464
    • classification, 461–462
    • components, 455–456
    • definition, 455, 459
    • disclosures, 511
    • effective date, 456–457
    • inception, 458, 464
    • land/building involvement, 482
    • land involvement, 482
    • leveraged leases, 462–463, 474
    • minimum lease payments, 459–460
    • obligations, 485–486
    • operating leases, 463–464
    • payments, lessee guarantee, 365
    • provisions, change, 474
    • real estate involvement, 482–485
    • recording, 466
    • renewal/extension, 474–475
    • sales-type leases, contrast, 462–463
    • sublease, accounting, 478
    • term, 459
    • termination, 474
  • Legal requirements, 18–19
  • Legislation (influence), excess expenditures (usage), 272
  • Lessees, 461, 463–468
    • accounting, 454–455, 482, 485
    • asset ownership, transfer, 467e–468e
    • disclosure requirements, 486–487
    • lease accounting, 463–474
  • Lessors, 461–462
    • accounting, 455, 482, 483, 485
    • disclosure requirements, 487–489
    • net investment, reduction, 463
  • Leveraged leases, 462–463, 474
    • classification, 476
  • Liabilities
    • amount, 445
    • current liabilities, 323–326
    • determination, accounting topics, 380
    • disclosures, aggregation, 386
    • GAAP disclosure requirements, 152
    • long-term liabilities, 429
    • measurement, 379–381
    • noncontingent liability, 366
    • offsetting, 27–28, 327–328
    • other liabilities, 327
    • recognition, 379–381, 442
      • requirements, 365–366
  • Libraries, 232
  • Life expectancy, 403–404
  • Life income funds, 84
  • Life insurance, cash value increases, 50
  • Liquidity
    • formats, 25
    • presentation, 25–27
    • restrictions, 156
  • Loan guarantees, 103
  • Loans, acquisition, 156–157
  • Loans receivable, usage, 52
  • Lobbying expenses, 276
  • Longer-term contracts, revenue recognition (problems), 122–123
  • Long-lived assets, 524–525
    • concepts/rules/examples, 340–349
    • disclosure requirements, 349–350
    • GAAP, impact, 339
    • gifts, 54
    • impaired long-lived assets, disclosure requirements, 349
    • impairment, 344
    • perspective/issues, 339
    • recoverability, test, 345
  • Long-term assets
    • purchases, 51–52
    • sales, 52
  • Long-term creditor, financing, 463
  • Long-term debt, 53
  • Long-term installment sale receivables, 51
  • Long-term investments, earnings, 51
  • Long-term liabilities, 429
    • concepts/rules/examples, 429–441
    • perspective/issues, 429
  • Long-term obligation, position-date issuance (post-statement), 329
  • Long-term pledge, present value (calculation), 454
  • Loss contingencies, 360–366
    • accounting requirements, 360–361
    • disclosure, 360
      • requirements, 369
    • donors, noncompliance, 361–362
    • general rules, 360–361
    • risks/uncertainties, 369
    • specificity, 361–366
  • Losses, 66, 395, 402
    • classification, 35–36
    • component (net periodic pension cost), 395–396
    • likelihood, 361
    • realized gains/losses, reporting, 151
    • SFAC component, 35
  • Lower of cost or market (LCM), 71, 335–337
  • M
  • Majority voting interest
    • definition, 178
    • ownership, 177
  • Managed fund groups, 85
  • Management reports, usage, 82
  • Manufacturer/dealer, 458, 462
  • Market-related value (plan assets), 396, 402
  • Master plan, 256
    • five-year master plan, 255–257
  • Material related-party transactions, disclosures, 179–180
  • Materials/labor/services, sources (concentrations), 370
  • Maturing debt, reclassification, 329
  • Measurement date, 396, 412
  • Merchandise inventory, acquisition, 331
  • Mergers
    • accounting, 377–378
    • acquisitions, contrast, 376–377
    • disclosures, 384–385
    • identification, criterion, 376
  • Mergers and acquisitions (M&As), 375
    • accounting, 376–389
    • perspective/issues, 375
  • Milestone, achievement, 123
  • Minimum investment return, 268
  • Minimum lease payments (MLPs), 459–460, 464, 480
  • Minimum rental payments, 460, 464
  • Minority interest, 51
  • MLPs. See Minimum lease payments
  • Modified cash basis, not-for-profit organization usage, 17–18
  • Monthly budgets, 246–248
  • Mortality rate, 396
  • Multicolumn format (statement of activities), 39e–40e
  • Multiemployer plan
    • disclosures, 420
    • pension benefits, 419–420
    • postretirement benefits, 421
    • usage, 423
  • Multiemployer plan, participation, 408
  • Multipurpose activities, joint cost allocation, 212–213
  • Museums, 232–233
    • collections, 109
    • contributed facilities, 233
  • N
  • Narrative report, 253–254
  • Net assets, 91
    • change
      • columnar statement of income, expenses, changes, 64e
      • elements, 34–35
    • classes
      • definitions, 99
      • reclassifications, 94, 95
    • classification report, change, 95–96
    • classifications/endowments, ASU 2016-14 changes, 98–100
    • concepts/rules/examples, 92–97
    • decreases, 344
    • disclosure requirements, 98–100
    • donor restrictions, absence/presence, 99
    • information, presentation, 60–68
    • perspective/issues, 91–92
    • presentation, 97e
    • reporting, GAAP requirements, 91
    • total net assets, presentation, 91
    • value per share (calculation), investments (impact), 155–156
  • Net capital expenditures, approximations, 504
  • Net cash flows
    • adjustments, 50–51
    • discussion, 51–53
  • Net investment income
    • excise tax, 535
    • private foundation excise tax, 367
  • Net overfunded positions, 500
  • Net pension cost, gain (loss) component, 403
  • Net periodic benefit cost
    • amount, recognition, 417, 422
    • reclassification, 406
  • Net periodic pension cost, 393, 396, 398–403
    • gain/loss component, 395–396
    • interest cost component, 396
    • service cost component, 397
    • summary, 404–405
  • Net realizable value (NRV), 336
  • Noncancelable, definition, 460
  • Noncash consideration, 125
  • Noncash contributions, 101
  • Noncash entries, 50
  • Noncash investing
    • activities, 53–54
    • examples, 54
  • Noncharitable exempt organizations, 274–277
    • social/recreation clubs, 274–276
    • title-holding companies, 276–277
    • trade associations, 276
  • Noncontingent liability, 366
  • Noncurrent assets, 326
    • reporting, 406
  • Noncurrent lease receivable, reporting, 485–486
  • Noncurrent liabilities, 326–327
  • Noncurrent obligations, 323
  • Nonexpendable additions, usage, 115
  • Nonexpendable funds, 84–85
  • Non-member receipts, 275
  • Nonmonetary transactions, 509
  • Nonparticipating annuity contracts, 408
  • Nonprofit organization, taxable subsidiary (income tax), 368
  • Nonpublic entities
    • disclosure, reduction (alternative), 426–427
    • disclosure requirements, reduction, 421–425
    • full disclosures, 415–418
  • Nonrecognized subsequent event, 74
  • Nonrecourse financing, 460, 477
  • Non-US pension arrangements, 408
  • Notes, usage, 52
  • Not-for-profit entity
  • Not-for-profit organizations (NFPs), 3
    • accounting, 227
    • cash flow classifications, 48e
    • debt, issuance, 25
    • disclosures, 98
    • donor contribution, example, 94
    • FASB definition, 3
    • financial assets, 26
    • financially interrelated not-for-profit organizations, 176–177
    • financial statements, users, 6
    • fund accounting, 80
    • interest, 174
    • interim financial reports, 68–69
    • investments (GAAP guidance), 159
    • mergers and acquisitions, accounting, 376–389
    • profit organizations, differences, 5–7
    • program
      • judgment, factors, 145–146
      • services, 216
    • related parties, 173
    • resource use, consideration, 7
    • restricted contributions, receiving, 81
    • risk disclosure, 370
    • separation, 180
    • statement of financial position, presentation, 66
    • supporting activities/services, 216–217
    • transfers, disclosure requirements, 187
  • Not-for-profit organizations (NFPs) budgets
    • five-year master plan, 255–257
    • functions, 241–242
    • importance, 241
    • interim statements, 248–254
    • monthly/quarterly budgets, 246–248
    • perspective/issues, 241
    • preparation
      • responsibility, 245
      • steps, 242–245
    • reserves, levels, 243–245
  • Notional amounts, 492
  • Operating assets/liabilities, noncash entries, 50
  • Operating fund, 82
  • Operating leases, 463–464, 469
  • Operations, nature, 369
  • Options, 327–328
  • Organizations
    • assets/liabilities, statement of financial position information, 24
    • assets, registration, 288–289
    • categories, Tax Reform Act of 1969 creation, 263–264
    • exempt status, loss, 262
    • expected income, 242–243
    • expenses, predictability, 244
    • formation, categories, 264
    • impact, ability, 183
    • liquidity management, qualitative information, 9
    • net assets, change, 34
    • objectives/goals, list, 242
    • operations, information, 37
    • revenue/expenses reporting, 201–202
    • scenarios, 244
    • service efforts, information, 37
    • service purchases, determination (factors), 137–138
    • services, provision, 112–115
    • soliciting funds, registration, 288
    • support, 264
    • tax exemption, 262–263
  • Original lease agreement, ownership transfer, 478
  • Other comprehensive income, reporting, 497
  • Other costs/expenses, 71–72
  • Other postemployment benefits (OPEB) plans, 391, 392–393
    • postretirement benefits, 410–411
  • Other postretirement employee benefits (OPEB), 410–411
    • accounting, 413e–414e
    • full disclosures, 423–424
    • offering, 415
  • Other tangible assets (tangible asset category), 339
  • Other-than-temporary impairment assessment, 161
  • Overfunded plans, statuses (aggregation), 405
  • Overheads
    • costs, 285
    • exclusion, 333
    • unallocated overheads, recognition, 333
  • Ownership interests
    • absence, 3
    • acquisition, 150
  • P
  • Parent organization, fundraising affiliate, 170
  • Partial-year depreciation, 343, 343e
  • Participating annuity
    • contracts, 408
    • cost, 409
    • purchasing, settlement, 409
  • Passive income, 368
  • Pass-through gifts, 180–187
    • applicability, 181–183
  • Pension Protection Act of 2006, 261
  • Pensions
    • ASC 715-20, accounting requirements, 405–415
    • benefits, multiemployer plans, 419–420
    • concepts/rules/examples, 397–405
    • considerations, 408
    • costs (accounting), accrual basis (GAAP specification), 392
    • disclosures, 514–518
      • requirements, 393, 415–427
    • non-US pension arrangements, 408
    • obligation settlement, 409
    • perspective/issues, 391–393
    • terms, definitions, 393–397
  • Pensions, accounting, 391
  • Performance obligations
    • entity satisfaction, 126–129
    • identification, 124–125
  • Performance-related barrier, inclusion, 128
  • Performing arts organizations, 233–234
    • costumes/stage scenery, fixed asset recording, 234
    • expenses, recognition, 233–234
    • ticket revenue, recognition, 234
  • Permanently restricted net assets, 92, 95
    • reduction, absence, 96
  • Physical units methods, 204
  • Plan amendment, 396
  • Plan assets, 425, 427
    • actual return, 398, 401–402
    • expected long-term rate of return, 395
    • expected return, 395, 403
    • gains/losses, 402
    • information, 416–417, 421–422
    • market-related value, 396
    • measurement date, 406
  • Plan assets component, actual return, 393
  • Plan continuation, actuarial assumptions, 400
  • Plan participants, contributions, 416
  • Plant fund, 83
  • Pledges, 101, 526–528
    • donor stipulation, factors, 142–144
    • grants, comparison, 238
    • impact, 7
    • income recognition, 121
    • promises, 116–121
  • Political expenditures, 272
  • Pooled (life) income fund, 197–198
  • Portfolio, financial instrument fair value (measurement), 154
  • Post-date issuance, post-statement, 329
  • Postemployment benefits, 392–393
  • Postretirement benefits, 396
    • accounting, 391, 411–415
    • multiemployer plans, 421
  • Predominance principle, separation, 46
  • Premiums, application, 154–155
  • Prepaid pension cost, 396
  • Prepayment
    • cost-reimbursement, contrast, 107–108
    • speeds, 161
  • Prior service cost, 396
  • Prior years, recognition, 73
  • Private companies, GAAP alternatives, 8
  • Private Company Decision-Making Framework, 8
  • Private elementary/secondary schools
    • accounting, 239
      • manual, usage, 239
    • depreciation accounting, 239
  • Private foundations, 235–237
    • excise tax, 367
    • exclusion, 261
    • liability, recording (timing), 235–236
    • net investment income, excise tax, 535
    • provisions, 265
    • qualifying distributions, 268
    • rationale, 236
    • rules/taxes, 265–270
  • Private inurement, 262
  • Private operating foundations, 270–271
    • qualifying tests, 270–271
  • Product warranties, 365
  • Professional societies
    • accounting, 228–229
    • sections/groups, reporting, 228–229
  • Profit organizations, not-for-profit organizations (differences), 5–7
  • Program activity, 203
    • affiliate, 170–171
  • Program functions, audience criterion, 206–207
  • Program functions/management/general functions, 205–206
  • Program judgment, factors, 145–146
  • Prohibited expenditures, 270
  • Prohibited transactions, 269–270
    • avoidance, 265
  • Projected benefit obligation (PBO), 396
    • interest cost, 398, 400–401
    • pension accounting, comparison, 411
  • Projects, grants, 107
  • Property
    • fair value, 462
    • taxes, deferral, 72
  • Public broadcasting stations
    • accounting, 239–240
      • guidance, 239
    • fixed assets, 240
    • grants received/program underwriting, 239–240
    • member dues/pledges, 240
    • program production costs, 240
    • volunteers, donated services, 240
  • Public business entity, 129
  • Public entities, 75–76
    • consideration, 9
    • definition, 387–388
    • FASB definition, 76
    • full disclosures, 415–418
  • Push down accounting, 383–384
  • Q
  • Qualifying distributions, 268
  • Qualifying tests, 270–271
  • Qualitative information, substitution, 15
  • Quarterly budgets, 246–248
  • R
  • Reacquired rights, 381
  • Real estate
    • involvement, 481–485
    • leases, 485
  • Realized gains/losses, reporting, 151
  • Reasonably certain, threshold, 454
  • Receivables, 526–528
  • Recipient organization, financial decisions
    • beneficiary impact, 185
    • impacts, 184–185
  • Recipients, federal support reports, 281–282
  • Reclassifications, 62, 95–96
    • classification, 35–36
    • SFAC component, 35
  • Recognized subsequent event, 74
  • Recourse provisions, 364
  • Recreation clubs, 274–276
    • exempt cubs, 274
    • substantiation requirements, 274–275
  • Regular-way security trades, 492
  • Regulation Section 1.513-1(d) (unrelated business income), 277–278
  • Related party
    • ASC Master Glossary definition, 173
    • definition, 460–461
    • disclosure, 172–173
    • leases, 476
    • transactions, 509–520
  • Relationships, types, 170–171
  • Relative direct cost method, 204
  • Religious organizations
    • accounting, 237
    • allocations, 237
  • Replacement method, 342
  • Reporting
    • entity, change, 451–452
    • functional basis, 228
    • organization, affiliated organization (combination), 188–189
    • unit
      • fair value, 356
      • zero/negative goodwill, 356–357
  • Reporting entity, definition, 172
  • Research organizations, 237–238
  • Reserves, levels, 243–245
  • Residual value, 470
  • Resource provider
    • general public, comparison, 127
    • mission, execution, 127
  • Resource use, consideration, 7
  • Restaurant income and expenses, 250–251
  • Restricted contributions, 53
  • Restricted contributions, receiving, 81
  • Restricted endowment fund, 83
  • Retirement method, 342
  • Retroactive amendments, 400
  • Retroactive benefits, 396
  • Retrospective application, requirements, 448–449
  • Return of Organization Exempt from Tax (Form 990), 281
  • Return on income (ROI), 368
  • Revenue Procedure, consultation, 272
  • Revenue recognition, 70–71
    • assessment, guidance, 128
    • core principle, achievement, 124
    • performance obligation, entity satisfaction, 126–129
    • problems, 122–123
    • requirements, summary, 129–132
  • Revenue Ruling, consultation, 272
  • Revenues
    • classification, 35–36
    • concentration, 370e
    • expenses, association, 70
    • gross amounts, information, 36–37
    • SFAC component, 34–35
  • Revocable split-interest agreements, 192
  • Right of setoff, existence, 27
  • Risk, 519
    • disclosure, 370
    • exposure, 495
  • S
  • Sale-leaseback
    • real estate involvement, 481–482
    • transactions, 478–482
  • Sales prices, SEC availability, 150
  • Sales-type leases, 468–471
    • contrast, 462–463
  • Salvage value, depreciation calculations (changes), 344
  • Schedule A
    • example, 302e–309e
    • preparation, 286
  • Schedule B
    • example, 310e–315e
    • preparation, 286
  • Scientific organizations, 237–238
  • Seasonality, 73
  • Section 501(c)(3) organizations
    • categories, 263–264
    • exemption, 265
    • political expenditures, 272
    • UBIT returns, 261
  • Section 509(a)(1) requirements, 265
  • Securities
    • fair value, 151
    • gifts, tax consequences, 267
  • Securities and Exchange Commission (SEC)
    • filer, 75
    • sales prices/bid-and-asked quotations, availability, 150
  • Securitization transactions, interests, 46
  • Segment disposal, 410
  • Self-dealing, 269, 270
  • Seller-lessee
    • obligation, 481
    • viewpoint, 479
  • Separate charitable organizations, 229
  • Service, 396
    • activities, fees, 6
    • concession arrangements, 463
    • entity transfer, 126
    • purchase, contract distinctions (factors), 134–135
    • specialized skills, requirement (factors), 136
    • valuation, basis, 110–111
  • Service cost, 398, 400, 416
    • component (net periodic pension cost), 397
  • SFAS. See Statement of Financial Accounting Standards
  • Short-term debt, 53
  • Short-term obligations, refinancing, 329–330
  • Sick leave, 330
  • Single-column format (statement of activities), 38e–39e
  • Single-employer defined benefit postretirement plan, funded status (recognition), 405–406
  • Slippage, 248
  • Social clubs, 274–276
    • exempt status, 274
    • substantiation requirements, 274–275
  • Social membership shares, issuance, 54
  • Solicitation disclosures, 271–272
  • Special events, 202
    • reporting, 208–210
    • statement of activities, methods, 209e–210e
  • Special-purpose entities (SPEs), 178
  • Special purpose framework, 11
  • Special-purpose lessors, impact, 178
  • Specific identification, 332, 333–334
  • Split-interest agreements, 191
    • concepts/rules/examples, 192–199
    • derivative instruments, presence (determination), 198–199
    • disclosure requirements, 200
    • embedded derivative financial instrument definition, 199
    • embedded derivative instruments, inclusion, 198–199
    • irrevocable split-interest agreements, 193–194
    • perspective/issues, 191–192
    • recognition, termination, 194
    • revocable split-interest agreements, 192
    • term, recognition, 194
  • Sponsoring entities/members, powers, 379
  • Stand-alone cost allocation method, 204
  • State charitable solicitation laws, compliance, 535
  • Statement compliance requirements, 287–289
  • Statement of activities, 33, 529
    • columns, number, 62
    • concepts/rules/examples, 34–37
    • disclosure of activities, 42
    • formats, 38
    • multi column format, 38
    • perspective/issues, 33
    • presentation, 104, 166, 443–444
    • single column format, 38
    • two separate statements format, 38
    • volunteers, contributed services (report), 111e
  • Statement of Auditing Standards 62 Special Reports, 14
  • Statement of cash flows, 43
    • classification, 44–47
    • concepts/rules/examples, 44–56
    • disclosure requirements, 56–57
    • perspective/issues, 43–44
    • preparation, 9
    • Topic 230, 45
  • Statement of changes, 67
  • Statement of Financial Accounting Concepts (SFAC) 6 Elements of Financial Statements, 34–35
  • Statement of Financial Accounting Standards (SFAS)
    • 5, 366
    • 87, application, 396–398, 406, 409–410
      • unrecognized amount, amortization, 404
    • 106, unrecognized amount, 397
    • 116, adoption, 222–224
    • 142, 388
    • 157, 388
    • 164, focus, 379
  • Statement of financial position, 23, 520
    • classified statement of financial position, 29e–30e
    • columnar statement of financial position, 63e
    • concepts/rules/examples, 23–30
    • disclosure requirements, 30–31
    • figures, comparison, 66
    • fixed assets, 66–67
    • formats, 28
    • investments, 13
    • NFP presentation, 66
    • perspective/issues, 23
    • presentation, 166, 406
    • report, 9
    • sequenced statement of financial position, 29e
    • supplementary statement, 65e
  • Statement of income and expenses, 252e
  • State reporting requirements, compliance, 4
  • Sublease, accounting, 478
  • Subsequent events, 74–75
    • ASC Master Glossary definition, 74
    • nonrecognized subsequent event, 74
    • recognized subsequent event, 74
  • Subsidiary, purchase/sale, 52
  • Substantiation requirements, 274–275
  • Substantive plan, 397
    • written plan, contrast, 410
  • Sum-of-the-years’ digits, 342
  • Supermajority voting requirements, 379
  • Supplementary statement, 65e
  • Supplies, recording, 108
  • Supporting statements, 67–68
  • Support/revenue, concentrations, 370
  • T
  • Tangible assets, categorization, 339
  • Taxable expenditures, 269
  • Tax advice, necessity, 279
  • Tax Cuts and Jobs Act, 260, 277
  • Tax-exempt borrowings, interest cost incurred (capitalization), 507
  • Tax-exempt debt, refunding, 476–477
  • Tax-exempt status, usage, 283–284
  • Taxpayer Relief Act of 1997, 261
  • Tax Reform Act of 1969, organization categories, 263–264
  • Tax Reform Act of 1976, 279
  • Technical inquiry, AICPA issuance, 95–96
  • Technical Practice Aid (TPA)
    • 6140.01, 337
    • 6140.08, 208–209
    • 6140.12, 183
    • 6140.20, 210–211
    • 6140.22, 103–104
    • AICPA issuance, 184
    • application, 186
  • Telephone solicitation, 202
  • Telethons, 202
  • Temporarily restricted net assets, 92, 94–95
    • increase, 193
    • results, 94
  • Temporary equity, 500
  • Term endowment, gifts, 115
  • Termination benefits, 410, 416
  • Third parties
    • perpetual trust, 196
    • sale/assignment, 477
  • Title-holding companies, 276–277
  • Title, transfer, 483–485
  • Total expected income, comparison, 243
  • Total income, inclusion, 284
  • Total net assets, presentation, 91
  • TPA. See Technical Practice Aid
  • Trade associations, 276
    • lobbying expenses, 276
    • unrelated business income, 276
  • Trade shows, 279
  • Trade, term (meaning), 277–278
  • Transaction price, determination, 125
  • Transactions
    • description, 497
    • prohibition, 265, 269–270
    • recognition, 387
  • Transfer, loans acquisition, 156–157
  • Transition obligation, 397, 412
  • Treasurer, responsibilities, 14
  • Trustee
    • definition, 182
    • third party role, 195
  • U
  • UBI. See Unrelated business income
  • Unallocated overheads, recognition, 333
  • Uncertain tax positions, 368
  • Uncertainties, 519
  • Uncollected contribution receivable, 13
  • Uncollected dividends, 13
  • Uncollectible receivables, allowance, 362
  • Unconditional irrevocable agreements, initial recognition, 193–194
  • Unconditional promise, recording, 184
  • Underlyings, 492
  • Underwater endowment funds, 9–10
  • Unfunded accumulated benefit obligation, 397
  • Unfunded accumulated postretirement benefit obligation, 397
  • Unfunded APBO, 412
  • Unguaranteed residual value, 461
  • Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA), 96, 157
  • Uninsured risks, 364
  • Units-of-production, 342
  • Universities, investments (GAAP guidance), 159
  • Unobservable inputs, 114
  • Unpaid expenses, 13
  • Unpaid scholarships, granting, 13
  • Unrealized loss position, investments, 166–167
  • Unrecognized net assets, amortization, 398
  • Unrecognized net gain/loss, 397, 402
  • Unrecognized prior service cost, 397
  • Unrecognized transition obligation (UTO), 413–414
  • Unrelated business income (UBI), 232, 275–280
    • advertising income, 279
    • definition, 277–279
    • dollar amounts, entry, 285
    • exclusions, 278–279
    • income, exclusion, 368
    • tax rates, 279, 367
    • trade shows, 279
  • Unrelated business income taxes (UBIT), 72
  • Unrelated parties, 461
  • Unrestricted contributions, 102–105
    • accounting, 103
    • bargain purchases, 103
    • historical practices, 102
    • interest-free loans/loan guarantees, 103
    • interest revenue, 103
    • multicolumn presentation, 104–105
    • reporting, gross basis, 103–104
    • revenue, 103
    • statement of activities, presentation, 104
  • Unrestricted fund, 82
  • Unrestricted investment income, 62
  • Unrestricted net assets, 92–94
    • FASB ASC Master Glossary definition, 92
    • limits, 98
    • usage, limits, 93
  • V
  • Vacation/sick leave, 330
  • Valuation techniques, disclosures, 115
  • Variable budget, 251, 253
  • Variable considerations, 125
  • Variance power, role, 181
  • Vendor rebates, 365
  • Vested benefits, 400
  • Voluntary health/welfare organizations
    • GAAP requirement, 216
    • investments, GAAP guidance, 159
    • reporting requirement, 215
  • Volunteers, contributed services, 109–112
    • accounting treatment, 111
    • fixed assets, creation/enhancement, 110
    • recording, criteria, 109–110
    • specialized skills, 110
  • Voting requirements, effect, 379
  • W
  • Weighted-average basis, 417
  • Work-in-process (WIP), 332
  • Written plan, substantive plan (contrast), 410
  • Y
  • Year-end dates, cost (expensing), 72
  • Z
  • Zero-coupon debt instruments, settlement, 45
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