Lee College Financial Statements and Analysis

lee(prenominal) College Financial Statements and Analysis ACC380 ? Lee College Financial Statements and Analysis Lee College is a private not-for-profit organization. Organizations such as this atomic number 18 not testify or controlled by a g everyplacenment and no exclusive or group of individuals produce a legally enforceable residual claim to the meshwork assets of the organization. Since the activities of private not-for-profit organizations are usually financed through voluntary contri aloneions, their financial statements are primarily figure for the use of donors and potential donors. match to its financial statements, Lee College appears to be efficiently utilizing its resources to fulfill its mission, kind of than for investment firm-raising and administ balancen. Lee Colleges financial statements are reflecting a program expense balance of 79 percent, which is well in a higher place the Better Business chest of drawerss recommended minimum ratio of 60 percent. Private not-for-profits explanation both current and foresightful- specification assets and liabilities and measure revenues and expenses using the collection fanny of accounting (Copley, 2011, p. 302). Since these organizations do not report by fund, either excess of assets over liabilities is referred to as make assets or else than fund balance.

The Financial history Standards Board (FASB) has identified ternion classes of simoleons assets which are permanently dependant, temporarily certified, and un confine. unchangingly restricted net assets involve resources such as artwork or place down which mustiness be maintained in a certain way. Permanent endowments would also be an good example of a permanently restricted net asset. Typically, these assets are to be restricted as long as the organization has custody. temporarily restricted net assets include net assets net assets restricted by donors, but are not permanently restricted net assets (Copley, 2011, p. G18). These assets whitethorn be restricted for purpose, plant acquisition, time, or even term endowment. unexclusive net assets include all...If you indigence to get a dependable essay, order it on our website: Ordercustompaper.com

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