Lee College Financial Statements and Analysis

Lee College Financial Statements and epitome ACC380 ? Lee College Financial Statements and Analysis Lee College is a individual(a) non-for-profit organization. Organizations such as this argon non own or controlled by a politics and no undivided or group of individuals hold a legally enforceable residual claim to the web assets of the organization. Since the activities of private not-for-profit organizations be normally financed through voluntary contri aloneions, their fiscal statements are primarily think for the use of donors and potential donors. According to its fiscal statements, Lee College appears to be efficiently utilizing its resources to fulfill its mission, rather than for investing firm-raising and administration. Lee Colleges financial statements are reflecting a architectural plan expense ratio of 79 percent, which is well above the emend Business Bureaus recommended minimum ratio of 60 percent. Private not-for-profits report both current and l ong- precondition assets and liabilities and bank bill revenues and expenses using the accrual 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 rather than fund balance. The Financial Accounting Standards table (FASB) has identified three classes of simoleons assets which are permanently cut back, temporarily restricted, and unrestricted. Permanently restricted boodle assets include resources such as artwork or place down which must be maintained in a certain way. Permanent endowments would in like manner be an example of a permanently restricted moolah asset. Typically, these assets are to be restricted as long as the organization has custody. Temporarily restricted concluding 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, pl ant acquisition, time, or even term endowmen! t. Unrestricted net assets include all...If you want to get a full essay, decree it on our website: OrderCustomPaper.com

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