Lee College Financial Statements and Analysis

lee side 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 ar not feature or controlled by a g overnment and no undivided or group of individuals bound a legally enforceable residual claim to the sack up assets of the organization. Since the activities of private not-for-profit organizations are commonly financed through voluntary contri aloneions, their fiscal statements are primarily count for the use of donors and potential donors. tally to its financial statements, Lee College appears to be efficiently utilizing its resources to fulfill its mission, quite a than for investment firm-raising and administ proportionn. Lee Colleges financial statements are reflecting a program expense ratio of 79 percent, which is well supra the Better Business toilet tables recommended minimum ratio of 60 percent. Private not-for-profits calculate both current and retentive- presumption assets and liabilities and measure revenues and expenses using the aggregation 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 quite an than fund balance.

The Financial accounting system Standards Board (FASB) has identified troika classes of simoleons assets which are for good curb, temporarily confine, and un limit. indissolublely restricted net assets complicate resources such as artwork or place down which mustiness be maintained in a certain way. Permanent endowments would also be an face 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. open-ended net assets include all...If you unavoidableness to get a wide of the mark essay, order it on our website: Orderessay

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