...1-3, 1-4, 1-5, 1-6, 1-8, and 1-10 1-3. The GASB has responsibility for setting accounting and reporting standards for both state and local governments and governmental not-for-profit organizations. The FASB has responsibility for setting accounting and reporting standards for business organizations and nongovernmental not-for-profit organizations. The FASAB has the responsibility of setting accounting and reporting standards for the agencies and departments of the federal government. 1-4. The museum’s accountant is wrong because the Fayette Rodeo Museum is a nongovernmental not-for-profit organization which means that it is independent of governments which means it can only follow FASB standards. Governmental not-for-profit organizations are the ones who follow the standards established the GASB. 1-5. Interperiod equity refers to the concept of measuring whether current year revenues are sufficient to pay for the services that provided in the current year. It is significant because it helps to assess whether future taxpayers will have to pay for the burdens that were previously provided. If revenues are not sufficient, then someone has to pay. 1-6. Operational accountability uses government-wide financial statements, along with those of proprietary funds and fiduciary funds. Fiscal accountability uses governmental fund financial statements. Operational accountability’s measurement focus is based on the flow of economic resources, while fiscal is based on the flow of current...
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...Description of Non-Governmental Organizations Any attempts to explore the performance management practices of NGOs must begin with an explanation what non-governmental organizations or non-profit organizations in general are and principally what their field of activity consists of. Non-governmental organizations (NGOs) and non-profit organizations (NPOs) are a diverse group of organizations, which play different roles and take very different shapes and forms within and across different countries. NGOs work both independently and alongside bilateral aid agencies from developed countries, private-sector infrastructure operators, self-help associations, and local governments (Hamed-Ur-Rehman, 2012). Salomon und Anheimer (1999) developed the idea that NGOs in general show five key characteristics. They are (a) organized and follow a certain institutional common goal, (b) they separate themselves from the government and are private corporations, (c) they do not return profit to investors ore owners, (d) they are completely autonomous and decide over there activities on their own and (e) they base on a voluntary member or worker platform. According to Enahoro and Nwaobia (2012) NGOs play an essential part in the development process of civil societies and contribute to the economic development in developing countries. Furthermore Enahoro and Nwaobia refer to NGOs as private organizations that pursue finalities of public interest though raising of new resources, creating new services...
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...Chapter 1 The Government and Not-For-Profit Environment Questions for Review and Discussion 1. The critical distinction between for-profit businesses and not-for-profits including governments is that businesses have profit as their main motive whereas the others have service. A primary purpose of financial reporting is to report on an entity’s accomplishments — how well it achieved its objectives. Accordingly, the financial statements of businesses measure profitability, their key objective. Financial reports of governments and other not-for-profits should not focus on profitability, since it is not a relevant objective. Ideally, therefore, they should focus on other performance objectives, such as how well the organizations met their service goals. In reality, however, the goal of reporting on how well they have achieved such goals has proven difficult to attain and the financial reports have focused mainly on financially-related data. 2. Governments and not-for-profits are “governed” by the budget, whereas businesses are governed by the marketplace. The budget is the key political and fiscal document of governments and not-for-profits. It determines how an entity obtains its resources and how it allocates them. It encapsulates most key decisions of consequence made by the organization. In a government the budget is not merely a managerial document; it is the law. 3. Owing to the significance of the budget, constituents want assurance that the entity achieves...
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...Non-Governmental Organization Benefiting Women and Children: Umeed Foundation in Punjab, India Non-Governmental Organizations or NGO’s are organizations that are neither a part of a government nor conventional for-profit businesses. Usually set up by ordinary citizens, NGOs may be funded by governments, foundations or businesses or run by volunteers (Wikipedia). In this paper I will discuss the Umeed Foundation, based in Punjab, India and focused on rural development of the Punjab region through economic empowerment and healthcare programs benefiting many women and children of the area. I will cover the core values of this foundation, the programs the foundation creates and supports as well as the impact to the community and my commentary of the resources they provide. The Umeed Foundation was created by Chairman Arvind Khanna in 1997 as a way to work with the impoverished region of Sangrur in the Punjab region of India which was a locally marginalized area that had been wrecked by years of terrorism, fighting in the region and lack of development by state resources. Local residents were unable to earn a fair wage and were thereby unable to support themselves and help develop future generations and that system was creating a long term poverty cycle for the area that was unlikely to be broken. Khanna believed in working to empower the local inhabitants through a small loan program and skill development training as well as by setting up a more reliable healthcare system...
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...3-1 Vancouver, Washington a) Look at the Statement of revenues, Expenditures, and Changes in Fund Balances for the governmental funds. List the revenue source classes. Do they agree with those sources discussed in this chapter? Are expenditures reported by character? List the functional classifications under the current character classification. Do those classifications agree with those listed in the example shown in this chapter? Are Other Financing Sources and Uses presented separately? Does your report show transfers in? Transfers out? Capital leases? Proceeds of bonds? property, sales and use, and other taxes, license and permits, intergovernmental, charges for services, fines and forfeitures, investment earnings, rents and royalties, contributions/donations, and miscellaneous. Yes. Yes. General government, judicial, security/person & property, physical environment, mental and physical health, and culture and recreation. Yes. Yes. Yes. Yes. No. No. b) Look at the Budgetary Comparison Schedule in the RSI section of your annual Report (or Budgetary Comparison Statement, if that is used by your government) for the General Fund. Is the budgetary format used, or is the schedule in the format used for the Statement of Revenues, Expenditures, and Changes in Fund Balances? Does the report reflect the original budget, revised budget, and actual figures? Are variance columns presented comparing the actual with the revised budget and comparing the original...
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...CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT ACCOUNTS; BUDGETARY ACCOUNTING OUTLINE |Number |Topic |Type/Task |Status | | | | |(re: 15/e) | |Questions: | | | | |3-1 |Distinguishing characteristics of fund-based and government-wide |Identify and describe |New | | |financial statements | | | |3-2 |Distinguishing direct and indirect expenses |Define and describe |New | |3-3 |Statement of activities format |Describe |3-2 revised | |3-4 |Program and general revenue |Distinguish |Same | |3-5 |Extraordinary compared with special items |Define and compare |3-5 expanded | |3-6 ...
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...expenditures, and then payment is disbursed. Public sector entities face both advantages and disadvantages of budgetary control. It is a challenge for such entities to operate within their proposed budgets due to budget cuts, budget surprises, and unforeseen costs, such as emergencies. This is evident in cities such as Detroit, Michigan; Atwater, California; and Fresno California. The most relevant implication of budgetary control was seen in the government shutdown, which occurred on October 1st, and last 16 days. This paper examines the importance of budgetary control and its challenges. Introduction Non-profit and governmental agencies are categorized as public sector entities, with the primary objective of serving the public rather than making money. In America, governmental agencies “exist at the federal, state, and local levels”, and both governmental and non-profit organizations serve a wide variety of functions at levels of society (Wilson, Reck...
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...Reform of the United Nations Security Council From Wikipedia, the free encyclopedia Jump to: navigation, search | This article is incomplete. Please help to improve the section, or discuss the issue on the talk page. (September 2012) | The United Nations Security Council. Reform of the United Nations Security Council (UNSC) encompasses five key issues: categories of membership, the question of the veto held by the five permanent members, regional representation, the size of an enlarged Council and its working methods, and the Security Council-General Assembly relationship. Member States, regional groups and other Member State interest groupings developed different positions and proposals on how to move forward on this contested issue.[1] The reform of the Security Council requires the agreement of at least two-thirds of UN member states and that of all the permanent members of the UNSC, enjoying the veto right.[2] Contents * 1 History * 2 General Assembly Task Force * 3 Increasing membership * 3.1 "In Larger Freedom" * 3.2 Uniting for Consensus * 4 New permanent member proposals * 4.1 Brazil * 4.2 Germany * 4.3 India * 4.4 Japan * 4.5 Membership of a Muslim-majority nation * 4.6 Africa * 5 Veto reform * 6 Overall positions on reforming the Security Council * 6.1 United States * 6.2 United Kingdom and France * 6.3 Russia * 6.4 India * 6.5 Brazil *...
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...Law Day Essay “No Courts, No Justice, No Freedom” How Do Courts Protect Our Liberties? --- For hundreds of years the forefathers of the United States of America had been undertaking the task of creating and constantly amending a constitution that all men shall abide by. Alexander Hamilton, along with other contributors of the constitution, created essays which are better known as the federalist papers. These documents were created as a form of mutual interpretation and moral assurance between the government and its citizens with one major objective, to gain and retain the trust of its citizens. --- It is said within that no state "shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States. A civil liberty is defined as an individual right protected by the Constitution against the powers that be of the government. When our forefathers assimilated to draft the Constitution they anticipated certain belligerencies that might occur between the Federal Government and the individual citizen. It was cause for these concerns that enabled them to include certain civil liberties in the Constitution endowing its citizens with certain inalienable rights. Though civil liberties were put in effect over 200 years ago, over time they have been challenged up until the present day. It wasn’t until the 14th amendment that civil liberties were finally incorporated into state governments. The primary...
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...surplus for greater than ten fiscal years. Through a combination of appropriate spending controls, fee and tax level adjustments, and reserves for future emergencies, the city ended 2011 with total assets of $900M (up 2% over the prior year) and total liabilities of $253M (down 3% over the prior year). The accounting department within the City of Clovis has received annual recognition via a Certificate of Achievement for Excellence in Financial Reporting for the preceding twenty three years. Additionally, for the July 1, 2011 budget document, the city received the Government Finance Officers Association Distinguished Budget Presentation award for proficiency in: Policy Document Inclusion, Financial Plan competence, City Operations guides, Governmental Communications. Part 1: CAFR Analysis As is the case with all full-service cities, the City of Clovis prepares an annual Comprehensive Annual Financial Report (CAFR). The CAFR is divided into major sections, as follows: * Introductory Section * Financial Section * Statistical Section * Single Audit Section The Introductory Section contains information such as the Letter of Transmittal, city Organization Chart, and the listing of principal officials. The information in this section is presented contextually...
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...Chapter 12 Not-for-Profit Organizations ------------------------------------------------- Questions for Review and Discussion 1. (a) Resources restricted as to purpose: must be used for research; conferences; acquisition of plant and equipment; (b) Resources restricted as to time: a term endowment — the principal must remain intact for a specified period of time; thereafter it is available for expenditure; pledges receivable that will not be fulfilled in the same period (since the resources are unavailable for expenditure until the pledge is fulfilled). (c) Resources restricted until the occurrence of a specific event: a life annuity — the principal and income must be used to provide income for the donor until the donor’s death. Thereafter it can be expended. Resources permanently restricted: An endowment — the principal of which must be kept intact permanently; only the income is available for expenditure. 2. Restricted contributions should be recognized as revenue in a restricted fund when the contribution (even if only a pledge) is received. Expenses should be recognized in an unrestricted fund when the funds are used. As the contributions are used, the restrictions are met, and the resources are released from the restricted to the unrestricted categories. The FASB reasoned that donors control only how contributed resources may be used. They do not control the timing of expenses or the specific activities in which the organization engages...
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...Governmental Accounting Standards Board 34 What would our country like without any rules and regulations or even our Declaration of Independence? We would probably be one giant disorganized country. There are times when we feel that our government can over regulating, but some fail to understand that the government is the people and society. Society has created organizations that even monitor our own government. One organization is the Governmental Accounting Standards Board (GASB). This is “an authoritative accounting and financial reporting standard-setting body for government entities” (Granof 2002). Their main objective is to ensure that financial reporting needs are meeting for the financial users. This goal is very difficult to accommodate to all users. Therefore, GASB continues to create new standards for financial reporting for state and local governments. One of the recent major obstacles for GASB was to produce standards for full accrual basis accounting for all state, local, and not-for-profit entities. This would allow for cost/loss in an entity’s capital assets and infrastructure. This can be distributed over the useful years of life instead of the initial year. In using the cash method, the value of physical assets and the depreciation on infrastructures such as roads, bridges, sewers, and drainage systems is not shown on the books. On average, most infrastructures decline in usefulness or value over a period of 20 to 50 years. This new standard thus creates...
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...ACC591 GNFP Spring Term, 2013 Prof Orpurt Homework #3 Due: Friday April 19 by 5pm. I prefer that you drop off a printed or NEATLY written paper version of your homework. Question 1: A wealthy donor promised $1 million to the local art museum to expand the size of its building, contingent on the museum obtaining a grant from the State Endowment for the Arts of at least $500,000. Upon completing the signed agreement with the donor, the museum should: A. Record a debit to Contributions Receivable-Temporarily Restricted in the amount of $1,000,000. B. Record a debit to Contributions Receivable-Temporarily Restricted in the amount of $500,000. C. Not make a journal entry until the conditions of the agreement have been met. D. Either A. or C. are permissible, depending on the museum’s established policy. Question 2: Sharon Helper, a local CPA, volunteered her time to develop a new computerized accounting system for an after-school development program for disadvantaged children. If Sharon had not volunteered her time, it would have been necessary for the organization to hire an accountant for this project. The value of Sharon’s time devoted to this project should be recorded as: A. Contributed revenue. B. A supporting services expense. C. Neither A. nor B. are correct. D. Both A. and B. are correct. Question 3: A nongovernmental not-for-profit animal shelter receives contributed services from the following individuals valued at their normal billing rates: Veterinarian provides volunteer...
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...Governmental Banning Of Human Cloning Essay, Research Paper A Solution to the Problem: Governmental Banning of Human Cloning Governmental Banning on human and organ cloning is posing a problem on those educated ones in academia. Researcher and scientist Dr. Ian Wilmut has successfully cloned a sheep, and has gathered from this experiment evidence that strongly proves that human and organ cloning could be performed ? safely and effectively. Unfortunately, our government has almost immediately banned such cloning in this country. Did they realize the benefits of such a discovery? Perhaps they simply believe that it is some sort of unethical, immoral experiment that is not beneficial to our society. Perhaps they should take a closer look at exactly what these researchers have derived from years of experimenting. In this paper, I will propose a possible plan to persuade our government to take another look at human and organ cloning. Many positive benefits could come out of this, and it is our responsibility, for the sake of a healthier future, to push policy makers to change their minds and loosen their grips on such a banning. Cloning of various organisms has been going on for years. This concept of cloning was conceived in 1938, but it was not until 1994 that a method using an embryo was used to clone a cow (Business Week). Much to many people?s surprise, the idea of cloning humans is not an aged concept. It is fairly new, but that hardly means that the amount, or rather...
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...Assisted Suicide: Governmental or Personal Decision? Assisted suicide is a widely argued ethical issue. A lot of the debate on this subject stems from either different viewpoints of when this act is appropriate, or what the resulting consequences would be if such an act were ever permissible. The point mostly debated between opposing sides is life-worth. What constitutes a life worth living and who is to ultimately decide this? The main problem with this question is that suffering cannot be measured unless one is to endure that same suffering themselves. The view that life is a special gift bestowed by God is held highly by many religions and it is of most importance to them when the debate on assisted suicides arises. A gift from God should not be tampered with let alone destructed. Although the number of ethical issues involved is endless this paper will be focusing on three points. The first point engages in the ethics of assisted suicide and will involve the psychologically vulnerable and the elderly. The second ethical issue to be mentioned will be the presence and/or lack of a definition for a terminal illness. The last point is concerned with the human will to power and how this creates a problem should assisted suicide be permissible. These ethical issues, although strong convictions on their own, can lead to slippery slope arguments and must be looked at very carefully. In addition depending on the standpoint that one would take, these arguments have both strengths and...
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