Acct380 Assignment Week 5 Upload

ACC 380 – Accounting for Not-For-Profit

For the final project in ACC380 Accounting for Not-For-Profit, we were asked to prepare a Statement of Activities, a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets along with a Statement of Changes in Net Assets for Lee College which is a private not-for-profit college. In addition to the financial statements, we were also asked to explain the process that was used to prepare the financial statements and to offer an in-depth analysis of the financial health of Lee College. My first step was to set-up my Excel template for the Statement of Activities by using the information provided in the closing entries for Lee College for the year ended December 31, 2014. This gave me insight into the active accounts and what the closing account balance for each was. It also provided visibility into the type of revenue and expense (unrestricted, temporarily restricted, and permanently restricted). First I pulled in what I considered the items that were easily identifiable and didn’t require any calculations such as the expenses and some of the revenue accounts. Net tuition and fees was calculated as $11,000,000 less $375,000 for tuition discount-unrestricted –student aid = $10,625,000. My next step was to complete the net asset section. For the net assets 1/1/15, I used the net assets balances provided in the exercise ($1,000,000 unrestricted, $300,000 temporarily restricted, $1,760,000 permanently restricted). The increase(decrease) in net assets was calculated as the difference between total revenues and total expenses. The net assets balances for 12/31/15 are the sum of the increase(decrease) in net assets and net assets as of 1/1/15. Using the Statement of Activities as a reference, I proceeded with the Statement of Revenues, Expenses and Other Changes in Unrestricted Net Assets.
I pulled in information according to classification.

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