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This page Class Notes was uploaded by David Schell on Monday March 7, 2016. The Class Notes belongs to V246 at Indiana University taught by Antonette McCaster in Spring 2016. Since its upload, it has received 33 views. For similar materials see Elementary Government and Non-Profit Financial Accounting in Linguistics and Speech Pathology at Indiana University.
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Date Created: 03/07/16
Page 271 P2 Part II Endowment Entries PS Callahan a noted philanthropist donated 2000000 to the Neuland Community Center with the stipulation that the first 10 years of earning be used to endow specific programs of the organiza n t the end of the 10year period half the principal of the gift will be orme available for unrestricted use and half for capital additions PartA Assume that the Neuland Center is a nongovernment VHWO 1 Prepare the entryies to record the gift 2 Prepare the entryies to record the expiration of the term of the endowment Journal Entry Account Title Debit Credit 1 Cash 2000000 Temporarily Restricted SupportContributions 2000000 To record contributions when received Journal Entry cont 4 Account Title Debit Credit 2 Reclassification Out 1000000 Reclassification In 1000000 To record reclassification of temporarily restricted net asset PartB Describe how this gift should be reported in the Statement of Activities 1 When received 2 When the term expires Statement of Activities Report When received the temporary net assets has 2 million After the term expires the unrestricted net assets would increase 1 million and the temporarily restricted net assets would have 1 million