Answer questions 1 and 2 with approximately 40 to 90 words each.

1. Identify which level(s) of government regulate(s) NFP organizations and identify the source of authority.

2. What are the distinguishing characteristics between a public charity and a private foundation? What is a public support test and how does it relate to public charities and private foundations?

Answer the following questions with 100 to 150 words each.

FASB Statement

1. What are the three classifications of net assets established by FASB Statement 117? How are these net assets affected by the existence or absence of donor-imposed restrictions? How are releases of these net assets accomplished?

A. how is adherence to the restrictions monitored?

B. how is income from restricted assets reported?

Financial Reporting

2. What financial statements are required of not-for-profit organizations? How are they different or comparable to those provided by organizations that operate for profit? How does the retained earnings section of for-profit organizations differ from that of the net assets section of not-for-profits?

a. what are some of the differences in the balance sheet of a not for profit entity and a for profit entity?

NFP or Governmental

3. in what ways can governmental entities raise additional revenue for large dollar projects?