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The objective of this exercise is to familiarize you with the audited ?nancial statements and IRS Form 990 of a Nonpro?t Entity, the American Cancer Society (www.cancer.org). Obtain the audited ?nancial statements for the ?scal year ended Dec. 31, 2010 and Form 990 for 2010. Form 990 can also be obtained from www.Guidestar.org (Hint: Please make sure that the ?nancial statements and Form 990 are for the same entity).

Respond to the following:

1. Identify the different kinds of receivables presented in the statement of ?nancial position. Is the detail the same as that presented on Form 990? What additional information have you been able to obtain from Form 990?

2. Calculate the program ratio (Total Program expenses/Total expenses) based on the ?nancial statements and the 990. Do the ratios differ? Why and by how much?

3. The 990 Schedule A identi?es the reason for the American Cancer Society's status as a public charity. What reason is identi?ed?

4. What is the rating of this Nonpro?t by Charity Navigator or Better Business Bureau Wise Giving Alliance or other watchdog agencies? Explain what this means.

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Accounting Basics, Accounting

Category:- Accounting Basics
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