11.Voluntary health and welfare organizations promote the general health and well-being of the public.
12.Performing arts organizations are an example of other private not-for-profit organizations.
13.Private not-for-profit organizations are required to present a Statement of Functional Expenses instead of a Statement of Cash Flows, as required of businesses.
14.A Statement of Functional Expenses is required for voluntary health and welfare organizations.
15.If a private not-for-profit fails to comply with donor restriction on contributions received, the organization must accrue and disclose a contingent liability.
16.Contributions to a private not-for-profit are recorded at fair market value at the date of receipt.
17.Contributions of assets other than cash to a private not-for-profit are recorded at the donor’s basis
18.Contributions to a private not-for-profit may
notbe restricted as to time, purpose or for plant acquisition.
19.The FASB requires private not-for-profit organizations to report individual assets and liabilities separated by unrestricted, temporarily restricted and permanently restricted.
20.The FASB requires private not-for-profit organizations to report revenues separated by unrestricted, temporarily restricted and permanently restricted.