21.The FASB requires private not-for-profit organizations to report net assets (the excess of assets over liabilities) separated by unrestricted, temporarily restricted and permanently restricted.
22.The FASB requires private not-for-profit organizations to report expenses separated by unrestricted, temporarily restricted and permanently restricted.
23.A private not-for-profit reports expenses in either the unrestricted net asset class or restricted net asset class, depending which program the expense was supporting.
24.A private not-for-profit reports all expenses in unrestricted net asset class.
25.A private not-for-profit’s expenses are reported by function, program or supporting, in the Statement of Activities or in the notes.
26.Fixed assets may be recorded by a private not-for-profit as temporarily restricted or unrestricted, depending on the policy of the organization.
27.If fixed assets are recorded as temporarily restricted assets, then a reclassification is made each accounting period to unrestricted resources in the amount equal to the depreciation or an allocation based on the time the asset is restricted, whichever is shorter.
28.FASB Statement 124,
Accounting for Certain Investments of Not-for-Profit Organizations,
requires investments by a not-for-profit in debt securitiesandequity securities to be carried at fair value.
29.Net Assets must be presented separately in the Statement of Activities for the three classes (unrestricted, temporarily restricted, and permanently restricted).
30.Assets that are restricted by an organization’s board can be reported as either temporarily restricted or permanently restricted, according to the board’s intentions.