FASB Statement 117, Trusts, & Organizations

From Chapter 11 complete Exercise 11-3 and Exercise 11-4 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome.

Exercise 11-3 With regard to private sector colleges and universities: 

a. List the three net assets classes required under FASB statement 117. 

b. List the Financial reports required under the FASB statement 117.

c. Distinguished between an endowment, a term endowment, and a quasi-endowment. Indicate the accounting required for each.

d. Outline the accounting required by the FASB for:

1.  An endowment gift received in cash:

2. A pledge received in 2014, unrestricted as to purpose but restricted for use in 2015.

3. A pledge received in 2014, restricted to purpose other than plant. The purpose was fulfilled in 2015.