PA 375 Lecture Notes - Lecture 19: Wounded Warrior Project, Retained Earnings, Financial Statement

• School: GVSU
• Department: Public and Nonprofit Administration
• Course: PA 375
• Professor: Dejonge

Document Summary

Must have itemized receipts, not just credit card receipt. Restricted: unrestricted, hard to find financial documents, but easy to find i-90s, wounded warrior project example. Money raised for the organization that does not have to be repaid: retained earnings. Stock issuance: taxation (governments only, contributions /donations, debt financing. Money the organization borrow and has to repay in the futures with a price. Basis of accounting (principle 9: accrual basis v. modified accrual accounting. Nonprofits use accrual, but smaller ones use a cash basis. If seen in financial statements, you will know that they are using governmental accounting or modified accrual accounting. Budgeting (principle 10: an annual budget should be adopted by every governmental unit, the accounting system should provide the basis for appropriate budgetary control. Reporting (principle 13: a financial reporting entity. A component unity, joint venture, jointly governed body: a primary government. Fiscally independent from other state and local governments.