美國CPA模擬試題：政府與非盈利組織（四）

In Year 1, Community Helpers, a private voluntary health and welfare organization, received a bequest of a $100,000 certificate of deposit maturing in Year 11. The testator's only stipulations were that this certificate be held until maturity and that the interest revenue be used to finance the ongoing salaries for a currently operating preschool program. Interest revenue for Year 11 was $8,000. When the certificate was redeemed, the board of trustees adopted a formal resolution designating $20,000 of the proceeds for the future purchase of equipment for the preschool program.

What should be reported in the Year 11 year-end statement of financial position?

a. Net assets temporarily restricted―designated for preschool program salaries, $8,000. Unrestricted net assets, $100,000.

b. Unrestricted net assets, $100,000.

c. Temporarily restricted assets―designated for preschool program, $28,000; Net assets unrestricted, $80,000.

d. Temporarily restricted net assets (for purchase of equipment), $20,000; unrestricted net assets, $80,000.

Explanation

Choice "b" is correct. The Year 11 year-end statement of financial position should report unrestricted net assets of $100,000. Community Helpers fully satsfied the temporary time restrictions associated with the bequest by the end of Year 11 and would have reclassified the $100,000 from temporarily restricted to unrestricted. Unrestricted net assets would have increased by $100,000 and display a balance of $100,000 as follows:

Unrestricted net assets　　 $100,000

Choice "d" is incorrect. The $20,000 board of trustee's resolution designating $20,000 for future purchase of equipment is still considered "unrestricted net assets" because the board can change its mind. Only contributions from donors may be permanently or temporarily restricted and only by donors.

Choice "a" is incorrect. Although the $100,000 would be displayed as unrestricted net assets, the $8,000 earnings from the investment are temporarily restricted by the donor, not designated by the not-for-profit itself.

Choice "c" is incorrect per the above explanations.