ASU 2016-14 Illustrative Financial Statement Example - AICPA
[Pages:16]ASU 2016-14 Financial Statement Example
The AICPA's Not-for-Profit Expert Panel created this set of illustrative financial statements that shows the implementation of ASU 2016-14. This document provides a non-authoritative example of a possible presentation of a complete set of financial statements for a nongovernmental NFP that is not a health care provider under current GAAP. The example is fictitious.
Report of Independent Auditors and Financial Statements for
Big National Charity, Inc.
December 31, 20XX and 20XX
? 2019, Association of International Certified Professional Accountants. All rights reserved.
CONTENTS
FINANCIAL STATEMENTS Statements of Financial Position Statements of Activities Statements of Functional Expenses Statements of Cash Flows ? Indirect Method Statements of Cash Flows ? Direct Method Notes to Financial Statements
PAGE
1 2?3
4 5 6 7?14
? 2019, Association of International Certified Professional Accountants. All rights reserved.
BIG NATIONAL CHARITY, INC.
STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 20XX AND 20XX
ASSETS Cash and cash equivalents Contributions receivable Due from related parties Prepaid expenses and other assets Investments Property and equipment, net
Total assets
LIABILITIES AND NET ASSETS
LIABILITIES Accounts payable and accrued expenses Due to related parties Other liabilities
Total liabilities
NET ASSETS Without donor restrictions With donor restrictions
Total net assets
Total liabilities and net assets
20XX
$ 1,740,000 244,000 170,000
1,158,000 151,000
$ 3,463,000
20XX
$ 920,000 409,000 90,000 169,000 677,000 207,000
$ 2,472,000
$ 373,000 303,000 143,000
819,000
$ 219,000 -
147,000
366,000
1,599,000 1,045,000
2,644,000
$ 3,463,000
914,000 1,192,000
2,106,000
$ 2,472,000
See accompanying notes.
1
? 2019, Association of International Certified Professional Accountants. All rights reserved.
BIG NATIONAL CHARITY, INC.
STATEMENTS OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 20XX
Operating activities REVENUES AND OTHER SUPPORT
Contributions Contributions - from related parties Contributions - donation in-kind Interest and dividends Net assets released from restrictions
Without Donor With Donor Restrictions Restrictions
Total
$ 4,976,000 755,000 13,000 20,000 662,000
$ 515,000 -
9,000 (662,000)
$ 5,491,000 755,000 13,000 29,000 -
Total revenues and other support
6,426,000
(138,000)
6,288,000
EXPENSES Animal services
4,286,000
-
4,286,000
Supporting services: Management and general Fundraising
283,000 1,139,000
-
283,000
-
1,139,000
Total support services
1,422,000
-
1,422,000
Total expenses
5,708,000
-
5,708,000
Change in net assets from operations
718,000
(138,000)
580,000
Nonoperating activities Investment return, net
(33,000)
(9,000)
(42,000)
Total nonoperating activities
(33,000)
(9,000)
(42,000)
Change in net assets
685,000
(147,000)
538,000
Net assets, beginning of year
914,000
1,192,000
2,106,000
Net assets, end of year
$ 1,599,000 $ 1,045,000 $ 2,644,000
2
See accompanying notes.
? 2019, Association of International Certified Professional Accountants. All rights reserved.
BIG NATIONAL CHARITY, INC.
STATEMENTS OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 20XX
Operating activities REVENUES AND OTHER SUPPORT
Contributions Contributions - from related parties Interest and dividends Net assets released from restrictions
Without Donor With Donor Restrictions Restrictions
Total
$ 3,485,000 324,000 13,000 325,000
$ 106,000 (325,000)
$ 3,591,000 324,000 13,000 -
Total revenues and other support
4,147,000
(219,000)
3,928,000
EXPENSES Animal services
3,269,000
-
3,269,000
Supporting services: Management and general Fundraising
353,000 1,039,000
-
353,000
-
1,039,000
Total support services
1,392,000
-
1,392,000
Total expenses
4,661,000
-
4,661,000
Change in net assets from operations
(514,000)
(219,000)
(733,000)
Nonoperating activities Investment return, net
6,000
3,000
9,000
Total nonoperating activities
6,000
3,000
9,000
Change in net assets
(508,000)
(216,000)
(724,000)
Net assets, beginning of year
1,422,000
1,408,000
2,830,000
Net assets, end of year
$ 914,000 $ 1,192,000 $ 2,106,000
See accompanying notes.
3
? 2019, Association of International Certified Professional Accountants. All rights reserved.
BIG NATIONAL CHARITY, INC.
STATEMENTS OF FUNCTIONAL EXPENSES FOR THE YEARS ENDED DECEMBER 31, 20XX AND 20XX
Grants Salaries and benefits Education and awareness Occupancy Professional services Printing Information technologies Travel Depreciation Other
Animal Services
$ 1,617,000 1,285,000 706,000 203,000 120,000 137,000 15,000 79,000 44,000 80,000
$ 4,286,000
20XX Management and General Fundraising
$ 105,000 16,000 54,000 30,000 48,000 1,000 4,000 1,000 6,000 18,000
$
-
531,000
245,000
72,000
45,000
74,000
35,000
11,000
13,000
113,000
$ 283,000 $ 1,139,000
Total
$ 1,722,000 1,832,000 1,005,000 305,000 213,000 212,000 54,000 91,000 63,000 211,000
$ 5,708,000
Grants Salaries and benefits Education and awareness Occupancy Professional services Printing Information technologies Travel Depreciation Other
Animal Services
20XX Management and General Fundraising
Total
$ 229,000 1,471,000 265,000 185,000 664,000 111,000 83,000 126,000 44,000 91,000
$ 12,000 171,000 1,000 25,000 108,000 3,000 6,000 4,000 6,000 17,000
$
-
451,000
113,000
75,000
232,000
22,000
19,000
8,000
18,000
101,000
$ 241,000 2,093,000 379,000 285,000 1,004,000 136,000 108,000 138,000 68,000 209,000
$ 3,269,000 $ 353,000 $ 1,039,000 $ 4,661,000
4
See accompanying notes.
? 2019, Association of International Certified Professional Accountants. All rights reserved.
BIG NATIONAL CHARITY, INC.
STATEMENTS OF CASH FLOWS ? INDIRECT METHOD FOR THE YEARS ENDED DECEMBER 31, 20XX AND 20XX
INDIRECT METHOD
20XX
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets
$ 538,000
Adjustments to reconcile change in net assets to net
cash provided by (used in) operating activities:
Depreciation
63,000
Donated securities
(70,000)
Net depreciation (appreciation) on investments
42,000
Decrease (increase) in contributions receivable
165,000
Decrease in due to/from related parties
393,000
(Increase) decrease in prepaid expenses and other assets
(1,000)
Increase (decrease) in accounts payable and accrued expenses 154,000
(Decrease) increase in other liabilities
(4,000)
20XX
$ (724,000)
68,000 (37,000)
(9,000) (99,000) 303,000
7,000 (73,000)
1,000
Net cash provided by (used in) operating activities
1,280,000
(563,000)
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets Purchase of investments Proceeds from sales and maturities of investments
(7,000) (1,290,000)
837,000
(546,000)
79,000
Net cash used in investing activities
(460,000) (467,000)
Net increase (decrease) in cash and cash equivalents
820,000 (1,030,000)
Cash and cash equivalents, beginning of year
920,000 1,950,000
Cash and cash equivalents, end of year
$ 1,740,000 $ 920,000
[NOTE ? Both the indirect and direct methods are presented. NFP may choose either method of reporting cash flows from operating activities. If the direct method is used, a reconciliation to the indirect method (as illustrated in paragraph 230-10-55-10) may be reported but is not required.
See accompanying notes.
5
? 2019, Association of International Certified Professional Accountants. All rights reserved.
BIG NATIONAL CHARITY, INC.
STATEMENTS OF CASH FLOWS ? DIRECT METHOD FOR THE YEARS ENDED DECEMBER 31, 20XX AND 20XX
DIRECT METHOD
CASH FLOWS FROM OPERATING ACTIVITIES Cash received from contributions Cash payments to employees and vendors Cash payments from related parties, net Interest and dividends received
Net cash provided by (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets Purchase of investments Proceeds from sales and maturities of investments
Net cash used in investing activities
Net increase (decrease) in cash
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
20XX
20XX
$ 5,986,000 (5,128,000) 393,000 29,000
$ 3,741,000 (4,620,000) 303,000 13,000
1,280,000
(563,000)
(7,000) (1,290,000)
837,000
(546,000)
79,000
(460,000)
(467,000)
820,000
(1,030,000)
920,000
1,950,000
$ 1,740,000 $ 920,000
6
See accompanying notes.
? 2019, Association of International Certified Professional Accountants. All rights reserved.
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