a local social worker earning 14 per hour working for the state government contributed 550 hours of time at no charge to the Sunrise homeless shelter, a voluntary health and welfare entity. if not for these donated services. an additional staff person would have been hired by the entity. how should the Sunrise Homeless Shelter record the contributed services?
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a local social worker earning 14 per hour working for the state government contributed 550 hours of time at no charge to the Sunrise homeless shelter, a voluntary health and welfare entity. if not for these donated services. an additional staff person would have been hired by the entity. how should the Sunrise Homeless Shelter record the contributed services?
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- For each of the following organizations, determine its UBTI and any related UBIT. Connect, Inc., an exempt organization, provides food for the homeless. It oper- ates a thrift store that sells used clothing to the general public. The thrift shop is staffed solely by four salaried employees. All of the clothes it sells are received as contributions. The $100,000 profit generated for the year by the thrift shop is used in Connect’s mission of providing food to the homeless. Small, Inc., an exempt organization, recorded gross unrelated business income of $900 and unrelated business expenses of $400.White Valley Presbyterian Hospital is a nonprofit initial care facility. For the hospital’s calendar year ending December 31, 2019 journal entries to record the transactions listed in 1 through 14. below Third-parties payers and direct-pay patients were billed $6,500,000 at the hospital's established billing rates The hospital determined that certain of its patients qualified for charity care and that it would not seek to collect $950,000 at established billing rates from direct-pay patients The hospital estimated contractual adjustments for the year of $1,600,000 The hospital originally estimated uncollectible amounts from direct-pay patients to be $250,000 (recall that original estimated uncollectible amounts reduce revenue; only estimates specific to an individual patient are reported as bad debt expense). The hospital received capitation premiums of $2,500,000. It estimated that the cost of providing this care was $1,800,000 The hospital received payments from third-party payers…A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Choose the correct.a. Revenues of $33,500.b. Public support of $33,500.c. Public support of $32,000 and a $1,500 increase in the fund balance.d. Public support of $32,000 and revenue of $1,500.
- A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation? Make no entry. Record contributed support of $2,100 and community assistance expense of $2,100. Recognize revenue of $2,100. Recognize contributed support of $2,100 and community expenditures of $2,100.A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded? Revenues of $33,500. Public support of $33,500. Public support of $32,000 and a $1,500 increase in the fund balance. Public support of $32,000 and revenue of $1,500.A voluntary health and welfare entity sends a mailing to all of its members including those who have donated in the past and others who have never donated. The mailing, which had a total cost of $22,000, asks for monetary contributions to help achieve the charity’s stated mission. In addition, 80 percent of the material included in the mailing is educational in nature, providing data about the entity’s goals. Which of the following is true? Choose the correct.a. Some part of the $22,000 should be reported as a program service cost because of the educa-tional materials included.b. No part of the $22,000 should be reported as a program service cost because there is no specific call to action.c. No part of the $22,000 should be reported as a program service cost because the mailing was sent to both previous donors and individuals who have not made donations.d. Some part of the $22,000 should be reported as a program service cost because more than 50 percent of the material was educational…
- A voluntary health and welfare entity sends a mailing to all of its members including those who have donated in the past and others who have never donated. The mailing, which had a total cost of $22,000, asks for monetary contributions to help achieve the charity’s stated mission. In addition, 80 percent of the material included in the mailing is educational in nature, providing data about the entity’s goals. Which of the following is true? Some part of the $22,000 should be reported as a program service cost because of the educational materials included. No part of the $22,000 should be reported as a program service cost because there is no specific call to action. No part of the $22,000 should be reported as a program service cost because the mailing was sent to both previous donors and individuals who have not made donations. Some part of the $22,000 should be reported as a program service cost because more than 50 percent of the material was educational in nature.Leaf Private College is sponsored by a religious group. Volunteers from this religious group regularly contribute their skilled services to Leaf and are paid nominal amounts to cover their commuting costs. If Leaf did not receive these volunteer services, it would have to purchase similar services. During 2019, the total amount paid to these volunteers was $10,000. The gross value of services performed by them, as determined by reference to layequivalent salaries, amounted to $400,000. What amount should Leaf record as expenses in 2019 for these volunteers’ services?a. $410,000b. $400,000c. $10,000d. $0To send a mailing, a private not-for-profit charity spends $100,000. The mailing solicits donations and provides educational and other information about the charity. Which of the following is true? No part of the $100,000 can be reported as a program service expense. Some part of the $100,000 must be reported as a program service expense. No authoritative guidance exists, so the organization can allocate the cost as it believes best. Under certain specified circumstances, the organization should allocate a portion of the $100,000 to program service expenses.
- A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation? Choose the correct.a. Make no entry.b. Record contributed support of $2,100 and community assistance expense of $2,100.c. Recognize revenue of $2,100.d. Recognize contributed support of $2,100 and community expenditures of $2,100.An organization of high school seniors performs services for patients at Leer Hospital. These students are volunteers and perform services that the hospital would not otherwise provide, such as wheeling patients in the park and reading to patients. These volunteers donated 5,000 hours of service to Leer in 2017. At the minimum wage rate, these services would amount to $22,500, while it is estimated that the fair value of these services was $27,000. In Leer’s 2017 statement of revenues and expenses, what amount should be reported as nonoperating revenues?a. $27,000b. $22,500c. $6,250d. $0To send a mailing, a private not-for-profit charity spends $100,000. The mailing solicits donations and provides educational and other information about the charity. Which of the following is true? Choose the correct.a. No part of the $100,000 can be reported as a program service expense.b. Some part of the $100,000 must be reported as a program service expense.c. No authoritative guidance exists, so the organization can allocate the cost as it believes best.d. Under certain specified circumstances, the organization should allocate a portion of the $100,000 to program service expenses.