statement of activity

“11–8. Presented below are the closing entries for Lee College, a private not-for- profit, for the year ended December 31, 2014.

Debits Revenues—Unrestricted—Tuition and Fees11,000,000

Revenues—Unrestricted—Unrestricted Income on

Endowment Investments 40,000

Revenues—Unrestricted—Sales and Services of

Auxiliary Enterprises5,500,000

Revenues—Unrestricted—Contributions100,000

Reclassifications to Unrestricted Net Assets—

Satisfaction of Program Restrictions720,000

Reclassifications to Unrestricted Net Assets—

Satisfaction of Plant Acquisition Restrictions1,080,000

Net Assets—Unrestricted110,000

Tuition Discount—Unrestricted—Student Aid375,000

Instruction Expense7,000,000

Research Expense4,500,000

Public Service Expense1,200,000

Institutional Support Expense 1,600,000

Student Services Expense150,000

Auxiliary Enterprise Expense3,725,000

Revenues-Temporarily Restricted- Contributions1,500,000

Revenues- Temporarily Restricted- Grants 970,000

Reclassification from Temporarily Restricted

Net Assets- Satisfaction of Program Restrictions720,000

Reclassification from Temporarily Restricted Net

Assets- Satisfaction of Plant Acquisition Restrictions1,080,000

Net Assets- Temporarily Restricted750,000

Revenues- Permanently Restricted- Contributions2,540,000

Gains on Long-Term Investments750,000

Net Assets- Permanently Restricted3,290,000

Assume the January 1, 2015, net asset balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,760,000 permanently restricted net assets.

• Prepare a Statement of Activities
• . Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in Net Assets.

paper must:

1. Include both the completed financial statements and detailed analysis of the data provided.
2. Explain the process by which you completed the final statements and include any applicable supporting information computations and explanations.
3. Offer an in-depth analysis of the financial health of Lee College.

The Project

• Must be five to seven double-spaced pages in length (not including title and references pages) and formatted according to APA style
• Must include a separate title page with the following:
  • Title of Final Project
  • Student’s name
  • Course name and number
  • Instructor’s name
  • Date submitted
• Must include an introductory paragraph with a succinct thesis statement.
• Must address the topic of the project with critical thought.
• Must conclude with a restatement of the thesis and a conclusion paragraph.

 

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