CAFR assignment
ACC 219
Assignment No. 3
Please answer the following questions for your chosen 'national'. All answers are to be supported by printouts from financial statements, forms, websites, etc. and then cross-referenced to the applicable question. This is an individual assignment.
Question:
Narrative:
Workpaper
Reference:
1. Background information on charity:
a. What is the name and stated purpose of the charity?
b. How long has it been operation?
c. Where is it based?
d. What classification of the tax code does the entity claim its tax exemption (e.g., 501(c)3)?
e. Does it have a website? If so, what is it?
f. How many employees does it employ?
1a) Books For Africa – this charity’s stated purpose is to end the book famine in Africa. To create a culture of literacy and provide the tools of empowerment to the next generation of parents, teachers, and leaders in Africa.
1b) Books for Africa was founded in 1988, with operations beginning in September 1989.
1c) The charity is based out of St Paul, MN.
1d) 501 (c)(3) classification
1e) www.booksforafrica.org
1f) 25 employees
1a – 1e found on website; 1f from 990 form
2. Who performed the financial statement audit of the charity? What type of audit opinion was issued? If other than unqualified, provide further details.
The financial statement audit of the charity was performed by Markwell & Lewis LLP, based out of Minneapolis, MN. The audit opinion expressed was an unqualified opinion.
Independent Auditor’s Report in Financial Statements
3. Using the financial statements, what amount was presented for investments? What percentage of total assets does this figure represent? Amount presented for investments: $862,913
This represents 19% of Total Current Assets and 18.8% of Total Assets.
Page 2 of Financial Statements
4. Using the financial statements, what amount was presented for unrestricted net assets? What
Assignment No. 3
Please answer the following questions for your chosen 'national'. All answers are to be supported by printouts from financial statements, forms, websites, etc. and then cross-referenced to the applicable question. This is an individual assignment.
Question:
Narrative:
Workpaper
Reference:
1. Background information on charity:
a. What is the name and stated purpose of the charity?
b. How long has it been operation?
c. Where is it based?
d. What classification of the tax code does the entity claim its tax exemption (e.g., 501(c)3)?
e. Does it have a website? If so, what is it?
f. How many employees does it employ?
1a) Books For Africa – this charity’s stated purpose is to end the book famine in Africa. To create a culture of literacy and provide the tools of empowerment to the next generation of parents, teachers, and leaders in Africa.
1b) Books for Africa was founded in 1988, with operations beginning in September 1989.
1c) The charity is based out of St Paul, MN.
1d) 501 (c)(3) classification
1e) www.booksforafrica.org
1f) 25 employees
1a – 1e found on website; 1f from 990 form
2. Who performed the financial statement audit of the charity? What type of audit opinion was issued? If other than unqualified, provide further details.
The financial statement audit of the charity was performed by Markwell & Lewis LLP, based out of Minneapolis, MN. The audit opinion expressed was an unqualified opinion.
Independent Auditor’s Report in Financial Statements
3. Using the financial statements, what amount was presented for investments? What percentage of total assets does this figure represent? Amount presented for investments: $862,913
This represents 19% of Total Current Assets and 18.8% of Total Assets.
Page 2 of Financial Statements
4. Using the financial statements, what amount was presented for unrestricted net assets? What