------------------------------------------------- The Requirements of SFAS 116 and 117 and its effect on the financial statements The Statement of Financial Accounting Standards (SFAS) 116 and 117 are standards set for not- for-profit and non-governmental entities. The standards account for contributions and financial statement presentation (Granof‚ Khumawala‚ 2011). SFAS 116 defines how contributions are designated. Contributions can have donor-imposed restrictions. The standard defines three
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For this essay I have chosen to analyze Oxfam International which works in charity and development sector which also known as the voluntary sector. Oxfam is an international non-governmental charitable organization based in UK in 1942 and working to overcome poverty and improve the living conditions of people in more than 90 countries around the world. Oxfam Fund is implementing a program of cooperation between municipal authorities and the business community‚ aimed at improving the business infrastructure
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management in not-for-profit organizations? A not-for-profit organization (US and UK)‚[1] often called an NFPO or simply a nonprofit‚ also non-commercial organization (Russia and CIS) often called an NCO‚ is an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends. States in the United States defer to the IRS designation conferred under United States Internal Revenue Code Section 501(c)‚ when the IRS deems an organization eligible.[2] While not-for-profit
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The study on social enterprises and social entrepreneurship INTRODUCTION An indifferent attitude of government and negligence towards the welfare of the society‚ their poorer strategies towards the socially disadvantage peoples‚ this led to the emergence of social enterprise and social entrepreneurship. In past it was the work of NGO’s to set it right‚ but lack of funds kept them away from bringing changes to the society. This made social enterprises to emerge and bring drastic changes
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problems of their client. As a professional working in the field of Human Services‚ having specific helping skills are vital to the effectiveness of the services as well as the goals of the client. There are many elements that support both verbal and non-verbal communication. Contrary to the supportive elements that determine success‚ there are also a wide range of barriers that both the helper and the client may face. It is very important for a human service professional to gain understanding about
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A View of the Resource/Profit Model: A Non-Profit‚ Service Perspective Parents have long pursued what they consider the best education for their child(ren). However‚ horrific events like the April 1999 school shooting massacre at Columbine High School near Denver‚ Colorado or more recently‚ the March 2009 Albertville Technical High School shooting in Winnenden‚ Germany‚ which left several children dead‚ has prompted more and more parents to seek private‚ parochial‚ or Christian school alternatives
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Governmental and Nonprofit Accounting Nicole Tanner March 2‚ 2012 1-2. Five environmental differences between governments and for-profit business enterprises. 1. Organizational purposes – Commercial is to generate profit for its owners and government is for the well being of citizens. 2. Sources of Revenue – Business generate its income from sales. Government derives its income from taxes. 3. Potential for Longevity – Government rarely go out of business and Business longevity is
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How has the Sarbanes-Oxley Bill influenced reporting by governmental agencies and not-for-profit organizations? Does the Public Company Accounting Oversight Board have authority to establish auditing standards for not-for-profits? What specific steps might governmental agencies or not-for-profits take to comply with the requirements of the Sarbanes-Oxley Bill? 1. Reporting for governmental agencies and not-for profits has become more detailed including management representations related to the
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people insist on being paid for doing charity work. By doing this‚ people satisfy their humanitarian sense along with their monetary sense. Therefore‚ to encourage people to volunteer‚ organizations should pay to them small amount of money. Support: Frederick Schwarz‚ senior counsel at Cravath‚ claimed‚ “An organization and a person are simply more committed to each other when the person is paid.” * Sometimes volunteering may cause several inconveniences. Support: Ratnakar Naik‚ a general
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One way that terrorist organizations fund their actions is through Fundraisers. These terrorist organizations solicit money from a range of donors. The main donors are based in the Gulf area‚ mainly Saudi Arabia‚ but other donors also exist outside the Muslim regions in countries across the world. Some of these donors have been fully aware of the final destination of their money; others were not. These funds also come from corrupt employees of charitable organizations‚ in particular during the
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