Select one (1) not-for-profit organization in an area of interest to you and review the financial statements and audit report for the organization. The financial statements and audit report of the not-for-profit organization should be readily and publically available on an active Website.
Write a 3 page paper in which you:
1.Analyze the selected not-for-profit’s financial statements to determine if the statements conform to Financial Accounting Standards Board (FASB) guidance in Statement No. 117, Financial Statements of Not-for-Profit Organizations (FASB ASC 958-205-45). Explain the selected organization’s use of the three (3) fund categories. Recommend at least two (2) areas of potential interest to the stakeholder concerning the status of revenue and expenses.
2.Analyze the organization’s statement of cash flows. Explain the format that the organization utilizes, including any unique areas of emphasis that differ from-GAAP accounting format.
3.Compare the organization’s reporting of pledges and contributions to its reporting of exchange transactions. Discuss the funds that are utilized.
4.Assess the fiscal condition of the selected organization utilizing and interpreting financial indicators, using financial ratios that are widely accepted as being indicative of fiscal health. This assessment should also be expanded to include fund-raising analysis, program review, contributions, and grant analysis and revenue analysis.
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Business Law- Memorandum
(Course Instructor)
(University Affiliation)
(Student’s Name)
(Date)
Preliminary Research on Sonya’s Case
From:
To: P. Strami and Hammond
Date: 23 – November – 2017
Subject: Initial findings in Sonya’s fraud case
The perspectives that are outlined in Sonya’s case rest on the establishment of the elements of any contract. The whole case presents a scenario that suggests the presence of some illegal aspects of a business contract. The principles of the common law provide that there must be an offer and acceptance for an offer to exist (Tepper, 2014). According to the case under review, there was indeed an offer and acceptance. Camille presented Sonya with an order to make 500 hot pink and black machine knitted sweaters, to which Sonya accepted. Sonya dully provided the exact number of sweaters according to the specifications made in the offer.
A contract cannot be considered to exist simply because two or more people have an agreement. Although this may not be stated expressly as is in the case of Sonya, it can be inferred from the circumstances under which the agreement was made. In the case of Sonya, we can infer that Camille made an offer, providing all the terms and Sonya accepted willfully. This means Camille and Sonya entered into a binding contract since Sonya and Camille reached an agreement under no duress, while the offer provided all the terms and the acceptance is evident from Sonya in deciding to provide the sweaters under the terms. Sometimes a party to a contract may decide to withdraw
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