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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement by John H. McCarthy, Nancy E. Shelmon, John A. Mattie

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CHAPTER 4

Fund Accounting and Internal Financial Reporting

4.1 Fund Accounting Defined

(a) Current Unrestricted Fund

(i) Board-Designated Funds

(c) Restricted Endowment Fund

4.4 Typical “Fund” Financial Statements

4.5 Transfers between Funds

4.1 Fund Accounting Defined

*p. 32, second to last paragraph, last sentence. Remove “all.”

*p. 34, n. 2. Last sentence should read “Colleges and universities are the types of not-for-profit organizations that most often use this type of fund.”

(a) Current Unrestricted Fund

(i) BOARD-DESIGNATED FUNDS

p. 35, third sentence. Replace “for it” with “as it.”

(c) Restricted Endowment Fund

p. 36. Replace second and third sentences with:

Income can be restricted for a specific purpose as well, or can be unrestricted and used to carry out the organization's ongoing activities.

p. 36, n. 3. Remove “variously.”

4.4 Typical “Fund” Financial Statements

p. 39, Exhibit 4.1, under the “McClean Community Service Center Endowment Fund Statement of Income and Changes in Net Assets” section, fifth line. Add “income” after “Total.”

4.5 Transfers between Funds

p. 41, Exhibit 4.2. Insert “of” between “Statement” and “Activities.”

p. 41, Exhibit 4.2, last line of table. Replace “Excess of expenses over income” with “Net assets, end of year.”

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