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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 5

Fixed Assets and Depreciation

5.1 General Principles—Working Definitions

5.5 Fair Value Measurement

5.6 Contributions Restricted for Purchase of Fixed Assets

5.8 Conclusions and Recommendations

p. 45, chapter featuring list, under 5.1 General Principles—Working Definitions. In (c) Capitalization of Fixed Assets—Capitation of Construction Costs, replace the word “Capitation” with “Capitalization.”

5.1 General Principles—Working Definitions

p. 46, first paragraph, second sentence. Add a comma (“,”) after “In such cases.”

p. 46, first paragraph, fourth sentence. Add an “s” to the word “statement.”

5.5 Fair Value Measurement

p. 51, first paragraph, first sentence should read:

Organizations will be required to consider the fair value of long-lived assets when an asset impairment assessment is performed or when the initial cost of a donated asset is determined.

5.6 Contributions Restricted for Purchase of Fixed Assets

p. 51, first paragraph under section 5.6, first sentence. Replace the word “nonprofit” with “not-for-profit.”

p. 52, first paragraph, second sentence. Add a comma (“,”) after the phrase “In this way.”

p. 52, first paragraph, fifth sentence. Add a space after the period at the end of the sentence and before the word “Contributions.”

5.8 Conclusions and Recommendations

p. 56, last sentence. Add a comma (“,”) after the word “Additionally.”

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