You are hired as a consultant by a consulting firm whose goal is to help local not-for-profit organizations. In a consulting project, your manager asked you to review financial reporting of Gabel School, a local not-for-profit boarding school. Your task is to write a memo to Mr. Gil Smith, the board director of Gabel School, to summarize your findings and recommendations for the following:
(1) Review Gabel's financial reporting. According to the appropriate reporting structure for not-for-profit organizations and the accrual basis of accounting, provide suggestions for the school toeither make corrections or improve its financial reporting. You will need to address each financial statement(Balance Sheet, Profit &Loss Statement, and Statement of Cash Flow) with detailed comments.
(2) Based on Gabel's current financial reporting, provide some suggestions for the school to improve its financial performance. No more than three recommendations.