Question: 1. Government entities often can have unique and complex reporting and organizational structures. An example is History Colorado. History Colorado was originally established as a 501(c)(3) nonprofit corporation under the IRS Code, but it also is a state government entity that is required to follow government accounting standards. What financial reporting challenges do you think these types of entities face?
2. Why do you suppose many state colleges and universities establish a separate 501(c)(3) Foundation for fundraising activities? How are these Foundations typically reported in both the University's financial statements as well as those of the state?
3. What do you think are the main financial reporting differences between a privately-owned hospital versus a government hospital?