Question: With regard to private-sector colleges and universities:
a. List the three net asset classes required under FASB Statement 117.
b. List the financial reports required under FASB Statement 117.
c. Distinguish between an endowment, a term endowment, and a quasi- endowment. Indicate the accounting required for each.
d. Outline the accounting required by the FASB for
(1) An endowment gift received in cash.
(2) A pledge received in 2011, unrestricted as to purpose but restricted for use in 2012.
(3) A pledge received in 2011, restricted as to purpose other than plant. The purpose was fulfilled in 2012.
e. Discuss the requirements necessary before contributed services are recorded as revenues.