Discuss the conceptual framework of accounting for federal agencies and compare it to the conceptual framework established by the GASB for state and local governments.
WEEK LECTURE FOR QUESTIONS 1 AND 2

The not-for-profit sector includes a vast number of entities providing various community services. Such entities usually service a mission such as providing emergency services, health services, education, etc. Many of the organizations are formed after personal experiences with a disaster, disease, etc. The Michael J. Fox foundation is such an organization that was formed by the entertainer after his medical diagnosis.
Three primary factors distinguish the not-for-profit sector from government entities. A state or local government does not elect or appoint the officers of the organization and cannot dissolve the organization. In addition, the not-for-profit organization does not have the ability to enact and enforce a tax levy.
The Financial Accounting Standards Board (FASB) provides primary guidance on principles for the not-for-profit entity. The financial reports of the not-for-profit entity include a minimum of three statements. The Statement of Financial Position, or Balance Sheet, reports the total assets, total liabilities, and net assets (the difference). The net assets are classified into three groups: unrestricted net assets, board-designated net assets (restricted or set aside by the board for a specific purpose, or temporarily restricted net assets (restrictions are placed on the assets by the donor). The statement of activities reports all changes in the net assets, by category. The statement of cash flows reports cash flows in the three categories as used by a business entity. Some voluntary health and welfare organizations provide some services for a nominal fee. In addition to the above noted three statements, these entities must also prepare a statement of functional expenses. The expenses relate to the program, mission, or general and fundraising activities of the entity. The financial reports accompany the usual notes to provide all required disclosures.
Colleges and universities have their own unique reporting requirements. These institutions can be governmental or nongovernmental not-for-profit in nature and are often known as public or private. State governments often provide a significant portion of total revenues to public facilities while private institutions receive funds from tuition, gifts, and grants. Public institutions are required by GASB to follow the same reporting model utilized by state and local governments. The business-type activities model is primarily used. Private colleges and universities are required by FASB to report changes in net assets as a whole, just as not-for-profit organizations. The National Association of College and University Business Officers (NACUBO) provides additional guidance to colleges and universities in connection with issues unique to the industry. Information presented in accordance with NACUBO guidance must be identified.

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