St Jude Research Hospital

In: Business and Management

Submitted By tineriffic
Words 2004
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Accounting for Not-for-Profit Organizations- St. Jude’s Children’s Research Hospital
Tina Crawn
Saint Leo University

Accounting for Not-for-Profit Organizations- St. Jude’s Children’s Research

Not-for-profit organizations are distinguished by characteristics to include receiving contributions of significant amounts of resources from resource providers who do not expect monetary benefits in return, operating for purposes other than to provide services or goods at a profit, and lack defined ownership interest that can be sold, transferred or redeemed. The Financial Accounting Standards Board is also responsible for overseeing not-for-profit organizations and accomplishes this by providing the Accounting Standards Codification or ASC. Not-for-profit organizations account for their revenues, expenses, assets, and liabilities on the full accrual basis of accounting. The financial statements are to provide information that meets the common interests of donors, members, creditors and other resource providers. (Ives, Patton, & Patton, 438). The financial statements required for NFPO include a statement of financial position, a statement of activities, and a statement of cash flows. Revenues, expenses, and investments are all received with certain classifications imposed on them. St. Jude’s Children’s research hospital is a not-for-profit organization founded by entertainer Danny Thomas and opened on February 4, 1962. St. Jude is supported primarily by donations raised by its national fundraising organization, ALSAC, which was established by Danny Thomas expressly for the purpose of funding St. Jude. The hospital also receives assistance from federal grants (mainly through the National Institutes of Health and the National Cancer Institute), insurance and investments. (Financial Statement, 2013). Operations are overseen by the Boards of Directors and…...

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