Overview Not-for-profit organizations have their own set of unique issues that are not prevalent in the for-profit organizations. For example, many not-for-profits do not offer a product or service for which forecasted revenues can be made (e. g. charities, environmental organizers, humanitarian aid, health care, religion, the arts, animal protection, etc. ).
The extent to which it can generate income may be constrained or restricted. It may be dependent on government funding, sponsorship or simply the generosity of donors, thus making the task of covering expenses arduous.
The reliance on volunteers is another unique characteristic of not-for-profits. Often, there is little in the way of record-keeping data on hours of work or duties performed, making it difficult to determine actual resources required. The volunteers may not be qualified to perform the functions they volunteered for. In addition, training may be erratic and inconsistent, and volunteer motives may be self-serving. This assignment is based on a short case entitled Middletown Community Centre (MCC), a not-for-profit organization (Appendix 1).
In this assignment, candidates have an opportunity to discuss the critical issues faced by the MCC.
This case presents several financial reporting issues, and it is difficult to decide how to meet the needs of the various financial statement users. The implications of alternative accounting treatments of the issues will be discussed at the Interactive Session. Learning Outcome By the end of the assignment, candidates will have demonstrated good judgment in the identification and ranking of issues based on a critical analysis of the various stakeholder concerns. © 2013 The Society of Management Accountants of Canada. All rights reserved. ®/™ Registered Trade-Marks/Trade-Marks are owned by The Society of Management Accountants of Canada.
The Term Paper on Human Resource Management Issues in Media Organizations
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No part of this document may be reproduced in any form without the permission of the copyright holder. Due Date Please refer to the Schedule accessed from the left navigation menu of the CMA Canada Professional Programs website. Required Readings 1. Middletown Community Centre, Appendix 1 of this assignment. 2. “Canadian Advanced Accounting,” Chapter 11. Authors: Clarence Byrd and Ida Chen (CMA Online Library).
3. “Accounting Standards for Not-for-Profit Organizations: Background Information and Bases for Conclusions,” located in the CICA website: http://www. frascanada.
ca/standards-for-not-for-profit-organizations/resources/basis-forconclusions/item48254. pdf Online Discussion MCC (Appendix 1) has many unresolved reporting issues that need to be addressed to satisfy the requirements of external financial statement users and internal decision makers. As well, the first financial statement audit is upcoming. Identify the stakeholders and their needs for financial reporting. Explain how the selection of the reporting framework and the use of fund accounting can meet the needs of some users but not others. Rank the stakeholders’ needs in terms of importance and explain why.
Initial responders should post a response of no more than 500 words* and all other candidates should post two responses of no more than 250 words* each (approximately half a page).
Responders should feel free to challenge the ideas of the initial responders and provide supporting documentation to qualify their position. Those who agree with the initial responder should provide more reasons to justify their position and present further supporting documentation to qualify their position. Initial responders are at liberty to respond to any comments received.
These online discussion responses are to be posted directly to the Discussion Board through the direct link provided below this posted assignment requirement. The Discussion Board can also be accessed from the left navigation menu. Ensure you post the response in your group’s online discussion area. Do not upload a Word file. If copying and pasting from Word, do NOT use Word’s Footnote feature as this can corrupt your response in the Discussion Board. CMA Canada 2 No executive summary, table of contents, appendices/exhibits or bibliography are required.
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New Format Requested this week While the format is to be changed thisweek, you are still required to make 3 postings; one original post and comment on two other student's post. ORIGINAL POST REQUIREMENTS: You are to apply the major topics covered in the course (finance/accounting, economics, marketing) to your company and provide an "analyst's report". 1) (Apply Marketing techniques to:) create an ...
The initial responder should post a report consisting of an introduction, body and conclusion. * Each assignment has length specifications, defined in words and/or pages. Moderators will assess only the content within the specified length. See the Format Specifications for further information on length limits. An assessment rubric for this assignment is provided in Appendix 2. Online Discussion Guidelines 1. The moderator will choose some candidates (initial responders) who will post a response to the online exercise. There will be a due date assigned for when the initial responder must complete the exercise.
The selected initial responders will receive an email notification informing them of this. 2. The remainder of the candidates (responders) will be responsible for reading and providing comments to at least two initial postings. Initial responders can respond to others’ concerns and rebuttals. 3. Responses provided after the comment period due date will not be reviewed by the moderator. 4. Candidate responses to an initial responder should be no more than 250 words (approximately half a page) in length, per response, unless indicated otherwise. 5. Challenging another candidate’s opinion must be done in a respectful manner.
The responses begin a “thread” of communication that others can join in at any time. These “threads” simulate a discussion taking place among many candidates. Refer to the Website Manual (on the candidate home page) for detailed directions. Preparation for IS3 In preparation for the IS3 activity for MCC, candidates should consider the following: 1. Which set of accounting standards should MCC use? Why? 2. What is fund accounting and why would an NFP use it? 3. Which method of revenue recognition should MCC use to account for contributions? Should it be the deferral method or the restricted fund method? 4.
What should MCC do to prepare for the audit? 5. Which tools could MCC use to evaluate the programs? CMA Canada 3 Reflection and Review Candidates are to bring a copy of their responses to the Interactive Session for discussion and may be required to hand in their responses to the moderators for review and assessment. Collaboration and Plagiarism Researching ideas from published materials and sharing ideas with other candidates is a legitimate approach to learning. However, this is an individual assignment and each candidate must prepare his/her own original response that reflects independent thoughts (e.
The Term Paper on Illinois Program Plan on Alcohol and Drug Abuse
The government of Illinois is aware of the drug and alcohol addiction on its almost 2 million residents. Abuse of alcohol and drugs may lead to addiction which is hard to control. “The human suffering and social and economic loss caused by the illness of alcoholism, addiction to controlled substances, the use of cannabis, and the abuse and misuse of alcohol and other drugs are matters of grave ...
g. independent applications of ideas) and original writing. Candidates may not copy any part of their response from work done by another candidate. In applying concepts from CMA Canada Professional Programs readings and other published sources, copied material and application of another author’s original ideas must be appropriately referenced. Violating these rules will be considered plagiarism. Candidates committing plagiarism are subject to provincial penalties and disciplinary measures. CMA Canada’s Plagiarism Policy can be found in the Reference Material section of the Professional Programs website.
CMA Canada 4 Appendix 1 Middletown Community Centre (MCC) TM Middletown Community Centre (MCC) is a not-for-profit organization operating in a city in Atlantic Canada. MCC has been in operation for more than 40 years, offering a variety of programs and services to the community. Funding is provided by member and user fees, fundraising activities and donations from various sources. MCC has a volunteer board of directors that meets monthly and an executive committee that meets in advance of every board meeting. There is an annual meeting open to the public, but the board meetings are open to members only.
In 1978, a bequest of land and a building was received from a wealthy resident of Middletown. The building had been a grocery store but had been vacant for several years. Renovations were undertaken and the area was divided into a gymnasium, a banquet hall, three small meeting rooms, kitchen and offices. Half of the paved parking lot was removed and replaced with a baseball diamond and a soccer field. Since then, the building and grounds have been well maintained by volunteers. However, it is often necessary to hire contractors for special work such as plumbing, electrical, snowplowing and other tasks that volunteers cannot handle.
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Demand for the programs and services offered by MCC grew slowly each year until 2006, and then skyrocketed when a retirement village for senior citizens opened next door. Currently, children and senior citizens are the primary users of the services of MCC. Programs such as after-school daycare and league soccer are offered for children up to age 14. Activities for the seniors include courses, outings and fitness. The banquet hall is available for daytime events such as conferences and meetings, and for evening events such as weddings and parties. Catering is available and food is prepared in the MCC kitchen (Exhibit 1).
MCC became so busy that, in 2010, the board of directors proposed an addition to the building to provide adequate space for all of the programming and rental requirements. The additional space would be used for a library, an exercise room, two craft rooms and a snack bar or coffee shop. A loan agreement with the bank will provide half of the needed funds at prime plus 2%. However, annual audited financial statements must be made available within 90 days of MCC’s year-end. MCC would be responsible for providing the other half of the funds. At a special meeting of the members, the proposal was approved.
A special fundraising drive began immediately. By 2011, more than half of the fundraising goal had been achieved. CMA Canada 5 In March 2012, you were hired as the new Executive Director (ED) of MCC after the previous ED resigned. Your job duties include providing support to the board of directors, hiring and firing staff and program providers, managing cash, preparing financial reports, budgeting, coordinating fundraising efforts and other duties as assigned. As part of your orientation, you met with the treasurer and the bookkeeper and took some notes during the meeting (Exhibit 2).
The Treasurer provided you with the financial report for the month ending February 29 (Exhibit 3), and noted that there have been some complaints from board members that the financial report does not provide the kind of information they need. It is now April 10, 2012. Construction on the addition will begin in May, and the bank loan will be required soon thereafter. MCC’s year-end is August 31, which means that audited financial statements will have to be sent to the bank before November 30. The members of the board admit that they have little background in financial accounting and auditing.
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The State University of New York Educational Opportunity Program was created by the state of New York in order to provide access, academic support and financial aid to students who may not otherwise be admitted to state graduate programs. This program falls under state university guidelines within the state government so there are specific enrollment rules such as the necessity of being a New York ...
They would like you to prepare a report that provides recommendation on any accounting issues that should be resolved before the audit, and on how to improve the financial reports they receive each month. Required: Assume the role of the executive director and prepare a report that responds to the needs of the board of directors. CMA Canada 6 Exhibit 1 Description of MCC’s Operations 1. Residents of Middletown may join MCC by paying the annual non-refundable membership fee. Memberships are available for families and individuals and are valid from January 1 to December 31 each year.
Fees are pro-rated for members who join part way through the year. Membership offers the right to vote at general meetings and stand for election of the board. It also offers slight discounts for some programs and rentals. 2. The after-school program provides school-age children with supervision on school days. During periods when school is closed for holidays and vacations, the program is extended to cover the full day and the fees are adjusted accordingly. The fees cover the cost of qualified supervisory staff, snacks, supplies, cleaning and other expenses.
The children take part in activities such as indoor games, crafts and outdoor sports. Recently, several volunteers from the retirement village organized a book club where seniors read to children and lead discussions about the stories. Other senior volunteers teach crafts and supervise games and sports. 3. Seniors may also purchase a Seniors’ Club option when purchasing the MCC membership. This entitles the senior free admission to programs such as the speaker series, movie nights, weekly card games and other activities where there are few associated costs.
Members have to pay additional program fees for events such as crafts and cooking courses, bingo, dances, carpet bowling, and day trips to the shopping mall or casino. The additional fees are based on the cost to provide the activity such as supplies, busing and prizes. 4. Community recreation programs are designed and offered to all age groups. For example, fitness classes are offered for adults, organized soccer and baseball leagues, for children, and general interest courses, for all ages. Some programs are only a half-day long and some are as long as eight weeks. The programs are open to the community and no membership is required.
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Early Childhood Education focuses on the education, language, culture, development and care of young children. As a profession, Early Childhood Education has emerged as one of the major vehicles for child-advocacy in the provision of accessible, high-quality child care and pre-school education. Child care, in this society of increasingly busy working couples, is an important service in the ...
Fees must be paid in advance and are geared to the cost of providing the activity. For example, the fee for the halfday baking course for teens “Cake Boss” is $3. 00, but the eight-week fitness program for adults is $90. 00. 5. On weekdays, hot lunches are cooked and served by volunteers under the supervision of the catering manager. This is a very popular program with the seniors, but there is no need to be a Seniors’ Club or MCC member to take advantage of the lunch program. A daily fee is charged at the door and it is the same, regardless of the menu. Most of the provisions are purchased from a local grocery store.
The store donates many items each week, and during the summer, some members donate fresh garden produce. CMA Canada 7 6. The gymnasium, banquet hall and meeting rooms can be rented by the public, with or without catering services. The rental charges vary depending on the size of the room, time of day and services required. For example, the banquet hall generates high revenue when it is used for large weddings requiring catering and bar service. However, the costs to provide these services and to clean up after the event are also high. The catering is provided by part-time staff and the cleanup is done by volunteers.
7. Several fundraising activities have been undertaken since the building addition campaign began. A door-to-door campaign generated several thousands of dollars in cash and pledges. Most pledges have been honoured by the donors, but at the present time, there are several large outstanding pledges. The Seniors’ Club has been very active in the fundraising campaign by hosting yard and bake sales, and dances. These activities do not bring in large amounts, but they do keep the public aware of MCC’s need for funds to build the addition. A corporate campaign will be launched in September. CMA Canada 8 Exhibit 2
Notes on Discussion with the Treasurer 1. MCC’s volunteer board of directors consists of 12 members who are mostly senior citizens or parents of children enrolled in daycare or other programs. The only committee is the executive committee, made up of the president, vice-president, treasurer and recording secretary. In the past, the board was not very active and was happy to let the executive director manage it. As the operations of MCC are becoming more complex, the board is becoming aware that it needs to be more involved with overseeing the operations. 2. The monthly financial report is prepared by the treasurer.
The report format is the same one that has been in use at MCC for as long as anybody can remember. It is easily prepared by a treasurer who may have no accounting experience and it is understood by the board and the members. However, it does not provide information in a way that helps to evaluate programs and services. For example, there is no way to determine if a program is operating at a loss and should be discontinued. There has never been any involvement by a professional accountant in the past. 3. The monthly financial report does not reflect MCC’s investment in Bank of Canada bonds.
The bonds were purchased in 2009 with an endowment from a wealthy resident of the retirement village. The income from the investment must be used to support children’s programs or the endowment will be taken away and given to a shelter for animals. The benefactor has never asked for any proof that the income is being spent appropriately. 4. MCC successfully applied for a federal government forgivable loan for the building addition. The loan will be forgiven three years from the date of the completion of the building addition as long as the building is still operating.
The funds will be remitted in two instalments. One half will be paid to MCC in July 2012 and the remaining funds will be sent in June 2013. MCC may be asked to provide evidence that the first instalment has been spent before the second instalment is paid. 5. MCC received an enquiry from Team Help, a national not-for-profit organization that is hosting an annual conference in 2014. Team Help wants to use the MCC facilities for the entire five days of the conference to be held June 16 to 20. The conference would require the gymnasium, banquet hall, three meeting rooms and catering service.
The organizers hope that 200 people will attend and they are offering a flat fee of $25,000. The MCC staff is having difficulty deciding whether to accept this booking and what information is necessary in making the decision. Information gathered by the treasurer is as follows: CMA Canada 9 a) The current cost of food for continental breakfast, lunch and two coffee breaks is estimated to be about $18. 00 per person, depending on the menu selected. b) Three catering staff members will probably be required, seven hours a day, at $15. 00 per hour. c) Cleanup after most events is done by volunteers.
For an event of this size, fulltime staff should be available during the day. A janitor is available at $15. 00 per hour to work eight hours a day. d) The executive director and catering manager will probably have to devote a week or two of their time in early June to ensure that the event runs smoothly. e) Other costs that may be important include the following: i) The executive director’s salary is $4,000 per month; ii) The catering manager is a staff member and earns $3,000 per month; iii) Payroll taxes and benefits such as EI, CPP, health taxes and vacation pay average 10% of total payroll;
iv) Utilities such as water and electricity normally costing $800 in June will likely increase by 25% or more if air conditioning is required; v) There is no reliable way to estimate the cost of additional wear and tear on tables, chairs, tablecloths and kitchen equipment. f) Inflation is expected to be 3% per year for the next three years. CMA Canada 10 Exhibit 3 Financial Report for February 2012 1 Month Ending February 29, 2012 Cash Received Member fees After-school program Seniors’ Club membership and program fees Rentals and catering Community recreation programs Hot lunch program Interest on bonds
Donations (not building addition) Building addition fundraising $ 4,300 18,000 300 10,400 9,600 3,800 6 Months Ending February 29, 2012 $ 21,500 108,800 1,500 51,800 99,700 3,100 99,600 69,400 23,400 1,500 8,400 827,200 1,162,900 35,500 15,000 800 51,300 167,000 153,700 5,200 325,900 48,400 4,084,900 837,000 3,276,300 Ending Cash $4,133,300 $4,113,300 General Building Addition Fund-raising Campaign $ Cash Applied Paid to employees and remittances to CRA Paid to suppliers Remittance of sales taxes Increase (decrease) in cash Beginning cash 24,700 4,108,600 $4,133,300 CMA Canada 11 Appendix 2 Assessment Rubric for Online Discussions
Note: This is not a nationally marked assignment. The breakdown of the components is slightly different from the General Assessment Guide for this assignment. AE: Above Expectations ME-: Low Meets Expectations ME+: High Meets Expectations BE: Below Expectations ME: Meets Expectations NA: Not Attempted The difference between ME+, ME and ME- depends on the quality of the response. Component 1. Qualitative Analysis and Strategy Formulation Employs analytical problem-solving skills for a defined business problem or issue in a systematic manner as follows: 1. Demonstrates their understanding of the problem or issue; 2.
Provides evidence in support of their argument; and 3. Makes observations/recommendations based on an integrated view of the best outcome. AE: All the above elements are contained in the response. The central argument is clearly demonstrated; the ideas presented reflect a robust understanding of the assignment requirements and key issues, and clearly support the central argument. The response clearly connects the ideas presented to some central themes of the required readings and/or prior postings. ME: All the above elements are contained in the response. The central argument is demonstrated but not entirely
clear and/or lacks strong support from the ideas presented. The response demonstrates some connections between the ideas presented and the required readings and/or prior postings. ME+ CMA Canada ME BE: One or two of the above elements are missing, the central argument is not demonstrated, or the ideas presented do not support the central argument. The response makes little connection between the ideas presented and the required readings and/or prior postings. ME- 12 Component 5. Recommendations Presents ideas, arguments and recommendations in a logical, supportive and convincing manner. AE: The recommendations and
conclusions are logical and consistent with the analyses; the position is supported in depth with a variety of sources. The concluding thoughts help to provoke responses by other learners in a way that advances their thinking about the content, pose additional questions that deepen the discussion, and build on others’ ideas. ME: The recommendations and conclusions are logical and consistent with the analyses; the position is supported with some relevant information. The concluding thoughts help to stimulate further discussion by others. ME+ ME BE: The recommendations and conclusions are not logical, little
or no evidence is provided to support the arguments made, or ideas presented are not relevant to the original discussion question or prior postings. ME- Component 6. Professionalism and Communication The format and organization of the response are appropriate: 1. The response reflects appropriate professional tone and tact, and addresses the appropriate audience; 2. The language used in the narrative is without a distracting number of deviations from business norms, jargon, or unexplained abbreviations, and has few spelling, grammatical, sentence structure, punctuation and typographical errors; 3.
The content is expressed clearly, concisely, logically and coherently, and flows well. Repetition is used in an effective manner and is not excessive; and 4. The response adheres to the specified word limit. AE: The content is organized appropriately and the response conforms to the format specifications. Few minor problems with language use and content expression; the response is easy to follow. ME: There may be some problems but they are not distracting, and the reader can follow the response with little difficulty. ME+ CMA Canada ME BE: There are major problems and distracting errors, and the response is difficult to follow. ME- 13