portion of the $100,000 to program service expenses.9.

The financial reporting for private not-

for-profit organizations focuses ona. Basic information for the organization as a whole.b.
Standardization of fund information reported.c. Inherent differences of not-for-profit
organizations that impact reporting presentations.d. Distinctions between current fund and
noncurrent fund presentations.10. On December 30, 2010, Leigh Museum, a not-for-profit
organization, received a $7,000,000 donation of Day Co. shares with donor-stipulated
requirements as follows:The museum is to sell shares valued at $5,000,000 and use the
proceeds to erect a public viewing building.The museum is to retain shares valued at
$2,000,000 and use the dividends to support current operations.As a consequence of its receipt
of the Day shares, how much should Leigh report as temporarily restricted net assets on its
2010 statement of financial position?a. $–0–.b. $2,000,000.c. $5,000,000.d. $7,000,000.View
Solution: 1 A private not for profit health care organization has the following
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