does the organization have permanently restricred net assets?
Homework Answers
Answer:
Permanently restricted net assets- Not for profit organizations have permanent restricted net assets while for-profit organizations do not have the same.
Permanent restricted net assets are funds of a non profit organization whose principal cannot be touched. Donations that are accepted by the not for profit organization, are classified as temporary or permanently unrestricted. Mostly donations are unrestricted net asset which allow organization to spend that money on expenditures. These assets are shown in the Financial position statement of Not for profit organization.
The income that the principal amount earns goes towards funding the stated wishes of the donors. Permanent restricted assets are related to some donations, the donor of which will specify the purpose of spending it.
does the organization have temporarily restricted net asset? what is the nature of the restrictions?
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