Describe three action steps you would like to take to safeguard the donations. Explain why each step that you have selected is essential to the campaign’s success. 

Describe three action steps you would like to take to safeguard the donations. Explain why each step that you have selected is essential to the campaign’s success.

Final examination is designed as an individual work open-book open-notes test. The approximate exam time is 1 hour 50 minutes. The examination must be submitted between 6 PM and 11:59 PM on the date of the Exam on Canvas by email to the instructor at xxxx. The exam can be typewritten or handwritten. Be sure to show your work and write neatly. Do not forget to underscore numeric answers and to write conclusions. Good luck! Professional Custom Writing Services from the Experts!

 

 

Final Examination Structure (30 points): Part A. Three essay questions (18 points) and Part B. Three financial analysis questions (18 points) – choose any five out of six questions provided below (30 points for the entire examination).

 

 

 

Part A. Three essay questions.

 

Do not spend more than 20 minutes answering each question. Be specific and to the point. Check your responses prior to submitting the examination.

 

 

 

A1. Internal Controls and Audit                                                                             (6 points)

 

Background:

Seattle University is running out of rooms on campus, and, if student enrollment increases in line with the current projections, a construction of a new building will be essential to meet the demand for classrooms. To be finished by the fall of 2020, the new building will cost the University about $20 million.

 

You are in charge of Seattle University’s capital campaign and your goal is to raise money for the construction. As you probably know, the University does not have a large internal audit department. In fact, your fundraising duties will be combined with the basic tasks of an internal auditor. You are requested to develop the policies to safeguard incoming moneys and to keep an eye on any potential fraud.

 

The task: Describe three action steps you would like to take to safeguard the donations. Explain why each step that you have selected is essential to the campaign’s success.

 

 

A2. GAAP and IFRS Principles                                                                              (6 points)

 

  1. Highlight the roles of GASB and FASB in regulating accounting principles in the United States.
  2. Elaborate on each of the below financial reporting concepts:
  • Materiality
  • Objective evidence
  • Conservatism

 

 

A3. Financial Condition Pre-Screening                                                                   (6 points) 

 

Seattle University’s Eastern Washington Engagement Initiative is a long-term commitment by Seattle University community to connect classroom concepts to service experiences both in the community and throughout the State. That direct experience is a learning tool that provides opportunities to apply theories you learn in class. It’s also part of educating students to be informed citizens, one of Seattle University’s defining characteristics”.

 

Your role as a Program Director at Seattle University is to pre-screen community organizations in Spokane willing to host Seattle University students for short-term service assignments. Some of these community organizations may have prepared their financial reports, making your task relatively straightforward, while others may still lack high-quality financial data.

 

Your task is to obtain some level of comfort about the potential partner’s indebtedness, their liquidity position and overall compliance with annual reporting to the IRS. You must find out about all of these during a 1-hour conference call.

 

Prepare five questions for the Executive Director of the prospective partner organization inquiring about these three areas of interest. Do keep in mind that questions about specific financial ratios may not yield revealing answers, since your counterparty may not be familiar with such ratios. Frame your questions in a “non-expert” and friendly way.

 

 

Part B. Financial planning and financial analysis questions.

 

Be careful not to spend more than 20 minutes answering each question. Be specific and to the point. Check your responses prior to submitting the examination.

 

 

B1. Statement of Activities                                                                                       (6 points) 

 

The Task. Fill in all the blanks in the below table, estimate profitability ratios and discuss the levels of profitability of Seattle City Light in 2014-2016.

 

Seattle City Light – Results of Operations ($ in millions) 2016 2015 2014
Operating revenues 903.2 882.9 886.4
Non-operating revenues 14.5 16.7 18.5
Total Revenues
Operating expenses 795.8 772.0 734.1
Non-operating expenses 75.1 76.5 77.9
Total expenses
Income before capital contributions and grants
Capital contributions received 37.9 39.0 27.7
Capital grants received 0.5 0.4 0.7
Total capital contributions and grants
Change in net position
Net assets at the beginning of the year 1,250.5
Net Assets at the end of the year

 

 

B2: Financial Analysis                                                                      (6 points) 

 

Seattle Parks and Recreation department considers new applications for the provider of basketball lessons across its 26 community centers. The goal of the department is not only to support the best basketball youth initiative, but to also to select community service providers in good financial standing.  Two providers have applied for the tender. Their financials are provided below.

 

The Task: Based on the information contained in the financial statements, compare and contrast the financial standing of each provider without calculating financial ratios. Which organization appears to have stronger financials? Why? Support your arguments with specific numbers from the Statement of Activities and the Statement of Financial Position.

 

B3. Financial Analysis (continued from B2)                                               (6 points) 

 

The Task: Calculate four financial ratios of your choice for each provider (a total of 8 ratios). Justify your selection of ratios based upon the information that they convey. Which provider has a better financial standing based on your ratio analysis? Be careful to use a mosaic, or complex, approach in your interpretation.

 

Northgate Basketball

Balance Sheet as of December 31, 2017 in USD

 

Assets Liabilities
Short-Term Assets   Accounts Payable                                     10,000
  Cash                                                                  20,000   Wages Payable                                          13,050
  Accounts Receivable                                           2,000   Short-Term Debt                                       20,000
  Grants Receivable                                             10,000   Long-Term Debt                                         1,000
Total Liabilities                                        44,050
Long-Term Assets
  Buildings, Property, Plant and Equipment       5,000 Net Assets
  Investments in Equity of a Subsidiary             10,020   Net Assets                                                    2,970
Total Assets                                                       47,020 Total Net Assets                                           2,970

 

 

Northgate Basketball

Statement of Activities for the year ended December 31, 2017 in USD

 

  Program Revenues 78,000
  Contributions from Grants 4,000
Total Revenues 82,000
  Purchases of Inventory 33,000
  Payments to Suppliers  35,000
  Equipment repair expense 2,000
Total Operating Expenses 70,000
  Interest expense 5,000
  Other non-operating expenses 1,000
Total Expenses 76,000
Change in Net Assets (Net Income/Loss) 6,000

 

 

 

Kare for Basketball

Balance Sheet as of December 31, 2017 in USD

 

Assets Liabilities
Short-Term Assets   Accounts Payable                                          6,000
  Cash                                                                7,200   Wages Payable                                              3,050
  Accounts Receivable                                    10,500   Short-Term Debt                                           1,000
  Grants Receivable                                        20,500   Long-Term Debt                                                   0
Total Liabilities                                             10,050
Long-Term Assets
  Buildings, Property, Plant and Equipment           0 Net Assets
  Investments in Equity of a Subsidiary                  0   Net Assets                                                      28,150
Total Assets                                                   38,200 Total Net Assets                                             28,150

 

 

 

Kare for Basketball

Statement of Activities for the year ended December 31, 2017 in USD

 

  Program Revenues 95,000
  Contributions from Grants 2,000
Total Revenues 97,000
  Purchases of Inventory 23,000
  Payments to Suppliers  15,000
  Equipment repair expense 2,000
Total Operating Expenses 40,000
  Interest expense 6,000
  Other non-operating expenses 3,000
Total Expenses 49,000
Change in Net Assets (Net Income/Loss) 48,000

 

 

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