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Voluntary Health & Welfare Organizations (VHWO’s)

YMCA. United Way. American Heart Association. Voluntary Health & Welfare Organizations (VHWO’s). Examples:. Most organizations are Non-Gov’t, but may receive some government support. Accounting Authority. GASB. FASB. Government Supported. Non-Government Supported (Most).

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Voluntary Health & Welfare Organizations (VHWO’s)

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  1. YMCA United Way American Heart Association Voluntary Health & Welfare Organizations (VHWO’s) • Examples: • Most organizations are Non-Gov’t, but may receive some government support.

  2. Accounting Authority GASB FASB Government Supported Non-Government Supported (Most)

  3. FAS #116 Impact • Major – since contributions are major sources of revenue. FAS #117 Impact • Major – since most VHWO’s prepared financial statements on a disaggregated (layered) basis.

  4. Sources of Accounting Authority: • AICPA Audit Guide • Audits of VHWO’s (1974) • Audit & Accounting Guide • NPO’s (1996) • SFAS #116 • SFAS #117 • SFAS #124, 133, and 135

  5. Financial Statements • Statement of Financial Position (Net Assets as to Restriction Category) • Statement of Activities • Statement of Cash Flows • Statement of Functional Expenses

  6. VHWO Accounting Notes of Importance… • Revenues • Full Accrual Basis • Gross Amounts • Conditional & Unconditional • Categories of Restrictions • PV for Multiyear Contributions

  7. VHWO Accounting Notes of Importance… • Expenses • Full Accrual Basis • Reported Only in Unrestricted Net Asset Class • Involves Reclassification of Use of Temporarily Restricted Assets • Reported by Function & Natural Classification

  8. Healthcare Accounting • Types of Organizations • Nongovernmental NFP • Governmental • Commercial (For-Profit) • Financial Accounting Standards • Category A: FASB & GASB Hierarchy • Category B: AICPA Healthcare Guide (1997)

  9. Healthcare Accounting • Governmental, Nongovernmental NPO’s, and Commercial Healthcare entities are similar. • Business type activities (substantial % of revenue is for services provided) • AICPA instrumental in developing standards for all types • Therefore FASB & GASB have accepted AICPA Audit Guide as category B GAAP • FASB and GASB requirements are supplemented by AICPA Guide

  10. Financial Statements-NG • Statement of Operations • Statement of Changes in Net Assets • Statement of Financial Position • Statement of Cash Flows

  11. Governmental Hospitals • Required to follow GASB #34 (Category A) and AICPA Health Care Guide (Category B) GAAP • Reporting as— • Special Purpose Government (Chapter 9) • S of R, E, & Changes in NA may be two statements as illustrated in Chapter 12 • Enterprise Fund (Illustrations 6-1, 6-2, 6-3)

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