The Shelter Association of Gogebic County receives the majority of its funding from the local chapter of theUnited Way. That federated fund-raising organization has this policy:If a member agency reports unrestricted net assets in excess of one year’s budgeted revenues andsupport, the excess will be deducted from its allocation for next year. The association’s reportingyear ends December 31st, and unrestricted net assets are just about equal to last year’s revenuesand support.On December 30, Bill Olson contacts the Shelter Association about making a large contribution. It is important toBill to make the gift in the current calendar year so that he can deduct the charitable contribution on his personalfederal income tax return. However, Bill has heard that the treasurer of the association and several boardmembers recently resigned after allegations of financial misstatements were made. He is considering restrictinghis gift for the direct purposes of acquiring food, clothing and supplies for the homeless over the next severalyears so that management could use none of the money for overhead expenses.Required: [10 pts.] TAKE THE POSITION OF THE ASSOCIATION’S CPAa). Do you recommend that the association advise Mr. Olsen to make the gift unrestricted or restricted?Give your reasons.b). Mr. Olsen asks you how he can be sure that the association spends his contribution as he intends,assuming that he restricts the purpose of his gift, as well as efficiently and effectively. Explain to Mr.Olsen what kind of public information is available to him. Do you consider that information adequate toassess whether the not-for-profit agency was efficient and effective in its use of public donations?
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