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American University, Washington: Financial Year Statement
Finance & Accounting
Pages 3 (753 words)
This essay will depict the composition underlying the financial statements especially in the accounting and auditing systems of non profit organizations. This is done in order to capture the economic activities for the organization for the past year…
In this case I chose the American University Financial statement for the year 2011-April 30 2012. Also a brief definition of the mandates of GASB is included in the essay. According to the Financial Accounting Foundation (1994); The GASB was formed in 1984 as an independent and not-for-profit organization that is mandated with establishing and improving the financial accounting and reporting the standards for state and also local governments. The members are drawn mostly the varied Board’s electorate with some of them including the auditors especially of the government financial statements, the users of the government financial statements, the members of the academic community among others. The members are seven in number. Under the staff pension plans in the AU the requirement is that eligible employees of the University can partake in two sections of the pension and retirement plans with one being administered by the Teachers Insurance and Annuity Association and College Retirement Equities Fund while the other fund being administered by Fidelity Investments. This further more is explained by the AU that under the two plans the contributions is vested and transferable by the staff to other employer plans. This means that even though the staff of AU contributes to the two options of retirement plans they are not restricted to the two instead they can get a third one should they wish to do so and still they will have the power to execute decisions. ...
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