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In: Accounting

The chief administration office of not for profit hospital, Mr.Mark is attempting to find resources to...

The chief administration office of not for profit hospital, Mr.Mark is attempting to find resources to add new building to the hospital . For several years, many patients were turned away due to lack of space. The hospital has large endowments but all earnings from these funds are restricted to various operating purposes such as providing continuous education for the nurses and maintaining the parking lot. Mr.kaine donated 1m dollar to the hospital and Mr.Mark want to put this money into board designated fund to allow the board to do whatever it want with the money. However, the treasurer, Mr.Jeffe feels that the hospital should ask the donor to determine whether he wishes any particular used of his donation. How would you handle this dilemma? You argument should include both agreement and disagreement with Mr.Mark idea ?

please provide the refrences for your answers

and thank you for helping me :) * THIS Q HANDLE 10 MARKS *

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Expert Solution

Answer:

For not for profit organization there are two types of funds, they are (1)General fund (2)Specific fund .

If a person donates any fund without specifying it for any particular purpose then it is general fund.

If a person donates any fund specifying that it should be used for particular pupose only then it is specific fund.

In the given situation, Mr.Kaine donated 1M dollar to the not for profit hospital.

The hospital authority should ask Mr.Kaine   whether this should be used for any particular purpose or not.

If Mr.Kaine asked that it is for particular purpose only then it should be used for that particular purpose only. In this case I disagree with the Mr.Mark’s suggestion.

If Mr.Kaine not asked for any specific purpose ,then the amount can be transferred to board designated fund and can be used for any purpose whatever they want.In this case I agree with the Mr.Mark’s suggestion.

ekkarill92 answered 1 year ago
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