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A Summary Annual Report Is a Condensed Annual Report That

question 84

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A summary annual report is a condensed annual report that omits much of the financial information included in a typical annual report.


Definitions:

Restricted Fund Method

An accounting method used by not-for-profit organizations where donations are classified based on donor-imposed restrictions on their use.

Operating Fund

A reserve of cash set aside for the day-to-day financial operations of an organization, business, or government entity.

Capital Fund

A reserve of money that is set aside for long-term investment projects or to cover future expenses and liabilities.

Endowment Fund

A fund established to finance a particular purpose of an organization, where the principal is kept intact while the investment income is available for use.

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