The New York Museum of Art is a private, not-for-profit organization. It receives a gift of a painting worth $1 million on the date of the gift, which qualifies as a work of art or historical treasure. How will this donation be recorded by the museum?

A man donated securities with a cost of $20,000 and a fair market value of $50,000 to a local theatre. His tax deduction was limited to $30,000. At what amount should the theatre record the securities at the date of donation?

Expenses for a nongovernmental non for profit organization can be classified as:

A private, not-for-profit organization receives a gift of a sculpture worth $1.5 million on the date of the gift. The sculpture qualifies as a work of art or historical treasure. Which of the following is not a requirement that must be met before the sculpture can be omitted as an asset for reporting purposes?

On a not for profit entity's statement of activities, which of the following amounts should not be netted together under any circumstances?

Which of the following statements is not required to be prepared by a private, not-for-profit organization?