WSS-1 - ACCT 4650 WSS-1 Case Study On January 1, 2009, the...

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Unformatted text preview: ACCT 4650 WSS-1 Case Study On January 1, 2009, the Winter Sports Society (WSS) is organized as a not-for-profit organization. Its purpose is to serve the needs of its local community in two areas: Encouraging children to learn ice skating outside of the arena environment. The provision of cross country ski equipment to needy senior citizens. The organization will have a December 31 year end. Initial funding is provided by a wealthy individual who makes an endowment contribution of $87,000. These funds are invested in debt securities. There are no restrictions on the income that is produced by these investments. During the year ending December 31, 2009, such income amounted to $4,370. The organization solicits and receives unrestricted contributions. Such contributions are allocated to both skating promotion and ski equipment provision by the organization's Board of Directors. During the year ending December 31, 2009, $726,000 in contributions were received. At year-end, an additional $56,000 in contributions were 31, 2009, $726,000 in contributions were received....
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