First, if you choose to invest in a prepaid tuition savings plan, you the investor/donor “may purchase tuition credits or certificates on behalf of a designated beneficiary,” at today’s rates to be used in the future. Pre-paid tuition plans are sponsored by eligible educational institutions. The beneficiary is entitled to use the prepaid tuition credits for qualified higher education expenses. Second, you also have the option of investing your money in a state sponsored college savings plan. State sponsored college savings plans allow you to, “make contributions to an account which is established for the purpose of meeting the qualified higher education expenses of the designated beneficiary of the account.” College savings plans differ from pre-paid tuition plans in that the growth of the contributions is based on market performance of the primary investments, which
Nonprofits are allowed to make a profit but it can only be used for the operation of the organization. When a nonprofit organization goes out of business its liquidated assets proceeds are given to another nonprofit organization whereas in a profit organization the liquidated assets proceeds are split among the shareholders and owners. . (Fritz, 2013) Not-for-profit hospitals are organized under the Section 501 (c)(3) of the Internal Revenue Service (IRS) tax code, and as such, are exempt from federal and state taxes and generally from local property and other taxes. Not-for-profit hospitals also have access to tax-exempt bond financing and have tax-deductible status for gifts and contributions (Barton, 2010) According to Heleni Smith private hospitals can classify as profit or non-profit, however nonprofit makes up the majority of hospitals in the United States.
Payments are being received from the students and they are being put in an account receivable because they are payments made to the schools account. What accounting principle or concept is particularly important in this case? What adjusting entry, if any, will be needed? If the check bounces it will create a negative and cause the account to be out of balance. You will have to go back into accounts receivable and put it as a debit.
Tuition Reimbursement Programs Student’s name: Institutional Affiliations: Tuition Reimbursement Programs The constitution of the United States of America, by way of several legal acts, allows employers to provide their employees with reimbursements for either graduate or under-graduate education. The Benefits USA 2010/2011 survey put the percentage of employers who offer tuition reimbursement to their employees at 84.7% (Garcia, et al, 2011). Consensus lacks in academia regarding whether tuition reimbursement is a worthy cause or not, especially taking into account the volatile economic circumstances afflicting many American businesses today. In this paper, we review the program to identify its advantages and disadvantages to employers, and draw conclusions on whether it is an economically sound effort. Tuition reimbursement programs provide employees across the United States with a strong incentive to further their education by either paying part or all of the cost.
According to "Accrual" (2012),” Cash-basis accounting does not recognize promise to pay or expectations to receive money or service in the future, such as payables, receivables, and prepaid expenses”. Cash basis accounting is a simple and inexpensive method to implement and utilize. Small business owners without a strong accounting background often use cash basis accounting. Even though, both cash basis accounting and accrual basis accounting are approved accounting methods for tax purposes, only accrual basis accounting is generally accepted accounting principles (GAAP). Generally accepted accounting principles requires certain companies to use the accrual basis accounting to
1st: In case of educational expenses, the exclusion is for tuition only 2nd: In case of both educational and medical expenses, the exclusion is for direct payment by the donor to the educational institution or medical care provider. A transfer to the donee, who then remits the funds to the educational institution or medical care provider, is not excluded. These two limitations defined the term “qualified transfers.” Under §2503(e), only qualified transfers get the exclusion. To further illustrate the concept, lets look at the example below.
Taylor Ringelstetter Mr. McGeough ENG 060-1 October 15, 2012 Compare/ Contrast: English Teacher vs. Photography There are a lot of things that can be learned from comparing completely different careers. Instead of just selecting a career and praying and hoping it will turn out choice. In this essay I will address both pros and cons of being a High School English Teacher and a Professional photographer. The Advantages of teaching is if teachers have children, child care is provided from daycare and schooling through K-12.
Unlike civilian employers, the military offers a superior education program called the GI Bill. The GI Bill pays full tuition and fees to the school, a monthly housing allowance, and an annual books and supplies stipend,
Week 3 Assignment 1 Jazmone Martin UNIV/100 June 12, 2012 Week 3 Assignment 1- Paying for College There are many options to pay for college. With the economy the way it is today, it is almost a promise most students will default on student loans. US Bank is assisting college students and their parents with fees that aren’t covered by loans, grants and financial aid. Most college students are already trying to figure out how they are going to pay for next year’s tuition. There are different options and benefits that come along with using US Bank as your personal banker, such as principal reductions, fixed and variable rate on loans.
Does my state offer career-switching programs that will make transitioning to teaching effortless? Is teaching going to be conducive to my finances, personal values and lifestyle? To acquire this information you would have to identify your local school system’s employment website to find out the salary information. Licensure requirements vary by state, you can locate that information through your State’s Department of Education website. Employment Information Report Assignment Elementary School Teacher Lets say that I live in the Tidewater region of Virginia in the city of Hampton.