This chapter identifies common presentation errors or omissions in a fictitious set of financial statements of a not-for-profit (NFP). It presents case study that provides a set of prepared financial statements. Financial Accounting Standards Board (FASB) Financial Accounting Standards Board (ASC) 958-210-45-11 explains that information about self-imposed limits is useful, including information about voluntary resolutions by the governing board of an entity, such as resolutions to designate a portion of its net assets without donor restrictions to function as an endowment or to designate a portion for a specific future expenditure. Exhibit 3-1, “Classification of Cash and Cash Flows,” provides examples of cash flows unique to or common to NFPs and their appropriate classification. FASB ASC 958-230-55-5 requires separate disclosure of noncash investing and financing activities (for example, receiving contributions of buildings, securities, or recognized collection items).