Final answer:
The item partly capitalized and organized as a revenue item in the financial statements of a non-profit organization is the life membership fee. practice is common in various non-profit organizations, such as a nonprofit health organization, a private hospital, or a governmental agency like Health and Social Services.
Step-by-step explanation:
An item partly capitalized and organized as a revenue item in the financial statements of a non-profit organization is the life membership fee. Life membership fees are payments made by individuals to become lifetime members of a non-profit organization.
These fees are typically capitalized and recognized as revenue over the individual's expected lifetime. This practice is common in various non-profit organizations, such as a nonprofit health organization, a private hospital, or a governmental agency like Health and Social Services.