Fiscally Sound: What non-accountants need to know about nonprofit financial statements
Organizer: Center for Nonprofit Excellence
This seminar explains the core accounting and financial reporting issues applicable to all nonprofit organizations. It is designed to be a basic-level introduction to understanding basic financial statement issues.
Topics covered include:
• Defining the statements of financial position, activities, cash flows, functional expenses and notes to financial statements.
• Defining assets, liabilities, net assets, revenues and expenses
• Understanding the 3 different levels of financial statements (audit, review, compilation)
• Basis of accounting (accrual, cash, modified cash, tax, regulatory)
• Basic items to look for in reading financial statements
• Definitions of temporarily and permanently restricted net assets
• Accounting for contributions received
• Reporting expenses by their functional classification
• Audit requirements for non-profit organizations