ME3 Flashcards
Users of non-for-profit financial statements
Donors, members, creditors, and others who provide resources (ex. Govt via grants)
Statement of Financial Position
Similar to Balance Sheet
Amount & nature if an organizations assets, liabilities & net assets
Statement of Activities
Similar to Income Statement
The effects of events and circumstances that change the amount and nature of net assets, the amount and kinds of inflows and outflows of economic resources occurring within a period, the relationship between inflows and outflows
Statement of cash flows
How an organization obtains and spends cash
The service efforts of an organization
Statement of Activities OR Notes to Financial Statements
GAAP Required using what basis of accounting?
Full Accrual
Focus on financial statements for non profit
On the basic information of the organization taken as a whole
Required Financial Statements for non-profit
Statement of Financial Position (BS)
Statement of Activities (IS and statement of changes in retained earnings)
Statement of Cash Flows
Non profit Reporting expenses by:
Nature and function
Functional classifications
Categorize costs by major classes of program and support services.
Program services relate to
The purpose and mission of the not-for-profit organization
Support services relate to
Such activities as management and general, fundraising, and membership development
Natural classifications
Salaries, rent, utilities, interest expense, supplies, similar to GL titles for expense
