NFP

Question 1

Which financial statements are REQUIRED for NFP Organizations?

Answer 1

Statement of Financial Position
Statement of Activities
Statement of Cash Flows
Statement of Functional Expense (Volunteer Health Org. only)

Question 2

What are the MAJOR classifications found on a Statement of Financial Position?

Answer 2

Similar to B/S: Assets, Liabilities, Net Assets, Unrestricted Assets, Permanently Restricted Assets, Temp. Restricted Assets

Question 3

What are the MAJOR classifications in a Statement of Activities?

Answer 3

Similar to I/S: Revenues, Expenses - ONLY deducted from Unrestricted Revenues, G/L, Changes in Net Asset classes: Unrestricted, Permanently Restricted and Temporarily Restricted

Question 4

What are the characteristics of a Statement of Cash Flows for NFP? What are the MAJOR classifications?

Answer 4

Both direct & indirect methods are OK.
Operating Activities - Unrestricted Rev & Exp., Investing Activities, Financing Activities - Endowments & Restricted contributions

Question 5

Which organizations are required to present a Statement of Functional Expense?

Answer 5

Volunteer Health Organizations

Question 6

Which statements are required for non-governmental hospitals?

Answer 6

B/S, Statement of Operations, Statement of Changes in Net Assets, Statement of Cash Flows, Financial Statement NOTES