STATEMENT OF ACTIVITIES

Question 1

Purpose of statement of activities

Answer 1

provide change in net assets for NPO as a whole

Question 2

Revenues, Gains, Other Support

Answer 2

contributions from donors, investment income, property and investments reported at FV, professional services (only if NPO would have paid for them)

Question 3

Net Assets released from restrictions

Answer 3

net assets that became unrestricted during the year, due to expiration of time of purpose restrictions

Question 4

Expenses & Losses are

Answer 4

ONLY reported in without donor restrictions column

Question 5

Expenses and Losses can be reported as

Answer 5

Nature or Function or both

Question 6

Change in Net Assets

Answer 6

Bottom line of statement; similar to net income; closes to the net assets balance

Question 7

Ending Net Assets =

Answer 7

Change in Net Assets +/- Beginning Net Assets

Question 8

Revenues and Expenses from ongoing operations must be reported

Answer 8

separately at gross amounts

Question 9

Secondary Activities (peripheral) may be reported

Answer 9

at net amounts

Question 10

Statement of Functional Expenses

Answer 10

detailed schedule of expenses by function and nature

Question 11

Function

Answer 11

program activities & supporting activities

Question 12

Nature

Answer 12

rent, salaries, utilities, depreciation

Question 13

Program Activities

Answer 13

further the mission of NPO

education, training, research, hospice services, etc.

Question 14

Supporting Activities

Answer 14

secondary to the mission

management and general, fundraising, budgeting, marketing, etc.