Statement of Activities: Not-For-Profit Flashcards
What is the Statement of Functional Expenses?
It is a section within the Statement of activities and helps a not-for-profit identify Program Services and Supporting services.
What is the goal of Program Services and Supporting Services?
Program services are those directly related to the not-for-profit’s primary mission, such as the costs of a doctor acting as a director of a flu clinic.
Supporting services are secondary to the mission, such as fundraising, management and general, and membership development
What does the Statement of Activities display and who for?
To demonstrate how resources are used in providing programs and services for the resource providers.
How are revenues and expenses reported on the statement of activities?
Separately and at their gross amounts.
What is a quasi endowment?
Funds are set aside by the governing board to be used however they want.
It is categorized as a net asset without donor restrictions.
