Description

Financial Statements of a not-for-profit are designed to capture the economic activities of an organization and its financial position to the public. This course will provide an understanding of the FASB-established standards needed to produce and provide such public reporting, and the related challenges.

This course will provide a detailed overview as well as real-world interpretive guidance and understanding of the four financial reports which a not-for-profit must provide:

(1)The Statement of Financial Position, which has its basis in the equation Assets = Liabilities + Fund Balances. It also defines an organization’s financial position at a particular point in time

(2) The Statement of Financial Activities, which solves the problem of review of the organization’s finances by presenting how assets, liabilities, and net assets changed over time

(3) The Statement of Cash Flow, which shows how changes in the balance sheet and income statements affect cash

(4) Statement of Functional Expenses, which helps management see exactly where funding is going so management can better run the organization

This course is tailored for accountants in the beginning to intermediate stages of reviewing not-for-profit financial statements and will also benefit management at a not-for-profit organization. This course provides a solid understanding of the financial statements included in each report, the details of each report and how they can be constructed.