Non-Profit Reporting (SMAA25/19)

Loading Events

Event Description

All reporting begins with basic financial statements. Topics in this course and the special needs of Nonprofits range from the historic types of net assets to the various forms of revenue and expenses.

Key Topics:
• What the new Accounting Standards Codification (ASC) types of Net Assets will be
• Pros and cons of classified vs. unclassified statements of Net Assets
• Treatment of endowments created by the organization and monies held (e.g., Foundation for the Carolinas)
• The “income statement” and major sections
• How to classify revenue such as contributions, program service fees, grants from SC or the federal government, grants from agencies (e.g., United Way)
• Investment income and Unrelated Business Income (UBI), and what can trigger UBI
• The new ASC related to classification and restrictions (the columns)
• Types of functional expenses
• How this fits in with the statement of functional expenses
• Footnotes not found in for-profit entities
• Supplemental schedules included, such as functional expenses by fund, division or program; budget vs. actual supplemental schedules and other
• Religious organizations and differences when using cash or modified cash
• Resources for finding example statements and footnotes, other nonprofit resources to help with financial reporting
• Leases and revenues from new ASC (time permitting)