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Fiscally Sound: What non-accountants need to know about nonprofit financial statements
May 15 @ 9:00 am - 12:00 pm$55 for Members / $75 for Nonmembers
Instructor: Jeffrey McCaffrey
This seminar explains the core accounting and financial reporting issues applicable to all nonprofit organizations. It is designed to be a basic-level introduction to understanding basic financial statement issues.
Topics covered include:
• Defining the statements of financial position, activities, cash flows, functional expenses and notes to financial statements.
• Defining assets, liabilities, net assets, revenues and expenses
• Understanding the 3 different levels of financial statements (audit, review, compilation)
• Basis of accounting (accrual, cash, modified cash, tax, regulatory)
• Basic items to look for in reading financial statements
• Definitions of temporarily and permanently restricted net assets
• Accounting for contributions received
• Reporting expenses by their functional classification
• Audit requirements for non-profit organizations
At least some of these issues most likely apply to every nonprofit organization. If these are the issues that concern you, there are specific accounting standards to be followed to properly record and disclose these items in your financial statements. We encourage participants to ask questions about their organization’s specific accounting and reporting issues for these topics discussed.
This is a highly rated annual event for board members, executives, managers, and senior staff.
Full participation in this class is applicable for 3.3 CPE under KY CPA credit