One of the key differences between for profit vs nonprofit accounting is the presentation of net assets on the balance sheet. In the nonprofit world, it is not called a balance sheet. It is called a Statement of Financial Position. [Read more…] about Nonprofit Net Assets and Balance Sheet Explained
Nonprofit Financial Statements
The Nonprofit Statement of Functional Expenses breaks down expenses by functional area: mission-based programs and supporting services such as administration and fundraising. This is an ideal method for tracking real costs. [Read more…] about What Is The Nonprofit Statement of Functional Expenses?
The new FASB rules have re-defined the classification of funds known as net assets, altering the way nonprofits present their financial statements. [Read more…] about New FASB Rules Define New Nonprofit Fund Classes
It all comes down to the measurement of success. Regardless of a for profit’s mission statement, the number one goal is to make money. But, to a nonprofit organization, the answer is not so simple. [Read more…] about Key Difference Between Nonprofits and For Profits and Why It Matters
Nonprofit financial statements must show all incoming and outgoing funding to demonstrate accountability and compliance. [Read more…] about Nonprofit Financial Statements: How To Generate Compliant Reports