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Create Effective Statements of Functional Expenses

Understand the elements of the statement of functional expense and how to make it meaningful to your audience.

With the implementation of ASU 2016-14 many nonprofits that did not previously have to present a statement of functional expense are now required to. As a result, many organizations have been tasked with determining how to put together and present the required information. This topic will help you understand the elements of the functional expense schedule and how to make it meaningful to your audience. You will be able to understand the different types of costs methods for allocating costs. This information will review what joint costs are and identify the various factors involved in identifying and allocating them. This material will put it all together with schedule examples and a reviews about required disclosures.

86 minutes
Course Exam
Certificate of Completion
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Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Elements of the Statement of Functional Expenses

  • Programs
  • Management and General
  • Fundraising
  • Membership Development

Allocating Costs

  • Direct Costs
  • Non-Program Direct Costs
  • Methods of Allocation

Joint Costs

  • Identifying Joint Costs
  • Requirements for Joint Costs
  • Allocating Joint Costs

Putting It All Together

  • Presentation of Functional Expense Statement
  • Disclosures Associated With the Functional Expenses
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on May 29, 2020.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Eric Hittle, CPA

Eric Hittle, CPA

Silver Spring Accounting LLC

Eric R. Hittle

  • Principal
  • Helping charitable nonprofits and associations achieve their missions by providing accounting and advisory services
  • Lorman Education, UST Education, American Society of Association Executives, Aronson LLC webinars
  • Multiple blogs and videos published
  • AICPA, Center for Nonprofit Advancement, Maryland Nonprofits
  • B.S Microbiology, M.S. Cell and Molecular Biology, Master of Professional Accountancy
  • [email protected], 240-679-5881
Mark Robins, CPA

Mark Robins, CPA

Aronson LLC

  • Partner, Assurance Services at Aronson LLC
  • Over 10 years of experience in public accounting
  • Specializes in nonprofit financial reporting and auditing
  • Conducts regular seminars and workshops internally and externally on various topics in accounting and auditing
  • Member of the AICPA
  • B.S. degree in accounting, California State University Northridge
  • Can be contacted at 240-364-2645 or [email protected]
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407315
Published 2020
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