Understand the elements of the statement of functional expense and how to make it meaningful to your audience.
Functional expense reporting can be complex. Organizations are tasked with tracking expenses by natural account and function. Certain expenses are directly assigned to a specific function, while others may indirectly relate to multiple functions. This topic will help you understand the elements of the statement of functional expenses 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 material will put it all together with schedule examples and a review about required disclosures.
Learning Objectives
- You will be able to identify the appropriate presentation and classification of nonprofit expenses in accordance with accounting standards.
- You will be able to recognize the factors and methods used to allocate expenses across nonprofit functions.
- You will be able to identify and describe the roles of supporting activities in nonprofit financial reporting.
- You will be able to differentiate changes in accounting principles from other financial or organizational changes.
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Over 38 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
Putting It All Together
- Presentation of Functional Expense Statement
- Disclosures Associated With the Functional Expenses
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Credit
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Why Lorman?
Over 38 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 July 31, 2024.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 1.8 including Accounting 1.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 38 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 R. Hittle, CPA, MPAc
Silver Spring Accounting LLC
- Principal, Silver Spring Accounting LLC
- Focus on outsourced accounting and advisory services for nonprofits
- 13 years of experience in public accounting
- Conducts webinars with ASAE, Lorman, and various firm and client-sponsored training
- AICPA, Maryland Nonprofits
- Master of Professional Accountancy
- Can be contacted at [email protected] or 240-749-9905
Mark Robins, CPA
Aprio, LLP
- Partner, Assurance Services at Aprio, LLP
- Over 15 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 38 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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