Understanding financial statements is the first step in understanding and telling your nonprofit's financial story, to both internal and external stakeholders.
During this session, we will review the format and content of nonprofit financial statements, with an emphasis on what makes nonprofit financials special and distinct. As past performance is critical information to inform future planning, we will review how to perform financial statement analysis and calculate key metrics, using those metrics to measure progress towards annual and long-term goals. Finally, as internally prepared financial statements may not be readily available in the same format as year-end audited GAAP-basis financials, we will touch upon the practical complications arising when monitoring financial performance and calculating metrics on a month-to-month basis.
Learning Objectives
- You will be able to identify and interpret key components of nonprofit financial statements, including net assets and financial position.
- You will be able to recognize the role and reporting of supporting services and overhead in nonprofit financial management.
- You will be able to identify and apply key performance indicators (KPIs) in nonprofit financial analysis.
- You will be able to evaluate liquidity and donor restrictions using cash metrics and net asset classifications.
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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.
Agenda
Overview GAAP Financial Statements
Selected Basic Financial Statements
- Statement of Financial Position, Statement of Activities and Statement of Functional Expenses
- Overview of Nonprofit Specific Considerations
- Financial Analysis and Selected Financial Health Metrics
- Selecting KPI's (Key Performance Indicators)
- Financial Monitoring, Including Using Internal Prepared Financials
Questions and Answers
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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 November 6, 2024.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 1.6 including Accounting 1.6
- 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: 1.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 1.6 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
Gina McDonald, CPA
BDO USA, LLP
- Managing Director at BDO USA, LLP
- Over 25 years of finance and accounting experience, including financial statement audit experience, with a focus on supporting nonprofit organizations
- Specialty in translating complex financial accounting topics into accessible language
- Experience in designing practical financial management infrastructure, including advising on fiscal staffing structure, workflows and internal controls
- Frequent speaker for AICPA on topics related to nonprofit accounting and financial management
- National CNAP trainer (Certified Nonprofit Accounting Professional)
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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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