Non-profit financial reporting
Non-profits face some unique financial reporting requirements. They have to report on both what the money was spent on (salaries, supplies, utilities, etc.) and what purpose the expenditure served (program, administration or fundraising).
On April 17 we hosted a webinar for local non-profits to learn more about the external and internal non-profit financial reporting concepts. The webinar discussed the key differences between non-profit and for-profit financial statements and reporting. It also explored the fundamental accounting concepts underlying non-profit financial statement presentation and reporting and provided tools to improve the overall quality and accuracy of financial reporting of non-profit organizations. The conclusion of the program covered how to effectively and efficiently review non-profit financial statements to assess the overall financial health of a non-profit organization and provide a better understanding of how financial statements are evaluated by board members, granting agencies, foundations, other donors and the public.
On June 6 we are going to host another webinar to discuss cost allocation plans and indirect cost rates. The first segment will discuss developing a comprehensive approach to creating a cost allocation plan that meets the goals of internal non-profit management and the requirements of outside government agencies and donors. The second segment will discuss the development of a sound indirect cost rate system and will provide both conceptual and hands-on tools to assist in developing indirect rates for various scenarios.
Petersen CPAs & Advisors is sponsoring this at no cost to our community non-profits. If you are interested in joining us at this or future events please contact Abby at firstname.lastname@example.org or 509.575.1040.