What is a Statement of Financial Position in Nonprofit Accounting?
In nonprofit accounting, the Statement of Financial Position is a financial statement that provides an organization's financial position at a specific point in time. It is also commonly known as the...
A Statement of Cash Flows is a financial statement that reports a nonprofit organization's cash inflows and outflows for a given period. It provides information on the sources and uses of cash and is...
In nonprofit accounting, the Statement of Activity (also known as the Income Statement or Statement of Revenues, Expenses, and Changes in Net Assets) serves a similar purpose as the for-profit Income...
Nonprofits typically create three primary financial statements: Statement of Financial Position: This statement, also known as a balance sheet in for-profit accounting, provides a snapshot of the...
What are Unrestricted Net Assets in a Non-profit Organization?
Unrestricted net assets are a portion of a nonprofit organization's net assets that are not subject to donor-imposed restrictions or other limitations on their use. In other words, these are funds...
What are the Differences Between Non-profit and For-profit Financial Statements?
There are some key differences between nonprofit financial statements and for-profit financial statements. Here are a few: Purpose: Nonprofit financial statements are intended to provide...
