Understanding Nonprofit Financial Statements
Nonprofit financial statements have their own unique language; yet, understanding financials is critical to the success of any organization. Besides the fundamental information regarding financial position and income and expenses, there is a nuance of terminology that distinguishes nonprofit financials from typical “for profit” financials, such as “statement of activities” is similar but different from your typical “income statement.” Moreover, nonprofit leaders need to understand financial performance and budget variances to anticipate cash flow problems and to make smart resource allocation decisions. Let 501 (C)PA remove some of the mystery and join us for a walk-through of sample nonprofit financial statements.
Key Learning Objectives
- Board fiduciary responsibilities.
- Introduction to basic nonprofit financial statements.
- Understanding and analyzing your financial statements.
- Tailoring reports for your Board: level of detail, supplementary reports, use of charts & graphs.
- Annual budgeting: a valuable strategic planning opportunity for Management & the Board.
Level: Beginner to Intermediate
Presenter: David Rivard
Accountant and a Chartered Accountant in industry and in public accounting, with both national and small firms. Being CEO for a group of Canadian manufacturing companies eventually led to his relocation to Minnesota in 2004 and then to New Mexico in 2007. David achieved his CPA designation in 2004 and went on to earn a MS in Financial Management while serving as Assistant Dean for Libraries at the University of Maryland. For the past five years he has been leading 501(C)PA, New Mexico’s only nonprofit CPA firm, and has been immersed in helping NPO’s with their unique and complex financial management needs. David is passionate about developing innovative organizations and creating fulfilling work environments for talented people who want to help others.