Statement of Functional Expenses

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Overview

1.5 Credits
ONLINE

Like many other businesses, not-for-profits (NFPs) incur costs such as salaries, rent and utilities. Unique to NFPs is the requirement that those expenses be classified in the financial statements according to purpose, or function, for which they were used. The statement of functional expenses assists readers of the NFP's financial statements in associating expenses with the service efforts and accomplishments of the organization. This CPE course offers you detail-rich examples and case studies that will help you allocate costs and accurately prepare the statement of functional expenses.

Objectives

  • Determine how to prepare, in accordance with GAAP, a statement of functional expenses.
  • Identify the most appropriate statement presentation options, considering the complexity of the entity.
  • Determine the effect of a particular transaction on the reporting entity's statement of functional expenses.

Major Topics

  • Financial statement preparation
  • Expense allocation methodology
  • Program and supporting activities
  • Fundraising expenses
  • Joint costs
  • Voluntary health and welfare organizations
  • Common errors and pitfalls

Designed For

CPAs, financial professionals and NFP staff and board members looking to deepen their existing knowledge of NFP financial responsibility, and set themselves apart as a leader in this field
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