Preparing Nonprofit Financial Statements: Avoiding Common Errors
Classifying Restricted Assets, Categorizing Functional Expenses, Reporting Unique Disclosures
Recording of a 110-minute CPE video webinar with Q&A
This webinar will discuss preparing financial statements for nonprofit organizations. This discussion will cover the unique aspects of these reports, identify common reporting missteps, and provide advice for efficiently assimilating these statements for auditors and accountants of these organizations.
Outline
- Overview: nonprofit financial reporting
- Preparing financial statements
- Statement of Financial Position
- Statement of Activities
- Statement of Functional Expenses
- Statement of Cash Flows
- FASB prescribed formats
- Disclosures
- Use of financial statements
- Board's roll and responsibility of management
- Auditors' reports and responsibility
Benefits
The panel will cover these and other critical issues:
- Types of auditors’ reports issued by nonprofit organizations
- Footnotes required for nonprofit organizations
- Identifying and avoiding common financial statement reporting errors made by nonprofit organizations
- Complying with unique financial reporting requirements for nonprofits
- The role and responsibilities of the board of directors and management of nonprofit organizations
Faculty
Tamara Greear, CPA, MSA
Partner
Rodefer Moss & Co.
Ms. Greear serves as a Partner at the firm’s Norton, Virginia office. She is registered and licensed to practice... | Read More
Ms. Greear serves as a Partner at the firm’s Norton, Virginia office. She is registered and licensed to practice in the Commonwealth of Virginia and has over 25 years of accounting experience. Ms. Greear specializes in corporate accounting, audit, financial reporting, and business and individual taxation. She has extensive experience with audits subject to Government Auditing Standards and the Uniform Guidance. Ms. Greear is also a former Chair, and current member of the Virginia Society of CPA’s Accounting and Auditing Advisory Committee.
Close
Amy Guerra, CPA
Professional Practice Director - Nonprofit and Healthcare Industries
BDO USA
Ms. Guerra has more than 15 years of providing assurance services to nonprofit and healthcare entities. She has... | Read More
Ms. Guerra has more than 15 years of providing assurance services to nonprofit and healthcare entities. She has extensive nonprofit experience with audits of human service organizations, trade associations, private and operating foundations, and other nonprofits organizations. Ms. Guerra also has significant experience with audits subject to Government Auditing Standards and the Uniform Guidance. Her responsibilities include researching and disseminating information to the engagement teams related to recent pronouncements issued by the FASB and others that set standards for the
nonprofit sector. Applying technical knowledge to develop, administer, and deliver both internal and external webinars and training courses. Supporting audit engagement teams and our Alliance firm network in navigating complex auditing, accounting matters, reporting issues, and compliance issues.
In addition, Ms. Guerra is a Technical Director for the BDO Institute for Nonprofit ExcellenceSM. She also is a regular contributor to the BDO quarterly Nonprofit Standard newsletter.
