Understanding financial statements is the first step in understanding and telling your nonprofit’s financial story, to both internal and external stakeholders.
During this session, we will review the format and content of nonprofit financial statements, with an emphasis on what makes nonprofit financials special and distinct. As past performance is critical information to inform future planning, we will review how to perform financial statement analysis and calculate key metrics, using those metrics to measure progress towards annual and long-term goals. Finally, as internally prepared financial statements may not be readily available in the same format as year-end audited GAAP-basis financials, we will touch upon the practical complications arising when monitoring financial performance and calculating metrics on a month-to-month basis.
Learning Objectives
- You will be able to explain the structure and elements of nonprofit financial statements.
- You will be able to recognize what makes nonprofit financials special and distinct.
- You will be able to review how to calculate and use key financial metrics to measure progress towards annual and long-term goals.
- You will be able to discuss how to apply past performance data and financial metrics to inform and guide future planning and decision-making.
Agenda
Overview GAAP Financial Statements
Selected Basic Financial Statements
- Statement of Financial Position, Statement of Activities and Statement of Functional Expenses
- Overview of Nonprofit Specific Considerations
- Financial Analysis and Selected Financial Health Metrics
- Selecting KPI’s (Key Performance Indicators)
- Financial Monitoring, Including Using Internal Prepared Financials
Questions and Answers
Speakers
Gina McDonald, CPA,
BDO USA, LLP- Managing Director at BDO USA, LLP
- Over 25 years of finance and accounting experience, including financial statement audit experience, with a focus on supporting nonprofit organizations
- Specialty in translating complex financial accounting topics into accessible language
- Experience in designing practical financial management infrastructure, including advising on fiscal staffing structure, workflows and internal controls
- Frequent speaker for AICPA on topics related to nonprofit accounting and financial management
- National CNAP trainer (Certified Nonprofit Accounting Professional)
Who Should Attend
This live webinar is designed for accountants, CPAs, executive directors, officers, controllers, CFOs, and tax managers.
