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Non-profit Financial Statement

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Non-profit Financial Statement

Riddle

Think you know the major differences between financial statements used by non-profit organizations and those used by for-profit organizations? Then let's see how many of those differences you can identify.

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About Riddle
Recommended age: 21 years old
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Created by

Dorothy Cady
Dorothy Cady
United States

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Non-profit Financial StatementOnline version

Think you know the major differences between financial statements used by non-profit organizations and those used by for-profit organizations? Then let's see how many of those differences you can identify.

by Dorothy Cady
1

Based on the video included in the SOFM course page titled:"Non-profit Versus For-Profit Financial Statements," what non-profit organization's financial statements are being used for the examples in the video?

Hints

In the for-profit statements, HFC is the company that we use. This is the name of the company being used in the video explaining non-profit versus for-profit financial statements.

In the for-profit world, this statement is known as the Balance Sheet.

Part of the Assets section in the non-profit Statement of Financial Position that you would not see in the equivalent financial report for a for-profit company because promises to give these items are not done in the for-profit world.

Part of the Assets section in the non-profit Statement of Financial Position that you would not see in the equivalent financial report for a for-profit company because those who pay money to the for-profit company do not get to say what that money is to be used for.

The name of the asset account a non-profit organization keeps on its financial statement to reflect money it has invested i another non-profit institution, often a community foundation.

Includes "Unrestricted," "Temporarily Restricted," and "Permanently Restricted" as subcategories of this item found on the non-profit's Statement of Financial Position.

The name of this financial statement is the non-profit organization's equivalent to the for-profit company's Income Statement.

Although the for-profit company does not use a financial statement heading titled "Restricted," the non-profit company does. This is the heading used on the non-profit Statement of Activities that usually follows the "Unrestricted" column heading.

Foods, Goods, and Services are the three types of this type of Operating Revenue reported on a non-profit Statement of Activities.

 
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