In this lesson, delve into the crucial aspects of not-for-profit accounting with a focus on the statement of activities. Nick Palazzolo, CPA, will cover the vital need for accurate classification of net assets and contributions, whether they have donor restrictions or not. He highlights the distinction between program and support services, and between functional and natural classifications. You'll gain insight into the nuances of recognizing donated services, contributions, and pledges. Nick also navigates through categorizing not-for-profit revenue into service, other operating, or non-operating revenue. With his relatable approach, this lesson is designed to foster a positive outlook toward mastering these key concepts, encouraging dedicated practice and a team mindset to conquer the material.
Lesson: Not-For-Profit: Statement of Activities Summary
In this lesson, delve into the crucial aspects of not-for-profit accounting with a focus on the statement of activities. Nick Palazzolo, CPA, will cover the vital need for accurate classification of net assets and contributions, whether they have donor restrictions or not. He highlights the distinction between program and support services, and between functional and natural classifications. You'll gain insight into the nuances of recognizing donated services, contributions, and pledges. Nick also navigates through categorizing not-for-profit revenue into service, other operating, or non-operating revenue. With his relatable approach, this lesson is designed to foster a positive outlook toward mastering these key concepts, encouraging dedicated practice and a team mindset to conquer the material.
Updated: Oct. 20, 2021 Create an account