The Not-For-Profit (NFP) statement of activities is designed to report revenues, gains, expenses, and losses for the period. It is useful for assessing a NFP’s service efforts and its ability to continue to provide services to sustainably carry out its mission. A NFP’s statement of activities differs from the income statement of a for-profit business in a variety of ways.

 

This course covers the major differences between the two but it is designed to introduce accountants to the Financial Accounting Standards Board (FASB) requirements regarding proper presentation of the statements.  This course also discusses required disclosures that are specific to not-for-profits, how Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, required structural changes to the format, and how it also requires all NFPs to create an analysis of expenses by natural and functional classification. The lessons are applied by showing how this works in a sample statement of activities.  

Learning Objectives
  • Recognize proper account sequencing structure per Financial Accounting Standards Board (FASB) accounting standards for the statement of activities.
  • Identify the accounts that are likely to appear on a not-for-profit statement of activities and recognize the measurement rules that are specific to Not-For-Profits (NFPs).
  • Identify the requirements regarding recording donated goods and services in the statement of activities.
Last updated/reviewed: March 18, 2024
15 Reviews (54 ratings)

Reviews

1
Anonymous Author
Maybe it's me and maybe I am dense. I struggled to follow any of this presentation. Instructors verbal content didn't always match the slides, too much focus on codification section nomenclature, not enough real-world examples, no flow to this presentation.....sorry, I just didn't get it.
4
Anonymous Author
This course provides information on how to document exchange transactions, fundraisers, and donated goods and services on a Not-For-Profit Statement of Activities.
3
Anonymous Author
have not been involved with NFP accounting in some time. This course provides some solid basic understandings for those needing to refresh their understanding
4
Anonymous Author
Adam presents difficult concepts clearly. For some reason this class was rather confusing to as I spent a lot of my career in the private sector.
5
Anonymous Author
Gives a good overview of the Statement of Accounts. Dives into the not-for-profit sections instead of trying to hit everything.
5
Anonymous Author
seller intend to make a donation? subject is importanrt as discission, HeaVY TO CHALLENGES FOR DONOR as well
5
Anonymous Author
I enjoyed the course, but there is something about the way the presenter speaks that makes me very sleepy.
5
Member's Profile
Great discussion of not for profit accounting and donations made by donors in a not for profit setting.
5
Member's Profile
Good discussion but I don't think the answer for the first review question is correct.
5
Anonymous Author
This is actually one of the better non-profit webinars I've seen on this platform.
4
Anonymous Author
The instructor is good and the slides are okay but the glossary does not add much
4
Anonymous Author
Course fully met its objectives for Not For Profit statement of activities
5
Member's Profile
Adam does sa great job with courses and is always clear and concise.
5
Anonymous Author
Great course with good examples. I highly recommend this course.
5
Anonymous Author
Meaningful and informative review for SOA of NPOs.
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Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course, but completion of the other courses in this series is recommended.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Government and Not-For-Profit Training – Not-For-Profit Statement of Activities9:51
  FASB ASC 958-22510:42
  Common Exchange Transactions and Fundraisers11:36
  Accounting For Donated Goods and Services11:00
  Summary00:49
CONTINUOUS PLAY
  Government and Not-For-Profit Training – Not-For-Profit Statement of Activities Full Video43:58
SUPPORTING MATERIALS
  Slides: Government and Not-For-Profit Training – Not-For-Profit Statement of ActivitiesPDF
  Government and Not-For-Profit Training – Not-For-Profit Statement of Activities Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam