Every educational effort should have a specific focus. This text has been designed so that once you have completed it, you will be able to:
- Name and understand the primary purpose of a nonprofit's basic financial statements.
- Recognize best practices in the presentation of financial information in nonprofit financial statements.
- Understand the significance of the independent auditor's report and be able to recognize an unmodified (clean) opinion and other types of audit opinions.
- Understand the role of the footnotes in financial statements and the purpose they serve.
- Extract and interpret certain financial information from each of the basic financial statements.
- Understand the basic accounting rules that apply specifically to nonprofit organizations.
- Understand the new financial statement presentation changes required by ASU 2016-14.
- Understand the method of assessing the need for reserves.
- Familiarize yourself with common financial ratios that are useful in assessing the financial health of a nonprofit organization.
- Identify benchmarking techniques.
- Recognize the future complexities related to nonprofit financial reporting.