Financial Statements of Not-for-profit Organizations
The financial statements that not-for-profit organizations such as charitable organizations and large voluntary associations publish, tend to be simpler than those of for-profit corporations. Often they consist of just a balance sheet and a "statement of activities" (listing income and expenses) similar to the "Profit and Loss statement" of a for-profit. Charitable organizations in the United States are required to show their income and net assets (equity) in three categories: Unrestricted (available for general use), Temporarily Restricted (to be released after the donor's time or purpose restrictions have been met), and Permanently Restricted (to be held perpetually, e.g., in an Endowment).
Read more about this topic: Financial Statement
Famous quotes containing the words financial and/or statements:
“Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions.”
—Ambrose Bierce (1842–1914)
“Dogmatic theological statements are neither logical propositions nor poetic utterances. They are “shaggy dog” stories; they have a point, but he who tries too hard to get it will miss it.”
—W.H. (Wystan Hugh)