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 Statements
Famous quotes containing the words financial and/or statements:
“Because of these convictions, I made a personal decision in the 1964 Presidential campaign to make education a fundamental issue and to put it high on the nation’s agenda. I proposed to act on my belief that regardless of a family’s financial condition, education should be available to every child in the United States—as much education as he could absorb.”
—Lyndon Baines Johnson (1908–1973)
“There is a certain embarrassment about being a storyteller in these times when stories are considered not quite as satisfying as statements and statements not quite as satisfying as statistics; but in the long run, a people is known, not by its statements or its statistics, but by the stories it tells.”
—Flannery O’Connor (1925–1964)