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Summary of Financial Activities of a Charitable Organization 990 Division of Charitable Solicitations and Gaming Department of State of Tennessee 312 Rosa L. Parks Avenue, 8th Floor Nashville, Tennessee

How to fill out summary of financial activities

How to fill out summary of financial activities?

1. Start by gathering all relevant financial documents such as bank statements, invoices, receipts, and any other records of financial transactions.
2. Organize these documents chronologically or categorically to make it easier to summarize the financial activities.
3. Begin the summary by stating the timeframe for which the summary is being prepared (e.g., monthly, quarterly, or annually).
4. List all the income sources during the specified timeframe, such as sales revenue, investment returns, or any other form of income.
5. Calculate the total income by adding up all the income sources.
6. Move on to summarizing the expenses incurred during the specified period. Categorize the expenses into different categories such as operational expenses, cost of goods sold, utilities, salaries, etc.
7. Calculate the total expenses by adding up all the categorized expenses.
8. Subtract the total expenses from the total income to determine the net profit or loss for the specified period.
9. If applicable, include a separate section for any non-operational or extraordinary income or expenses.
10. Provide any additional financial information or analysis that may be relevant, such as cash flow statements, balance sheets, or any other financial ratios.

Who needs summary of financial activities?

1. Business owners and entrepreneurs need the summary of financial activities to have a clear understanding of the financial performance of their company or organization.
2. Investors and shareholders require the summary of financial activities to assess the financial health and profitability of the business in which they have invested.
3. Financial analysts and accountants use the summary of financial activities to analyze trends, identify areas of improvement, and provide financial recommendations.
4. Regulatory authorities and government agencies may request the summary of financial activities for compliance purposes or to monitor financial stability.
5. Individuals may need the summary of financial activities for personal financial planning, budgeting, or tax filing purposes.

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What is summary of financial activities?

The summary of financial activities is a report that provides a concise overview of an organization's financial transactions and performance.

Who is required to file summary of financial activities?

Non-profit organizations, charities, and other entities that receive funding from external sources are typically required to file a summary of financial activities.

How to fill out summary of financial activities?

The summary of financial activities can be filled out manually or with the help of accounting software. It typically requires inputting data on revenues, expenses, assets, and liabilities.

What is the purpose of summary of financial activities?

The purpose of the summary of financial activities is to provide transparency and accountability regarding an organization's financial activities and to ensure compliance with regulatory requirements.

What information must be reported on summary of financial activities?

Information such as total revenue, total expenses, net income or loss, assets, liabilities, and equity must be reported on the summary of financial activities.