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Basic Financial Statements This page intentionally left blank GARLAND INDEPENDENT SCHOOL DISTRICT STATEMENT OF NET POSITION AUGUST 31, 2013, Exhibit A1 Primary Government Data Codes ASSETS 1110 Cash

How to fill out statement of net position

How to fill out statement of net position:

1. Begin by gathering all the necessary financial information to accurately report the organization's assets and liabilities.
2. Identify the assets that need to be included in the statement, such as cash, investments, property, and equipment. Record the current market value of each asset.
3. Determine the liabilities that should be included, such as loans, accounts payable, and accrued expenses. Record the total amount owed for each liability.
4. Calculate the organization's net position by subtracting the total liabilities from the total assets.
5. Provide a breakdown of the net position, separating it into different categories such as unrestricted, temporarily restricted, and permanently restricted.
6. Include any additional information or disclosures required by accounting standards or regulatory bodies.
7. Review the statement for accuracy and completeness, making any necessary adjustments.
8. Obtain any necessary approvals or sign-offs before finalizing the statement of net position.

Who needs statement of net position:

1. Non-profit organizations: Non-profit organizations often need a statement of net position to demonstrate their financial position to donors, grantors, and other stakeholders. It allows them to showcase their assets, liabilities, and net position to ensure transparency and accountability.
2. Government entities: Government entities, such as federal, state, and local agencies, also require a statement of net position. It helps them monitor their financial condition and assess their ability to meet financial obligations.
3. Investors and lenders: Investors and lenders may request a statement of net position to evaluate an organization's financial health before making investment decisions or providing loans. It provides them with insights into the organization's assets, liabilities, and net worth.

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What is statement of net position?

The statement of net position is a financial statement that reports the assets, liabilities, and net position of an organization at a specific point in time.

Who is required to file statement of net position?

Government entities, non-profit organizations, and other entities that follow Generally Accepted Accounting Principles (GAAP) are required to file a statement of net position.

How to fill out statement of net position?

To fill out a statement of net position, one must list all assets, liabilities, and net position of the organization, calculate the total assets and total liabilities, and then present the information in a clear and organized manner.

What is the purpose of statement of net position?

The purpose of the statement of net position is to provide information about an organization's financial position, including its assets, liabilities, and net position, to stakeholders such as investors, creditors, and donors.

What information must be reported on statement of net position?

The statement of net position must report the organization's assets, liabilities, and net position as of a specific date, as well as any restrictions on net position and other relevant information.

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