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The Confederated Tribes of Grand Rode Higher Education
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How to fill out statements of functional expenses5-6
How to fill out statements of functional expenses5-6
01
Gather all relevant financial documents including income statements and expense reports.
02
Identify and categorize expenses into three functional categories: program services, management and general, and fundraising.
03
Allocate shared expenses appropriately among the functional categories.
04
Calculate the percentage of total expenses for each functional category.
05
Fill out the statements of functional expenses with the allocated expenses and percentages for each category.
06
Review and ensure accuracy of the completed statements of functional expenses.
Who needs statements of functional expenses5-6?
01
Nonprofit organizations required to file Form 990 with the IRS.
02
Donors and grantors interested in understanding how a nonprofit organization's funds are being spent.
03
Board members and stakeholders seeking transparency and accountability in financial reporting.
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What is statements of functional expenses5-6?
Statements of functional expenses5-6 provide detailed information about how a nonprofit organization allocated its expenses to program services, management and general, and fundraising.
Who is required to file statements of functional expenses5-6?
Nonprofit organizations who exceed certain revenue thresholds are required to file statements of functional expenses5-6.
How to fill out statements of functional expenses5-6?
To fill out statements of functional expenses5-6, nonprofit organizations need to categorize their expenses into program services, management and general, and fundraising categories.
What is the purpose of statements of functional expenses5-6?
The purpose of statements of functional expenses5-6 is to provide transparency and accountability regarding how a nonprofit organization uses its funds.
What information must be reported on statements of functional expenses5-6?
Statements of functional expenses5-6 must report total expenses, total program service expenses, total management and general expenses, and total fundraising expenses.
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