Get the free Statement of Functional Expenses for the Year Ended August 31, 2018

POSITIVE COACHING ALLIANCE ___FINANCIAL STATEMENTS August 31, 2018, and 2017POSITIVE COACHING ALLIANCE ___TA B L EO FCO N T E N TS Page(s) Independent Auditors Report1Financial Statements: Statements

How to fill out statement of functional expenses

How to fill out statement of functional expenses

1. Gather all financial records and documents related to expenses incurred by the organization.
2. Separate expenses into program services, management and general, and fundraising categories.
3. Allocate shared expenses proportionally to each category.
4. Calculate the total expenses for each category.
5. Fill out the statement of functional expenses form provided by the organization, detailing the expenses in each category.

Who needs statement of functional expenses?

1. Nonprofit organizations need the statement of functional expenses to provide transparency and accountability to donors, grantors, and the general public.
2. Government agencies may also require nonprofits to submit a statement of functional expenses as part of their reporting requirements.

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What is statement of functional expenses?

The statement of functional expenses is a financial report that provides a detailed breakdown of an organization's expenses categorized by their functional areas, such as program services, management and general, and fundraising.

Who is required to file statement of functional expenses?

Nonprofit organizations that are required to file Form 990, including those with gross receipts over a certain threshold, must file a statement of functional expenses.

How to fill out statement of functional expenses?

To fill out the statement of functional expenses, organizations need to categorize their expenses by function, fill in total expenses for each category, allocate expenses, and report salaries and other costs associated with each functional area.

What is the purpose of statement of functional expenses?

The purpose of the statement of functional expenses is to provide transparency in how an organization allocates its resources, allowing stakeholders to understand the relationship between expenses and the organization's mission.

What information must be reported on statement of functional expenses?

The statement must report total expenses for each functional category, including salaries, employee benefits, professional fees, and other expenditures.