Get the free Statement of Financial Activities - Detailed

This document provides a detailed statement of financial activities for the Rural Municipality of Big Arm, covering the period ending June 30, 2021. It outlines revenues, expenditures, and variances in various categories including taxation, fees and charges, maintenance and development charges, unconditional transfers, and overall financial performance.

How to fill out statement of financial activities

How to fill out statement of financial activities

1. Gather all financial records including income, expenses, and donations.
2. Categorize income sources such as donations, grants, and earned revenue.
3. List all expenses by category, including administrative costs, program expenses, and fundraising.
4. Calculate the total income and total expenses.
5. Prepare a summary showing the net assets or deficits over the reporting period.
6. Review for accuracy and compliance with accounting standards.
7. Include any notes or explanations needed for clarity.

Who needs statement of financial activities?

1. Nonprofit organizations to present their financial health.
2. Donors or grantmakers to assess funding opportunities.
3. Regulatory bodies for compliance and transparency.
4. Stakeholders for understanding organizational performance.
5. Board members for governance and decision-making.

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What is statement of financial activities?

The statement of financial activities (SoFA) is a financial report used by nonprofit organizations to provide a summary of their income, expenditures, and overall financial position over a specific period. It helps stakeholders understand the organization's financial performance and activities.

Who is required to file statement of financial activities?

Nonprofit organizations, including charities and certain voluntary organizations, are generally required to file a statement of financial activities as part of their financial reporting obligations.

How to fill out statement of financial activities?

To fill out a statement of financial activities, organizations must itemize their income sources, categorize expenses, and detail changes in net assets for the reporting period. Accurate records of all financial transactions should be maintained for this purpose.

What is the purpose of statement of financial activities?

The purpose of the statement of financial activities is to provide transparency regarding an organization's financial health, help in decision-making, and ensure accountability to donors, stakeholders, and regulatory bodies.

What information must be reported on statement of financial activities?

The statement must report on total income, categorized into various sources (e.g., donations, grants), total expenditures broken down by activity (e.g., program services, administrative expenses), and changes in net assets for the reporting period.