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This document presents the financial statements of the College of the Canyons Foundation for the years ended June 30, 2024 and 2023, including the independent auditor\'s report, statements of financial position, activities, functional expenses, cash flows, and notes to the financial statements. It aims to provide a comprehensive overview of the financial condition and activities of the Foundation in compliance with generally accepted accounting principles.

How to fill out financial statements

How to fill out financial statements

1. Gather all necessary financial data, including transaction records, bank statements, and invoices.
2. Determine the time frame for the statements (monthly, quarterly, or annually).
3. Start with the income statement by calculating total revenues and total expenses to find the net income.
4. Prepare the balance sheet by listing all assets, liabilities, and equity to ensure that assets equal liabilities plus equity.
5. Complete the cash flow statement by analyzing cash inflows and outflows from operating, investing, and financing activities.
6. Review and verify all figures for accuracy and consistency.
7. Format the statements according to accounting standards and include necessary notes for clarification.

Who needs financial statements?

1. Businesses, both small and large, for financial planning and reporting.
2. Investors looking to assess the profitability and financial health of a company.
3. Lenders and banks when considering loans or credit lines.
4. Regulatory agencies for tax and compliance purposes.
5. Management teams to make informed operational decisions.

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What is financial statements?

Financial statements are formal records of the financial activities and position of a business, organization, or individual. They include the balance sheet, income statement, and cash flow statement, providing a comprehensive overview of financial performance and condition.

Who is required to file financial statements?

Typically, public companies, certain private companies, non-profit organizations, and other entities subject to regulatory requirements must file financial statements. The specific requirements can vary based on jurisdiction and the type of entity.

How to fill out financial statements?

Filling out financial statements involves collecting financial data, categorizing income and expenses, and using standardized formats such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). It is often advisable to consult with an accountant.

What is the purpose of financial statements?

The purpose of financial statements is to provide stakeholders, including investors, creditors, and management, with relevant financial information to aid in decision-making, assess performance, and evaluate financial health.

What information must be reported on financial statements?

Key information that must be reported includes assets, liabilities, equity, revenue, expenses, and cash flows. Additional disclosures may also be required to inform users about significant accounting policies and any contingent liabilities.