Reading and Understanding Financial Statements

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1 Reading and Understanding Financial Statements A Grant Makers Guide Coleith Molstad, CPA Executive Director The Roy F. and Joann Cole Mitte Foundation

2 Table of Contents Overview 2 Nonprofit Financial Statements In General 3 Financial Statements 3 The Basics 4 Methods of Accounting 5 Footnotes 6 Accountant s Reports Independent Auditors Report 8 Independent Accountant s Review Report 9 Independent Accountant s Compilation Report 10 Form 990 and Financial Statement Reporting 11 1

3 Overview Financial information is provided by a grantee and is used by grant makers to make informed judgments and decisions concerning the current financial position and sustainability of prospective and existing grantees. Understanding the intricacies of both accounting principal and tax exempt law is paramount to the grantor s ability to analyze financial data. While financial performance is not the sole determinant of awarding a grant, it remains an important factor when taken in conjunction with program intent, results and future plans. This course is designed to acquaint the grant maker with tools helpful for the review of financial information presented in grant proposals. The goal is to educate the grantor so that he/she can make informed assessments of financial data with respect to the program or project for which support has been requested. 2

4 Non-Profit Financial Statements In General Financial statements are tools used by management to communicate the measure of the financial health of an organization. Accounting is the process by which these reports are generated from large amounts of data. In the for profit world, accounting is often referred to as the language of business. For the non-profit sector, accounting can be thought of as the language of the financial management. This session is designed to be an introduction to that language. Financial statements should convey to the user enough information for informed judgment and decisions concerning the economic condition of the organization. For grant makers, the reports help answer such questions as: How was the organization funded? How much was allocated to programs? What was the level of fundraising activity? What are the sources of support? What are the net assets and restrictions on their use? Are the assets leveraged? If so, how much? Understanding a non-profit entity s financial report is key to evaluating the current financial position of the organization, the current need for funding, and the projected ability to go forward with future projects and programs. Financial Statements A complete set of financial statements will include: 1. Statement of Financial Position - A statement, prepared for a particular moment in time, which reports assets, liabilities and net assets. This statement is sometimes labeled Balance Sheet, which is the for-profit equivalent statement. Net assets may be labeled net equity, fund balance, equity, retained earnings, or capital. These terms have been used historically in either the for-profit or not-for-profit sectors. Under Generally Accepted Accounting Principals (GAAP), the correct term is Net Assets, but practically, they are all referencing the same information. 2. Statement of Activities A statement, prepared for a stated period of time (month, quarter, year), which reports the revenues and expenses of the organization. This statement may be labeled Income Statement, the name of the for-profit equivalent statement, or Profit & Loss, which is common in some accounting software applications. 3. Statement of Cash Flows A statement, prepared for a stated period of time (month, quarter, year), which reports the changes in cash, identifying sources and uses of funds into three categories; operating, financing, and investing. 3

5 4. Notes to the Financial Statements Required and suggested narrative discussion, additional monetary amounts, and supplemental schedules that add completeness to the reported information. Not required, but often included in non-profit financial reporting is the Statement of Functional Expenses. This statement provides for reporting of expenses on a functional basis into three categories; programs, administrative, and fund raising. Programs may be presented as a single group, or may be further divided into individual program activities. Supplemental information may also be included in the financial reports. For non-profit organizations with government funding, much of this information is required. For others, management may include as much or as little such information as it deems necessary to provide a complete picture for the user. The Basics The basic accounting model is usually expressed in the form of an equation called The Accounting Equation. That equation for non-profits is: Assets = Liabilities + Net Assets This equation represents the two sides of the Statement of Financial Position, more often presented in vertical format. The left side or top (Assets) summarizes the economic resources available to management. The right side or bottom (Liabilities and Net Assets) summarizes the 1) claims upon and 2) sources of those economic resources. At all times the two sides of the equation are equal (thus the original name - Balance Sheet.) Each accounting cycle creates a change in Net Assets. This change is the result of revenues and expenses during the period and is reported in the Statement of Activities. The change reported in the Statement of Activities for any given period feeds into the Statement of Financial Position as an adjustment to Net Assets. On any given date, the Net Assets represent the accumulation of all revenues and expenses during the life of the organization. Net Assets are classified into three types based on restrictions placed upon them by the donor: 1. Unrestricted Assets received by the organization for which no restrictions are imposed by the donor. 2. Temporarily Restricted Assets donated for which the donor has imposed a temporary restriction based on the occurrence of some event/action or the passing of a specified time period. 3. Permanently Restricted Assets which can never be used under the donor restrictions. These are generally endowed assets, the income from which is usually available for use. 4

6 Method of Accounting Accounting principals are based on the premise that expenses should be matched with the income they generate. Thus, an entity should recognize revenues when they are earned and expenses when they are incurred. This is known as the Accrual Method of accounting and is used by most large and mid-size non-profit organizations. A simpler method, the Cash Method, is frequently used by smaller organizations. This method recognizes revenues when they are received and expenses when they are paid. The complex Accrual Method is preferred for the obvious reason that is provides more complete information regarding the organization s financial condition to the user. Such items as outstanding liabilities, prepayment of expenses, and pledges receivable are common on accrual basis financial statements. When the cash method is used, the organization isn t allowed the luxury of knowing what vendor invoices have been received but are as yet unpaid. Nor is there a clear picture of what pledges have been made to the organization, but have not been received. The accrual method provides this information. Typical accrual accounts include: Pledges Receivable An asset recorded when pledges are received, but cash has not been received. Revenue is recognized at the time of the pledge is considered earned. Deferred Revenue A liability recorded for cash received, but not yet earned. An early payment of a program fee for which the organization will provide the service at a future date is a deferred revenue. Account Payable A liability recorded for unpaid bills. The service or product has been purchased and used, but the invoice has not been paid. Accrued Expense A liability for services or products that have been purchased and used, but for which a bill has not yet been received. This is usually an estimate of value for the service or product purchased. Accrued Revenue An asset recorded for revenues earned, but not yet received. Interest and dividend income are common accrued revenue items. Depreciation Expense A non-cash item recording estimated use of capitalized assets such as furniture, equipment, or buildings. Capitalized assets have a useful life of longer than one year. Frequently additional information concerning accrual items on the financial statements is provided to the user in the Footnotes. Such disclosures as the timing of pledges receivable or the remaining useful life of capitalized assets is often presented. 5

7 Footnotes Footnotes are the narrative explanation of financial information provided for the user to complete the total financial picture of the organization. Footnotes generally contain discussion, additional monetary amounts, and supplemental schedules that enhance the understandability of the financial statements. Some footnotes are required under generally accepted accounting principles, while others are included by decision of management to provide full disclosure of activity to the user. Full disclosure means that everything is presented in the financial statements that an informed reader should know to come to conclusions and make decisions concerning the financial condition of the organization. Footnoting varies with the level of sophistication of the financial statements presented. Often, but not in all cases, footnotes lending clarification to amounts reported on the face of financial statements are referenced on the statement by number or letter. For example, if footnote number 3 describes the Pledges Receivable account, on the face of the Statement of Financial Position, the footnote may be referenced thus: Pledges Receivable (Note 3) While some notes may be referenced on the face of the financial statements, there are a few that stand on their own. For example, Footnote 1 (or A) is always a description of the organization and a summary of its accounting policies. Information conveyed here usually includes: The name and place of incorporation of the organization. A brief description of the organization s purpose and tax exempt status. The method of accounting used in the financial statement presentation. The definition used by the organization of cash and cash equivalents. The accounting method used for reporting investments. A description of the process used to identify and recognize uncollectible receivables. The accounting method used for reporting inventory and fixed assets. An explanation of reporting of donor restrictions on contributions and the method of reporting in-kind donations. A statement declaring estimates and assumptions have been used in conformity with GAAP. An explanation of functional expense allocations. A statement of any reclassifications or changes in accounting method reported. A summary of Net Asset classifications and descriptions of the types of restrictions required in each classification. From this first footnote, the reader should get a general idea of what the organization is about and how it reports its financial condition. 6

8 Other notes will vary in presentation as well. The order of footnotes generally follows the order of accounts listed on first, The Statement of Financial Position, then, The Statement of Activities. Some notes may reference The Statement of Cash Flows and other supplemental statements. In general, notes include: Cash Explains the concentration risk level of the organization s cash balances. States whether such balances ever exceed the government insured maximum amount. Investments A general description of investment vehicles and any restrictions imposed on those investments. Grants/Pledges Receivable A statement or table listing major grants receivable and the expected timing (current or long-term) of receipt of funds. This note may also describe any allowance for uncollectible receivables being recorded. Inventory A description of method of accounting for inventory used and, depending on this method, a more detailed analysis of inventory on hand. Property and Equipment A list of fixed assets by asset class and the associated accumulated depreciation recorded against those assets. The current year expense is also listed and, for comparative statements, the prior year expense is reported. Lease Commitments Details the future expected requirements of existing leases and describes the terms of the lease. Note Payable/Line of Credit Details the terms of all notes payable, including the payment schedule, the period of the note, any property securing the debt, the interest rate and any other pertinent information related to the liability. Net Assets Details any restrictions imposed by the donors on temporarily and permanently restricted assets. Often a table listing donor restrictions by category or by donor is used in this footnote. Employee Benefits Any employee related benefits such as retirement plans and accrued vacation or sick leave liabilities are explained. Subsequent Events Any significant event that occurred after year end, but prior to issuance of the audited financial report must be reported in a footnote. These might include 1) a large decrease in market value of investments, 2) a law suit for which the outcome is expected to have a significant effect on the financial condition of the organization, or 3) the merger of the organization with another organization. Donated Services Often donated goods and services are explained and valued in a footnote. Footnotes do not stand on their own, but should be used in conjunction with the financial statements to gain a clear understanding of the financial health of the organization. 7

9 Independent Auditors' Report To the Board of Directors and Shareholders Company XYZ Address We have audited the accompanying balance sheets of X Company as of December 31, 20X2, 20X1 and 20X0, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of XYZ Company as of December 31, 20X2, 20X1 and 20X0, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. (Signature) (Date) 8

10 9

11 Independent Accountants' Review Report Date To the Board of Directors and Shareholders Company XYZ Address We have reviewed the accompanying balance sheet of Company XYZ as of December 31, 20X1, 20X2 and 20X0, and the related statements of operations, retained earnings, and cash flows for the years then ended. A review includes primarily applying analytical procedures to management's financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the reviews in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that the results of our procedures provide a reasonable basis for our report. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America. 10

12 Independent Accountants' Compilation Report Date Board of Director of Company XYZ Address We have compiled the accompanying statement of financial position of Company XYZ, as of June 30, 20X2, 20X1 and 20X0 and the related statements of income and cash flows for the years then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the compilations in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. 11

13 Form 990 and Financial Statement Reporting Form 990, Return of Organization Exempt From Income Tax, is the primary method of correspondence with the Internal Revenue Service for most exempt organizations. The annual return contains information necessary for the IRS to determine if the organization is in compliance with the law under which it received its exempt status. Organizations exempt under Section 501(c)(3) must file one of three reports: Form 990, Form 990EZ, or Form 990N. Churches and governmental agencies are exempt from these filing requirements. Form 990 provides the most detailed financial information, as well as information regarding the organizations operational and governance structure and procedures. Financial information is presented in similar format to the financial statements of the organization. The method of accounting used on Form 990 should be the same as that used by the organization for financial statement purposes, so it should be very easy to reconcile the tax report with the financial report. Tax reporting generally requires more detail in the presentation than financial reporting, thus each line item may differ, but totals should be the same or easily reconcilable. For organizations that do not have an independent accountant compile, review or audit their financial statements, Form 990 is a good reference source to the grant maker for that information. Financial Statement information is reported on Form 990 as follows: Part VIII Statement of Revenue This section reports the total revenues from all sources of the organization. Most organizations should complete Columns B-D, disclosing the related or exempt function revenue, unrelated business income, and unrelated income excluded from tax. Certain types of income require an IRS business code defining the type of activity. Part IX Statement of functional Expenses All 501(c)(3) organizations must complete all columns of this statement reporting all expenses and allocating them to program services, management, and fundraising. The statement provides considerable detail to the organizations spending practices and should present reasonable allocations to the operational functions identified. Part X Balance Sheet Beginning and Ending Balance Sheets, which are named the Statement of Financial Position in the financial report, are required on Form 990. The reporting format follows that of the financial statements, but provides more detail that an audited report. 12

14 Part XI Financial Statements and Reporting This section notifies the reader what accounting method is used by the organization and whether they have engaged an independent accounting firm to compile, review, or audit their financial statements. Single Audit requirements are also addressed. 13

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