The first statement in a set of financial statements is the Statement of Financial Position. To be presented in accordance with GAAP, the Statement of Financial Position must include:
Instead of presenting a single line entitled “cash and cash equivalents” on the Statement of Financial Position, the nonprofit could present multiple lines like:
The Statement of Activities is the statement that shows the performance of the nonprofit during the period being reported on. To be presented in accordance with GAAP, the Statement of Activities must include:
Additional Reading: The Basics of Non-Profit Financial Statements
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