Critical Accounting Reports
- Statement of Activities with specific revenue and expense accounts.
- Statement of Financial Position properly categorized.
- Functional Expense Schedule with all the expenses allocated
to program services, fundraising, or operations.
- Individual Program Expense Statement that reports all of the
expenses for each program or service like seminar programs or educational
- Revenue Support Schedules that detail the organization’s sources
of income in specific categories like charitable donations, membership
fees, grants, and investment income.
- The IRS uses very specific revenue and expense classifications
and tests to determine if your organization will retain its tax-exempt
status. It is imperative that you properly build your accounting
system around these revenue and expense classifications.