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Critical Accounting Reports

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  • 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 mailings.
  • 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.