Financial Series: Intro to Financial Statements

This program is a part of the Financial Series from our PNY Core:

• February 15 – Financial Series: Intro to Financial Statements*
• March 2 – What to Look for in a Nonprofit’s Financial Statement
• March 9 – Looking at the 990 Part 1 of 2
• March 16 – Looking at the 990 Part 2 of 2
• March 23 – Using Financial Statements Together with IRS Form 990 to Understand Your Potential Grantees
• March 30 – Applied Finance: The IRS Form 990 as a Tool for Understanding Organizational Capacity

* Financial Series: Intro to Financial Statements is a prerequisite for those who are new to assessing finances. The four-part Interpreting Financial Statements curriculum requires a basic understanding of both documents. Due to the intensive nature of this session, it will not be offered via remote access.

In this Primer to the Financial Series, participants will get a peek into how a grantee assembles the financial statements and the stories they tell. It is a broad overview for all newcomers who must work with nonprofit organizations’ financial statements to assess financial health.

Intended Outcomes

Upon completing this session, participants will be able to:

• Understand the basic components of the financial management function
• Explain the difference between internal and external financial reporting
• Define the building blocks of financial statements: transactions and accounts (assets, liabilities, net assets, revenue and expenses)
• Explain the purpose of an audit and the audit process
• Define the four basic parts of an organization’s audited financial statements (balance sheet, income statement, cash flow statement, and footnotes)