NFP project on American Red Cross
Part A
From your NFP entity’s web site access the Annual report. List the names of the financial statements and highlights, including the relationship of revenue to expenses, and of assets to liablities. For the Net assets, describe the types. Statement of Financial Position. Statement of Activities. Functional Expenses?
Note: Search for Audited Financial Statements. This report may have more information than the annual report. You may find, in your search, the A – 133 audit. Statements of Financial Position, Statements of Activities, Statements of Functional Expenses, Statements of Cash Flows, Notes to the Financial Statements. Accounting homework help.
Part B
Search for Audited Financial Statements. This report may have more information than the annual report. You may find, in your search, the A – 133 audit. Statements of Financial Position, Statements of Activities, Statements of Functional Expenses, Statements of Cash Flows, Notes to the Financial Statements.
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(1) Comments on the Schedule of Findings and Questioned Costs (from the A-133 Audit).
(2) Access the IRS form 990. What is the FYE date? Comment on page 1 presentation, financial information, comparing from this year to last year. Who signed the form and what was the date.
(3) Using the IRS form 990, what do you learn about compensation and the management of the NFP entity? This is usually in Part VII, Section A.
(4) Part VIII Revenue: what are the major funding sources?
(5) Part IX Functional Expenses: what are the major functional expenses?
