What are the major functional expenses

Reference no: EM132958567

Question

NFP DiscussionMy NFP is American Heart Association Inc. l

OR GOOGLE American Heart Association AUDITED FINANCIAL STATEMENTS 2020

List the names of two financial statements and and important highlights, including the relationship of revenue to expenses, and of assets to liabilities. What is the major source of revenue? For the Net assets, describe the types (unrestricted, temporarily restricted, permanently restricted).

Identify major Functional Expenses for spending and program costs to accomplish mission?

Review the Notes to the Financial Statements and discuss two important Notes included in the annual report.

Note: Search for Audited Financial Statements. You may find, in your search, A - 133 audit report with the F/S if the entity is funded by the federal government (fed govt. requirement).

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.

(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? How does the Revenue support mission?

(5) Part IX Functional Expenses: what are the major functional expenses? How do the Expenses support mission?

Reference no: EM132958567

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