Saturday, April 21, 2012

Financial Statement Presentation for Non Profits

There seems to be some confusion as to if non-profit entities are required to present a Cash Flow Statement with the "historic" Balance Sheet and Income Statement.  FASB Statement 117 clears it all up and YES VIRGINIA, the Cash Flow statement is required along with the Balance Sheet and Income Statement for financial statemet presentation by a Non Profit. 
Fasb 117 rquirements are studied below:

Summary of Statement No. 117
Financial Statements of Not-for-Profit Organizations (Issued 6/93)
This Statement establishes standards for general-purpose external financial statements provided by a not-for-profit organization. Its objective is to enhance the relevance, understandability, and comparability of financial statements issued by those organizations. It requires that those financial statements provide certain basic information that focuses on the entity as a whole and meets the common needs of external users of those statements.  (Questions about the use of depreciation often arise when there is no tax consequence to a nonprofit)
This Statement requires that all not-for-profit organizations provide a statement of financial position, a statement of activities, and a statement of cash flows. It requires reporting amounts for the organization's total assets, liabilities, and net assets in a statement of financial position; reporting the change in an organization's net assets in a statement of activities; and reporting the change in its cash and cash equivalents in a statement of cash flows.
This Statement also requires classification of an organization's net assets and its revenues, expenses, gains, and losses based on the existence or absence of donor-imposed restrictions. It requires that the amounts for each of three classes of net assets-permanently restricted, temporarily restricted, and unrestricted-be displayed in a statement of financial position and that the amounts of change in each of those classes of net assets be displayed in a statement of activities.

Sunday, April 15, 2012

Tax Day Freebies!

The following places offer incentives for enjoying the last day of tax season:
-Free Chicken Breast Sandwich at White Castle (Need to Print this coupon from White Castle to get a free chicken breast sandwich when you buy another sandwich. The coupon is valid until April 28.)
-Free dessert or appetizer at Chili's-Get a free appetizer or dessert with an adult entree purchase when you show this coupon April 16-18.
-Free steak at Panda Express-Get a free serving of the Shanghai Angus Steak when you “like” Panda Express on Facebook and download the coupon.
-Free fries at Arby'sPrint out a special coupon on Arby's Facebook site to receive free fries on Tax Day.
-Free ice cream at MaggieMoo’s-MaggieMoo’s and Marble Slab Creamery are offering a free scoop of a new frozen yogurt to customers from 4 p.m. to 7 p.m. at participating locations.Free cinnamon bun "Bites" at CinnabonCinnabon is offering two free “Bites” on tax day at participating locations from 6 p.m. to 8pm.
-Free coffee at Seattle's Best CoffeeSeattle's Best Coffee is offering free coffee to the first 100,000 people to claim their "Coffee Refund" on Facebook or you can simply visit the store on tax day for a free coffee on the house.
-Free taquito at Chevys Fresh MexClaim this Facebook coupon for a free taquito at the restaurant.
-Buy-one-get-one meal at Boston MarketOn Tax Day, guests at Boston Market will get a free individual meal with the purchase of an individual meal and fountain drink with this coupon.
-Half price drinks at SONIC-SONIC restaurants are having "Happy Hour All Day on Tax Day." During SONIC's Happy Hour, which usually runs from 2 p.m. to 4 p.m. daily, fountain drinks and slushes are at half price. This special will be in effect all day on Tuesday.
-15 percent discount at P.F. Chang'sP.F. Chang's China Bistro is offering a 15 percent discount on April 17 when you pre-order your meal online.

Friday, April 13, 2012

April 15th is really April 17th!

April 15 comes on April 17 this year! April 15 comes on a Sunday this year, so the tax deadline is April 16, right? Wrong! Because the District of Columbia observes Emanicipation Day as a holiday on April 16 this year, the tax return filing deadline is moved back to April 17. Enjoy your extra day!