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Course/Product Description

Create Effective Statements Of Functional Expenses

Date / Time: Recorded
Format: Webinar

Most nonprofit organizations are required to present expenses in the statement of functional expenses for reporting purposes. This includes the functional allocation of expenses between program, administrative and fundraising.

On the surface this appears to be a relatively simple requirement, but proves to be a challenge faced by the industry. Understanding the GAAP and IRS Form 990 requirements, the current focus of standardsetters, challenges faced within the industry as well as the allocation methodologies available and best practices covered within this webinar is an important first step in creating effective statements of functional expenses for all organizations.


Current Focus on Statement of Functional Expenses

  • Update on Nonprofit Myth Initiative
  • Historical Data on Inaccurate Reporting by NFPs
  • Comparison of Two National NFPs
  • Statement of Functional Expenses as an Efficiency Measure
Industry Issues
  • Inconsistency in Reporting Among NFPs
  • Donor Focus on Overhead Rates
  • SFE as a Measure of Efficiency
  • Resource Issue
  • Common Errors
  • No Allocation of Expenses
  • Inconsistent Reporting Between Form 990 and Audited Financials
  • Contribution Revenue but No Fundraising Costs
  • Incorrect Reporting of InKind Donations
  • Allocation of Costs Annually With Standard Annual Allocation Policy
  • Fixed Percentages for Cost Allocation Rather Than Using Actual Percentages
  • Resources – Challenges
  • Finance and Accounting Challenges
  • Underlying Recordkeeping Challenges of Implementing Change
  • Fundraising for Unrestricted – Administrative Costs vs. Program
Professional Standards
  • GAAP Definitions
  • Program Services
  • G&A Expenses
  • Fundraising Costs
  • IRS Form 990 Definitions
Allocation Methodologies
  • Allocation of Costs
  • Direct; Indirect
  • Allocation Bases Commonly Used
  • Salaries; Square Footage; Headcount
  • Organizational Allocation Policies
  • Joint Costs SOP 98-2
Best Practices
  • Determination of Program Categories
  • Direct vs. Indirect Costs
  • Cost Allocation Policies and Procedures
  • Annual Review of Cost Centers – Consideration for Changes in Funding or Organizational Restructuring
  • Big Picture on Efficiency
  • Governance Aspects for Management and Board Members
About The Presenter

Catherine Bendall, CPA, CGMA, PSA
  • Partner with WithumSmith+Brown
  • More than 25 years of experience in highly complex not-for-profit and governmental audits of many types
  • Involved in audits at agencies funded by federal, state and local sources
  • Performs a number of financial audits and compliance audits, single audits, under OMB regulations
  • Familiar with the operations, accounting and reporting of not-for-profit organizations, and is also familiar with the fiscal policies and procedures surrounding those types of transactions
  • Member of the firm’s Not-for-Profit & Educations Services niche
  • Member of the American Institute of Certified Public Accountants (AICPA) and the New Jersey Society of Certified Public Accountants (NJSCPA)
  • B.S. degree in business economics, Cook College, Rutgers University

Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
More Info: Contact Us For More Information
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