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AAD 625, Unit 2: Getting It: Financial Terms and Tools

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UK Arts Administration

on 26 June 2018

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Transcript of AAD 625, Unit 2: Getting It: Financial Terms and Tools

Unit 2: Getting It: Financial Terms and Tools
Unit 2: Getting It: Financial Terms and Tools
1. Financial Management or Financial Accounting?
2. Accounting Methods
3. Chart of Accounts
4. Financial Statements
http://www.aicpa.org/
Accounting
reports the financial data via documents for a particular individual, or business entity.
Financial management
encompasses everything that involves finances, assets, and resources. It requires knowing how to read and interpret financial documents in order to make decisions.
Unified Chart of Accounts
http://www.notforprofitaccounting.net/wp-content/uploads/2008/08/ucoa.pdf
REVIEW: Uniform Chart of Accounts
Unrestricted, temporarily restricted and permanently restricted
Assets = Liabilities + Net Assets
“The art of recording, classifying, and summarizing in a significant manner, and in terms of money, transactions, and events, which are, in part at least, of financial character, and interpreting the results thereof.”
Accounting is the language of business.
Nonprofit accounting ... must monitor transactions where one party provides something of economic value to another and receives nothing in economic value in return.
contributions
$600.00 in account
$585.00 for rent
$15.00
$50.00 ticket
- $35.00
Photograph courtesy of Heinrich Boll Stiftun via https://commons.wikimedia.org/wiki/File:Flickr_-_boellstiftung_-_Catering.jpg
Accrual Accounting
ACCOUNTS
RECEIVABLE
DEFERRED
REVENUE
ACCOUNTS
PAYABLE
(Generally Accepted Accounting Principles)
National Center for Charitable Statistics (NCCS)
http://nccs.urban.org/
California Association of Nonprofits (CAN)
http://calnonprofits.org/
CompassPoint Nonprofit Services
http://www.compasspoint.org/
California Society of CPAs
http://www.calcpa.org/
Statement of Financial Position

Statement of Activities

Statement of Cash Flows
Unrestricted net assets
Temporarily restricted net assets
Permanently restricted net assets
Statement of Activities
Full transcript