Cost Allocations and Financial Reporting

Do you want to be able to allocate specific costs to different programs? Could you use some help understanding the difference between financial statement reporting and the Form 990? Join us for this in-depth look at cost allocation and financial reporting. 

Learning Objectives

• Recognize the benefits of cost allocation
• Determine how and when to allocate costs across functional areas
• Understand functional expenses and how they relate to financial statements and 990 reporting

Description

In this training you will learn how to allocate costs to functional areas and gain an in-depth understanding of financial statements. There are many benefits to cost allocation, and this training will show you how to identify costs that can be allocated, perform time studies, allocate expenses to grants, and manage salary allocation.

Additionally, this training will explore the many aspects of financial statements, including the statement of functional expenses and recent accounting procurements and exposure drafts. You will also have a chance to examine the differences between Form 990 and financial statement reporting, including unrelated business income and expenses, and Form 990 requirements related to fundraising expenses and contribution revenues. 

Level

Intermediate

Audience

Financial staff, executive directors, and development staff

Presenter

Chauna King, CPA – Tax Senior Accountant, has practiced tax and accounting since 2012.  She has prepared many different types of tax returns including trusts, corporations, partnerships, and retirement plans, with a focus on nonprofit organizations.  Chauna is a member of the AICPA and the NM Society of CPAs.

Corrine Zajac-Clarkson, CPA – Assurance Manager, has practiced public accounting since 2003.  She serves large and complex nonprofit organizations and foundations with substantial endowment and investment funds.  Corrine is a member of the Moss Adams, LLP Government, and Not-for-Profit & Regulated Entities Group.  Corrine is a member of the AICPA and the NM Society of CPAs and is an active member on the Board of Directors for Albuquerque Speech Language Hearing Center.