Statement of functional expenses: GAAP vs. tax | NFP Section webcast archive

Mar 22, 2022 · 2 hour 0 min watch

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Functional expense reporting is an area of financial reporting unique to not-for-profit entities. GAAP requires that not-for-profit entities present an analysis of expenses by function and nature in one of three places:

Face of the statement of activities
Separate statement (statement of functional expenses)
Notes to financial statements

As well, the Form 990 includes a statement of functional expenses (Part IX), where NFPs are required to present this information. Functional expense accounting and reporting draws frequent questions.

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