How Can Your Financial Statements Enhance Your Non-Profit Organization?

Financial Statements

Having a strong financial record is important to tell the story of your non-profit organization. Financial statements are important in this regard as they help non-profit organizations record and manage their money. Having a strong financial record is important to tell the story of your non-profit organization. Financial statements are important in this regard as they help non-profit organizations record and manage their money. It also helps organizations to show grant-makers, individual donors, and investors; who contribute to their business; that their time, effort, and money are being used wisely. We show you how financial statements can enhance your non-profit organization:

It Details Your Expenses

Financial statements help you to break down your program expenses. Each level of expense can be added to a separate line in your financial statement to show a clear representation of the expenses that your organization has used throughout the financial year. This will not only help you to understand what your money is mostly being used for, but it will also prevent unnecessary expenses.

It Shows You What Resources Are Being Used

Whether you bought equipment or paid field workers, a financial statement can help you to track the amount of money you paid for products and services. This will help you to keep a record of the resources most used and equipment that is still needed, as well as plan out expenses that will be used on materials and resources for the following financial year.

It Provides You With Long-Time Financial Health

Financial statements help you to demonstrate the financial health of your organization. You can see where your project timelines changed or where it went wrong, or view changes in funding in order to determine the factors that impact the work you do.

It Helps You to Gain or Retain Funding

Financial statements provide evidence that you use funds effectively. Without this evidence, investors or partners may be reluctant to invest in your organization. Financial statements let them know that their funds will be used wisely and have a positive, long-term impact.

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Georgen Scarborough Associates for Your Financial Needs

Non-profit organizations require the same basic accounting and financial management services as other corporations, along with additional requirements unique to their corporate status, which involves fundraising, contributions, and grants. Georgen Scarborough Associates, PC is committed to the non-profit community in ways that go far beyond our financial services, including volunteer work with local and regional organizations. This involvement gives us first-hand experience regarding the needs of our non-profit clients.

For more information on financial statements for your non-profit organization, contact us today!

Working with GSA’s bookkeeping services has allowed us to closely monitor the financial health of our company without hiring a full time resource. GSA took the time to learn our business processes and how we manage our projects. I would highly recommend them!

Lenny Berger
Chief Mensch
The Handy Mensch

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Vienna, VA, 22180
(703) 319-3990