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GAAP For Non-Profits › General Reporting Matters

Statement of Operations

The Statement of Operations, which may also be called the Statement of Revenues and Expenses, provides a useful reporting of the activities of the organization. Presenting the budget in this statement can provide an effective means of comparing planned results with actual results.

Because restricted funds and general funds follow a different basis of accounting, it is not possible to add across the restricted funds and the general funds to arrive at a meaningful total for the excess of revenues and expenses. Therefore an organization is required to separately present the totals for all restricted funds, all general funds, and the endowment fund. The excess of revenues over expenses would be presented for each column on the statement of operations. (4400.33,.35)