A guide to financial statements for not-for-profit organizations (NFPs): Questions for directors

Learn how understanding financial statements is a prerequisite for effective oversight of the financial affairs of the organization.

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As a non-financial director, you have a personal responsibility to ensure you understand the financial information you receive, as well as the financial implications of your decisions and actions. A Guide to Financial Statements for Not-for-Profit Organizations: Questions for Directors to Ask will help you non-financial directors understand the financial statements of the organizations you serve.

This guide will help you understand:

  • the role and responsibilities of the board, management and the auditor in financial reporting
  • the concepts and terminology of financial reporting in the NFP sector
  • the ways in which donations to the organization can be accounted for
  • the various financial statements you will encounter in your role as an NFP director

This guide is intended for:

  • non-financial directors of NFPs of sufficient size to require a management team and engage the services of an external auditor

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