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What Non-Accountants Need to Know About Nonprofit Financial Statements

In this class, we explore the core accounting and financial reporting issues applicable to most nonprofit organizations. There are specific accounting and reporting standards to be followed to properly record and disclose these items in your financial statements. It is designed to be a basic-level introduction to understanding nonprofit financial reporting. 

Participants are encouraged to bring questions about their own organization's specific accounting and reporting issues. Much of the class learning involves hearing from other nonprofit organizations and sharing and discussing issues in class. 

In this workshop, we will cover a range of topics including:

• How to define the statements of financial position, activities, cash flows, functional expenses, and notes to financial statements. 
• How to define assets, liabilities, net assets, revenues, and expenses.
• The 3 different levels of financial statement preparation (audit, review, compilation).
• Preparing internal financial statements and what do the numbers mean?
• Accounting for restricted and unrestricted contributions, exchange transactions, special events, non-cash contributions, and contributed services.

Jeff McCaffrey | CPA
Jeff is a recently retired partner from a large local CPA firm, and spent over 30 years providing auditing, accounting and tax services for a variety of clients, including businesses, individuals, and not-for-profit clients. 

Jeff is currently owner of McCaffrey Accounting & Tax, LLC, providing accounting, tax and consulting services to both for-profit and not-for-profit clients.

He has conducted numerous seminars on financial reporting and specialized accounting issues related to not-for-profit organizations and is a frequent speaker for the Center for Nonprofit Excellence. 

Jeff holds a Bachelor of Science degree from Indiana University and is licensed to practice as a CPA in both Indiana and Kentucky.

Jeff is a member of the American Institute of Certified Public Accountants, the Kentucky Society of Certified Public Accountants (KyCPA), and the Indiana CPA Society. He is a member of the Center for Nonprofit Excellence, and a 2014 graduate of Leadership Southern Indiana. Jeff serves as Treasurer of the Louisville Historical League; board member and Treasurer of the Louisville Astronomical Society; board member of the Georgetown, Indiana Plan Commission and Board of Zoning Appeals; board member of the Louisville Youth Orchestra; board member and Treasurer of Guerin Woods; and board member of the Floyd County Redevelopment Commission.