2023/24 Financial Statements

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Financial Q & A

What is a Financial Statement?

A Financial Statement is a formal document presented to and approved by the Members at the Annual Members Meeting that provides an overview of an organization's financial activities, performance, and position. It includes information such as income, expenses, assets, liabilities, and equity.

Why is the Financial Statement important?

Financial statements are crucial for understanding the financial health and performance of an organization. They help stakeholders assess the viability, profitability, and sustainability of the organization, as well as make informed decisions regarding investments, loans, or partnerships.

What are the main components of a Financial Statement?

The main components typically include the Balance Sheet, Profit and Loss Statement), Statement of Cash Flows, and Statement of retained earnings or equity.

What is a Balance Sheet?

A balance sheet provides a snapshot of an organization's financial position at a specific point in time. It lists the organization's assets (what it owns), liabilities (what it owes), and equity (the residual interest in the organization's assets after deducting liabilities).

What is an Profit & Loss Statement?

The Profit & Loss Statement summarizes an organization's revenues, expenses, gains, and losses over a specific period. It helps assess the organization's profitability by showing whether it has generated a net profit or incurred a net loss.

What are Restricted Funds?

Restricted Funds are grants and donations that have been given with conditions on how they can be used. The restrictions ensure that the donation or grant is spent in accordance with the donors wishes. The Treasurer and Board have put policies in place to govern how Restricted Funds are allocated and spent.