non-profit

DAY 1

100

What are four components of Not for Profit Business Model?

Cost Structure, Revenue Structure, Capital Structure and Program, Portfolio & Aligned Mission

200

What part of CPA Canada Handbook contains Not for Profit Standards?

Part III

300

What are the components of NFP Financial Statements? 

Statement of Financial Position, Statements of Operations, Statement of Changes in Net Assets and Statement of Cash Flows

400

What is the difference between the Deferral method & Restricted Fund Method? (discussion question)

Revenue is recognized in the period that corresponds VS revenue is recognized when it is received, regardless of when it is used.

DAY 2

100

True or False: Best practice is to include last year’s expenses when presenting the budget to the board for review

False

200

Name 3 benefits of budgeting

1. Proactive planning. This should be reasonable and attainable

2. Sustainability. Put long term plans into place

3. A monitoring tool.

4. Contingency Planning

5. Mitigation of risk

300

Name two cons when budgets lack enough information and only totals are given:

1. Lack of directional information (are things getting better or worse). Board will therefore not be able to provide

direction.

2. Does not provide a snapshot of the YTD performance/progress

400

Name the 5 stages to building a budget in order

1. Assess the NPF biz model and develop goals

2. Estimate Costs

3. Forecast Revenue

4. Structure the Budget

5. Develop the budge & get it approved

DAY 3

100

BEST PRACTICE: How often should you provide financial statements to the board for review?

Monthly

200

Which financial statement provides a snapshot of how a company is doing at a specific point in time?

Statement of Financial Position

300

What are the three components that you should use to measure ATTRACTIVENESS when evaluating a program?

Participants, Funding and Volunteers

400

BEST PRACTICE: What should be included in the Statement of Operations reported to the board?

Month/Quarter/Annual Actuals VS Budget, with Variance amounts & percentages

DAY 4

100

JEOPARDY ROUND - ANSWER:

This ratio is used to determine an organization's liquidity by dividing the current assets by the current liabilities. If you don't currently know, well you should.

QUESTION: 

What is the current ratio ?

200

JEOPARDY ROUND - ANSWER:

The auditor has obtained sufficient, reliable audit evidence and believes that they are presented fairly

QUESTION:

What is an unqualified audit opinion?

300

JEOPARDY ROUND - ANSWER:

Debt ratio

QUESTION:

What is the Balance Sheet ratio you should make sure to remove Deferred Revenue from ?

400

JEOPARDY ROUND - ANSWER:

Self-sufficiency or Earned Income Ratio

QUESTION:

When ratios are used to positively identity an organization that has the majority of its revenue as earned income?

What ratio measures the proportion that earned revenue is to the total budget ? (total earned income/total expenses).