What you need to know
A not-for-profit relies on maintaining good financial standing and transparency to continue receiving donations. A financial statement and annual return is a scorecard to show your organization’s credibility and financial integrity. Therefore, it’s essential to understand what document to file to avoid sanctions.
What is a Not-for-profit Financial Statement?
A not-for-profit financial statement is a document that provides a snapshot of the organization’s financial health. It contains a balance sheet, statement of activities, and cash flow statement.
What are Not-for-profit Annual Returns?
A not-for-profit annual report details the organization’s financial activities throughout a fiscal year. It contains performance highlights, goals, future objectives, and annual financial statements.
What’s the Purpose of Financial Statements & Annual Returns?
Although the financial statement is a part of the annual returns, they both serve similar purposes. Both documents help to represent the organization’s financial position and support the decision of grantors, stockholders, and government agencies to donate to the not-for-profit.
Need help?
Contact MetwallyCPA for a comprehensive and compliant financial statement audit for your business.
Mohamed founded Metwally CPA PLLC in 2020 in the Dallas-Fort Worth metropolitan area. He holds active CPA license in the state of Texas and California. Mohamed is the firm’s Executive Director. Mohamed has a Master of Science (M.S.) degree in Accounting from University of Dallas. He has extensive assurance experience in a wide variety of industries, and he also devotes considerable time consulting and working with organizations and CPA firms on internal controls, audit quality, automation, and accounting best practices. He has over 15 years of audit experience.
Prior to founding the firm, Mohamed worked for big 4 and national firms for over than 10 years in the assurance practice. Mohamed worked on private clients as well as public clients and specialized in financial services sector.
He is a member of the Texas CPA Practice Issues, Diversity and Inclusion, and Governmental Accounting and Single Audits Conference Committees of Texas Society of CPAs.
Mohamed is a member of the American Institute of Certified Public Accountants, member of the AICPA small business group, member of the American institute of Certified Management Accountants, and Texas Society of Certified Public Accountants.
