Nichole Craig's Graduation Project

Tuesday, February 16, 2010

Our teacher just informed us that we have about 24 days left to get in our work. I'm scared and a little nauseous...haha. My paper is on it's way and I'm pretty confident I'll atleast have the first draft within a few days. My action plan I need to sort out, I think I'm heading with the bake sale. My interview needs to take place hopefully sometime this week. I still have to make up the questions. Time is closing in and I need to get on the ball.

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key terms

• Assets: A charity's assets include cash, savings, investments, property, and other items of ownership with an exchange value.
• Charity – A charity exists to serve a societal group mission, and does not pursue self-interest or pay out profit to individuals. It is recognized by the IRS as tax-exempt and eligible to receive tax-deductible contributions.
• Compensation: Using information reported on an organization's most recent Form 990, we include as compensation an individual's salary, cash bonuses, and expense accounts and other allowances.
• Expenses – A charity’s expenses include spending on such things as salaries, supplies, equipment, travel, and conferences. Also including the value of donated goods that a charity distributes.
• Income statements – Shows the breakdown of a charity’s revenue and expenses, its payments to affiliates, excess or deflect, and total net assets reported in the most recent fiscal year.
• Liabilities – debt for which the charity is legally responsible for.
• Net Assets: The difference between a charity's assets and its liabilities.
• Non-profit – this exists to serve societal or group mission, and does not pursue self-interest or pay out profit to individuals.
• Revenue: Charities can derive revenue or funding from a variety of sources, including contributions, program services, membership dues, interest on savings, investment income, special events, and sales of inventory.
• Working Capital Ratio: Determines how long a charity could sustain its level of spending using its net liquid assets, or working capital, as reported on its most recently filed Form 990.