Betcha your bookkeeping training focused on the needs of commercial businesses. That’s great – but if you’re now working for nonprofit clients there are some differences it’s helpful to master. In this session you’ll learn key vocabulary differences between for-profit and not-for-profit financial statement presentation, and the rationale supporting these differences. Our main topic will be a comparison of net assets to equity. You’ll learn why GAAP has developed two different presentation standards, and how net assets presentation supports the distinct priorities and decision-making processes of not-for-profit organizations. You’ll explore the different components of net assets, learn how to calculate net assets invested in capital assets, distinguish between internally and externally restricted funds, and learn about endowment funds as a category within externally restricted funds. A clearer grasp will both support your effective working relationships with CPAs and equip you to provide superior support to your clients by helping them understand their statements and apply accounting information to financial management.