Definition & Purpose:
The Statement of Activities shows the revenues and expenses of the Church and the changes to its net assets for the fiscal year. It is the equivalent of a for-profit income statement or profit & loss statement. Some churches that choose to comply with FASB nonprofit reporting standards use this report to show how a Church can afford their program and fundraising activities.
Structure:
The Statement of Activities must provide your Church's revenue and expenses, each broken into relevant categories, and the net assets calculated from them. This categorization is accomplished in Church360° Ledger using Tags, which must be assigned to all relevant accounts before generating the report.
Tags:
Before using the Statement of Activities report you will need to assign each account to one of the Tags within the Tag Group to categorize it for the report. Below is the process to assign the Tags.
- On the Financial Reports view, in the upper-right above the list of reports, click the Manage Report Tags gear.
- Click in the Statement of Activities Tag Group box.
- You will see a list of all of the available categories for this report. These are the Tags.
- Each will have a one-line description to help you identify which, if any, of your accounts fall under this Tag. Not all Tags will necessarily apply in your particular situation.
- Click the gear icon next to the name of a given Tag.
- A side bar will appear on the right of your window listing all of the accounts that are relevant to this report.
- Click to select each account that belongs to the Tag in question. Click again to de-select any accounts that should not apply to the Tag. Note: Clicking a parent account will select or de-select all of the child accounts under it. If you want to select one but not another of the child accounts, click them individually.
- Then click the Update button at the bottom of the list.
- Then click the gear icon on the next Tag you need to apply accounts to and repeat steps 5 & 6 above.
- Accounts that were selected under a previous Tag will be highlighted, to avoid assigning an account to more than one Tag.
- Continue until all of your accounts have been assigned to a Tag.
- If there are Tags that aren't relevant to any of your accounts, simply skip assigning anything to those Tags.
Report:
Once all of the accounts have been assigned a Tag, click back on Financial Reports at the top of the window, and click the > icon for the Statement of Activities report to generate the report and verify that everything was assigned correctly.
Note: This report is only intended for use at the end of the fiscal year, so you won't be able to generate it for the current fiscal year.