BALANCE SHEET

Vickey, Thank you for your kindness and generosity in sharing your expertise. So sorry to learn of your husband's challenge and yours also.

I am working as an Elder with a growing church, but we are catching up on proper standards and accounting methods.

Might you have a Sample Balance Sheet I can show our Board? Also a good Cash Flow doc. would be helpful as well, if you can share one or both requests.

Gratefully yours and praying for His grace as well,

Wayne Peterson

Comments for BALANCE SHEET

Click here to add your own comments

Feb 24, 2011

Example of a Balance Sheet
by: Vickey

Thank you for the prayers. They are very much appreciated. I will send you the requested examples.

Also, I have 2 examples of both a balance sheet and a cash flow statement in my Basic Church Accounting ebook :-)

Oct 23, 2017

Items in balance of the church
by: Anonymous

what are items in balance sheet of the church

Oct 27, 2017

Items in a Church Balance Sheet
by: Vickey

The items in a Balance Sheet which is called a Statement of Financial Position for nonprofits and churches are:

Assets
Liabilities
Fund Balances

excerpt from my ebook:

"The form of a Statement of Financial Position is called the account form because it resembles the basic format of the accounting equation, with assets on the left side and the liabilities and fund equity on the right side or it can be presented with Assets on the top and Liabilities and Net Assets(fund equity ) on the bottom.

The assets section of the Statement of Financial Position normally presents assets in the order that they will be converted into cash or used in operations.

Cash (e.g.: checking and savings accounts) is presented first, followed by supplies, and other current assets. (Current assets are cash and other resources that are expected to turn to cash or to be used up within one year of the statements of financial position date.)

Current assets are presented in the order of liquidity, i.e., cash, temporary investments, accounts (pledge) receivable, supplies, prepaid etc.

Then the assets of a more permanent nature are listed, such as land, buildings, and equipment. These assets are referred to as fixed assets or long-term assets.

The liabilities and fund balance section usually presents each liability in the order that the liabilities will be paid off.

Account Payables (includes unpaid bills from vendors and creditors for goods and services delivered) are normally listed first, followed by other current liabilities (obligations due within one year of the statements of financial position date).

Then long term liabilities (obligations of the nonprofit that are not payable within one year of the statement of financial position date) such as long term notes payable are listed.

All the liabilities are then totaled.

Next, net assets (fund balances) are listed. Unrestricted are normally listed first, followed by donor restricted funds.

All net assets are then totaled.

Last of all liabilities and net assets are totaled. This total should equal the total assets."

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Church Accounting FAQs.

If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.

Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)

Share this page:

What’s this?

Facebook

Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

Click on the HTML link code below.
Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.