A Statement of Functional Expenses is required for voluntary health and welfare organizations.

Question

Quizplus · Accepted Answer

The required statements for private not-for-profit organizations are the Statement of Financial Position, Statement of Activities and Statement of Cash Flows. In addition, voluntary health and welfare organizations are required to report a Statement of Functional Expenses that shows expenses by both function and natural classification.

A Statement of Functional Expenses Is Required for Voluntary Health