Assets, liabilities, and sources of revenue should be reported accurately in a manner that reflects the structure of the nonprofit organization and maintains transparency.<\/li>\n<\/ul>\nLiabilities include expense payable balances for money that is owed for services or products received, like payroll, payroll taxes, and outstanding supplier balances. Loans and notes payable, through banks or individuals, are also listed in the liability section of the Statement of Financial Position. The balance sheet\u2014also called the Statement of Financial Position\u2014serves as a snapshot, providing the most comprehensive picture of an organization\u2019s financial situation. The main purpose of this statement is to help you file your annual taxes with the IRS.<\/p>\n<\/p>\n
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