Understanding Financial Statements

🧾 Master Financial Literacy as a Board Member with "Understanding Financial Statements" 🚀

Course Description: As a board member, it's crucial to have a solid grasp of the financial narrative behind the numbers. This comprehensive online course, led by the esteemed Debi Peverill, is designed to equip you with the essential skills and knowledge to confidently interpret financial statements and budgets. Say goodbye to financial jargon overwhelm and hello to clarity and understanding!

What You Will Learn:

Core Financial Concepts for Board Members:

• Understanding the Three Financial Statements: Each statement serves a unique purpose in telling the story of an organization's financial health. We'll break down what each is trying to convey so you can understand and appreciate their significance.

  • Income Statement: The scorecard of the organization's operations.
  • Balance Sheet: A snapshot of the organization's financial position at a specific point in time.
  • Cash Flow Statement: An analysis of the inflow and outflow of cash and cash equivalents.

• Reviewing an Operating Budget: Learn how to dissect and review an operating budget to ensure it aligns with the organization's goals and resource allocation.

• Asset vs. Expense Recording: Dive into the nuances of when an expenditure is recorded as an asset on the balance sheet versus an expense on the income statement, and why this matters for financial oversight.

• Internal Controls Explained: Understand the importance of internal controls in safeguarding assets and how they can be implemented to enhance financial accountability and compliance.

• Ten Steps to Review Financial Statements: A structured approach to reviewing financial statements will give you confidence when scrutinizing an organization's financial health. We'll guide you through the process step-by-step.

Why This Course?

• This course is tailored for board members who want to be more involved and informed about the financial aspects of their organization.
• It simplifies complex financial concepts, making them accessible and understandable.
• The knowledge gained will empower you to participate effectively in discussions and decision-making processes at the boardroom table.

Course Objectives:

By the end of this course, you will be able to:

• Recognize the information that each financial statement provides and how they interrelate.
• Discover how to review an operating budget in a way that ensures it is both realistic and supportive of the organization's objectives.
• Identify the distinctions in recording expenditures as assets versus expenses.
• Explore various types of internal controls that can be put in place to protect an organization's assets.
• Discover a systematic approach to reviewing financial statements, enabling you to assess financial health with confidence.

Join us on this journey to financial enlightenment and become the board member your organization needs you to be! 🎓✨

Enroll now and unlock the door to confident financial decision-making as a board member!