Seniors' Resource Center
Seniors’ Resource Center – Financial Management Policies: Financial Statements
The Agency’s financial statements shall be prepared on an accrual basis in accordance with
Generally Accepted Accounting Principles (“GAAP”).
The presentation of the Financial Statements shall follow the recommendation of the
Financial Accounting Standards No. 117, “Financial Statements of Not-For-Profit
Organizations” (SFAS No. 117).
Under GAAP, net assets and revenues, expenses, gains, and losses are classified based on
the existence or absence of donor-imposed restrictions. Accordingly, the net assets of the
agency and changes shall be classified as unrestricted, temporarily restricted and
Separate from Unrestricted Funds, resources for various purposes are classified for
accounting and maintained for each fund. Several funds are in place for this purpose
including but not limited to: Net Investment in Fixed Assets, Board Designated Capital
Funds, and Restricted Funds.
The Director of Finance shall prepare and present Quarterly Financial Statements in a
format approved by the President & CEO and Finance Committee. The statements shall be
presented to the President & CEO and the Finance Committee for review.