Friday, 4 September 2009
This resource aims to give students help with financial statements from non-profit making organisations including clubs and societies. The nature of these types of organisations means that students should also be able to understand the effect of life membership schemes and donations.
The resource is relevant to:
•OCR: Module 2502, Final accounts
•AQA: Module 5, Further aspects of financial accounting
What are non-profit making organisations? Are they businesses that make losses? Are they businesses that are run badly?
Non-profit making organisations are also known as 'not for profit' organisations and this is the name we give them simply because they want to do something or provide something rather than make more and more money.
What kind of organisations are we talking about that just want to do something rather than making money? Well, is there a Youth club near you? Or a Garden Society? Or a Working Men's Club? They are probably examples of non-profit making organisations. Here's a bigger list!