Tasks

1) Here are website links to access the information and documents that are needed to complete the case assignment:

• The GuideStar website - https://www.guidestar.org/profile/shared/8012cc03-4201-4d4c-8750-efd38548d48a
• Links to an external site.
• The PolicyLink website - https://www.policylink.org/
  • Links to an external site.
    • Review the organization's "About" and "Our Work" sections
    • Find and review the organization's "2023 PolicyLink and PolicyLink Equity Action Network Consolidated Audited Financial Statements" under "Financials/990"

2) Answer the following questions after carefully reading and reviewing GuideStar's PolicyLink webpage, the PolicyLink's "About" and "Our Work" sections, and PolicyLink's 2023 financial statements:

Section 4 - Financial Reporting Objectives

• Table 1-4 in Chapter 1 of the textbook presents the FASB's objectives of financial reporting for not-for-profit organizations
  • For PolicyLink, identify and describe exactly how (with specific financial statement examples) two of the financial reporting objectives from Table 1-4 are met based on information provided by the organization in its financial statements
  • What is one financial reporting objective that PolicyLink can improve upon related to its financial reporting? Explain the reasons for your answer

• This is Table 1-4
• Financial reporting by nonbusiness organizations should provide information that is useful to present and potential resource providers and other users in making rational decisions about the allocation of resources to those organizations.
• Financial reporting should provide information to help present and potential resource providers and other users in assessing the services that a nonbusiness organization provides and its ability to continue to provide those services.
• Financial reporting should provide information that is useful to present and potential resource providers and other users in assessing how managers of a nonbusiness organization have discharged their stewardship responsibilities and about other aspects of their performance. Financial reporting should provide information about the economic resources, obligations, and net resources of an organization, and the effects of transactions, events, and circumstances that change resources and interests in those resources.
• Financial reporting should provide information about the performance of an organization during a period, periodic measurement of the changes in the amount and nature of the net resources of a nonbusiness organization, and information about the service efforts and accomplishments of an organization.
• Financial reporting should provide information about how an organization obtains and spends cash or other liquid resources, about its borrowing and repayment of borrowing, and about other factors that may affect an organization's liquidity.
• Financial reporting should include explanations and interpretations to help users understand financial information provided.

• For PolicyLink, identify and describe exactly how (with specific financial statement examples) two of the financial reporting objectives from Table 1-4 are met based on information provided by the organization in its financial statements
• What is one financial reporting objective that PolicyLink can improve upon related to its financial reporting? Explain the reasons for your answer