For-profit and nonprofit report names
For-profit and nonprofit programs use different names for the same reports. The numbers work the same way.
| For-profit | Nonprofit |
|---|---|
| Profit & Loss statement (Income statement) | Statement of Activities |
| Balance Sheet | Statement of Financial Position |
| Income | Revenue, support & gains |
| Net income (profit or loss) | Change in net assets (surplus or deficit) |
| Equity (owner’s capital, retained earnings) | Net assets (with and without donor restrictions) |
Throughout this course, each sample report is available in both formats. Download the one that matches your program.