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Regarding ECT, which of the following statements is FALSE?
Welfare Entity
An organization, often nonprofit, that aims to provide social welfare services and support to various groups within the community.
Statement of Functional Expenses
A financial report that shows how a nonprofit organization has spent its money on various functions, such as programs, administration, and fundraising.
Program Services Expenses
Costs directly related to the operational activities of a nonprofit organization, including expenses for its principal services offered to the community.
Supporting Services Expenses
Costs incurred by an organization, particularly in the nonprofit sector, that are necessary to support its main operational activities, including management, administrative, and fundraising expenses.
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