9.09 – Financial Reporting

Financial Reports

• The Finance Manager will prepare monthly reports for internal management. These reports will be presented to the Finance Director and the CEO no later than 40 days after the previous month.

• The Finance Manager will prepare a set of quarterly reports for distribution to the lending banks and the Board of Trustees. The report should include a consolidated balance sheet and consolidated income and expense report which show all departments combined, a budget-to-actual report for all accounts included in the annual operating budget, and a list of deferred and receivable funds.

• The quarterly statements should be reviewed by the CEO prior to distribution to the banks and the Board of Trustees for initial comments.

Year-end Report/Audit

• At calendar year-end, and in time for the May Board of Trustees meeting, a year-end audit report should be prepared summarizing the total income and expense activity for the year. This report will be initially reviewed by the Director prior to distribution at the Annual Board of Trustees Meeting.

• An independent auditor prepares year-end federal tax required Form 990, a compilation of financials and references.

Last Revised: 4/30/21