Presenting Financials to the Board
|
|
- Gerald Simpson
- 5 years ago
- Views:
Transcription
1 Presenting Financials to the Board Trainers: Denes L. Tobie, CPA (Wipfli LLP) Denise Harlow, MSW, CCAP, NcRT (CAP) 1 Materials/Disclaimer Please note that these materials are incomplete without the accompanying oral comments by the trainer(s). These materials are informational and educational in nature and represent the speakers' own views. These materials are for the purchasing agency s use only and not for distribution outside of the agency or publishing on a public website. 2 Presenting Financials to the Board 1
2 Agenda Organizational Responsibilities Internal Controls Training Your Board Financial Reporting Discussing financial information Case Study Exercise 3 Board Roles and Responsibilities Duties of Care, Loyalty, and Obedience Financial Oversight Personnel Board Development Fund Development Strategic Planning Program Performance Advocacy 4 Presenting Financials to the Board 2
3 Community Action Financial Oversight Resource 5 Fiscal & Program Sustainability Finance and Program cannot be separated- They are interconnected Community Action Agencies build our organizations for Mission and Community Impact Every decision CAA leaders make impacts both financial and programmatic sustainability, each impacts mission and money Programmatic elements of sustainability programs are relevant and are having an impact Financial elements of sustainability-caa has sufficient working capital for its needs and activities Source: Nonprofit Sustainability: Making Strategic Decisions for Financial Viability 6 Presenting Financials to the Board 3
4 Board Fiscal Oversight CAA Board Members Ensure resources to achieve mission Protect assets and provide proper fiscal oversight Review Financial health of the CAA Monthly financial reports Full board is responsible, not just the Treasurer or Finance Committee-it s everybody s job! 7 Board Fiscal Oversight-Tools of the Trade Finance Committee Meets monthly Strong chair Engage ED/Fiscal Staff Include member(s) with strong fiscal expertise Treasurer Makes reports to the board of the fiscal status Works closely with ED/CEO Significant Documents Budget Monthly Financial Reports Fiscal Policies Audit IRS Form 990 Executive Director/Chief Executive Officer Finance Director/Chief Financial Officer 8 Presenting Financials to the Board 4
5 Fiscal Oversight-Tools of the Trade Budget Annual Work with Finance Committee to prepare Full board approval prior to the start of your fiscal year Agency-wide, not just program budgets Reflects the priorities of your CAA Used to help understand agency revenues and expenditures Organized in categories that match your monthly financial report Avoid Magical Thinking! 9 Fiscal Oversight-Tools of the Trade Monthly Financial Reports Report should compare Budget to Actual by program, with variances noted Use % if helpful Revenue and Expense lines should match the approved budget Always include a Balance Sheet Presented by the Treasurer Cash Flow Report/Cash Balance Large Accounts Receivables/Payables Note Major Equipment Purchases Include Investment Activity Dashboards? If Head Start: Credit Card Expenditures 10 Presenting Financials to the Board 5
6 Fiscal Oversight-Tools of the Trade Annual Audit The Board selects the auditing firm Bid out your audit every 5 years The Board meets with the auditor Ask Questions! The board formally accepts the Audit The board formally addresses all findings in the audit Federal Audit Clearinghouse Single Audit It is only a snapshot in time-does NOT take the place of regular oversight of fiscal status It is only a sampling of fiscal activities 11 Fiscal Oversight-Tools of the Trade IRS Form 990 Publically available Board should review prior to submission to IRS Required document Media and others use this tool to learn about your CAA 12 Presenting Financials to the Board 6
7 Fiscal Oversight-Tools of the Trade Committees Finance Audit Investment Be clear about their role and function Work to ensure full board received accurate, timely, and understandable reports ED/CEO attend all meetings-fiscal staff attend at the pleasure of the ED/CEO Role of Executive Committee 13 Fiscal Oversight Can you answer these questions at each board meeting? Are there any unexpected expenditures/revenues? Are any program areas running an unexpected deficit? Are we dipping into reserves or a line of credit? How is our cash flow? Are we paying our bills on time? How do we look as we approach year end? 14 Presenting Financials to the Board 7
8 Responsibilities and Internal Controls 15 How NPOs Differ Dedicated to achieving a mission or a vision Gather funding and support from the government, the general public and/or membership fees Enjoy tax exempt status, IRS section 501(c) Carry an obligation to the public and donors to acquire, manage and allocate financial resources to accomplish the mission 16 Presenting Financials to the Board 8
9 Philosophical Mission The philosophical mission that spurs the establishment of the entity creates: An obligation of stewardship of financial resources A duty to keep consistent with the mission 17 Effective Boards Assure that proper financial management is in place Retain and oversee high-quality auditors Ensure that hiring policies are sound Keep overzealous executives in proper check 18 Presenting Financials to the Board 9
10 Duties of a Board Member Care Loyalty Obedience 19 Legal Responsibilities of the Board of Directors Duty of Care: A board member has the duty to exercise reasonable care when he or she makes a decision for the organization. Reasonable care is what an "ordinarily prudent" person in a similar situation would do. Duty of Loyalty: A board member must never use information gained through his/her position for personal gain, and must always act in the best interest of the organization. 20 Presenting Financials to the Board 10
11 Legal Responsibilities of the Board of Directors Duty of Obedience: A board member must be faithful to the organization's mission. He or she cannot act in a way that is inconsistent with the organization's goals. The board member is trusted by the public to manage donated funds to fulfill the organization's mission. 21 Duty of Care The care that an ordinary prudent person would exercise in a like position and under similar circumstances Attending board meetings regularly Showing independent judgment Being informed about organizational resources Delegating only to responsible individuals Following up regularly 22 Presenting Financials to the Board 11
12 Duty of Loyalty Give undivided allegiance to the organization when making decisions that affect the organization Personal, family or business interests cannot be put above the organization s interests Avoid conflicts of interest in fact and in appearance 23 Duty of Obedience Ensure that the organization remains obedient to its central purpose Establish Accountabilities Policies Programs Performance Process Value Outcomes & Effectiveness Efficiency & Economy Planning, Allocating & Managing 24 Presenting Financials to the Board 12
13 Organizational Responsibilities Board of Directors: Responsible for overall financial results and fiscal accountability Board Treasurer and Finance Committee: Oversee financial results and are closer to the fiscal details than the full Board 25 Organizational Responsibilities Executive Director: The Executive Director is accountable to the Board for all organization results, fiscal and programmatic Chief Financial Officer: The CFO is responsible for ensuring internal controls are in place, financial records are accurate and providing financial reports to allow leadership to make decisions. 26 Presenting Financials to the Board 13
14 Internal Controls Defined: Internal control is a process overseen by the Board of Directors, and created and implemented by senior and other managers designed to provide reasonable assurance about achievement of the entities objectives. 27 Internal Controls Objectives of internal controls: Effectiveness and efficiency of operations; Reliability of financial reporting; and Compliance with applicable laws and regulations. 28 Presenting Financials to the Board 14
15 Internal Controls Components help achieve the following goals of fraud protection: Prevent as much as possible; Use detective controls to catch what cannot be prevented; Ensure against acts that are not prevented or detected; Continually update your understanding of fraud risks and manage those risks; and Make it everyone s responsibility to be part of fraud deterrence. 29 Internal Controls Preventive controls are designed to prevent errors, fraud or illegal acts from being committed. Examples: Locks on file cabinets containing sensitive data Completely blank check stock so all information, including bank coding, is printed on the checks Accounting staff has access only to the sections of the accounting software required for their jobs 30 Presenting Financials to the Board 15
16 Internal Controls Detective controls are designed to detect errors, fraud or illegal acts and allow for corrective action. Every system must have both preventive and detective controls. Examples Timely reconciliation of bank accounts including examining cleared checks for correct amount and payee Review of budget-to-actual financial reports by fiscal and program managers, and by the Executive Director and the Board of Directors. 31 Internal Controls Ways to Involve the Governing Board in Internal Control Activities 1. Reviewing & approving of monthly financial reports 2. Reviewing & approving of monthly program reports 3. Signing of checks 4. Reviewing of monthly bank statements & cancelled checks 5. Reviewing of monthly credit card statements 6. Hiring of auditor 7. Meeting with the auditor to discuss the audit 8. Attending & being active at board meetings 9. Being knowledgeable about the organization & asking questions 10. Approving major procurements 11. Reviewing & approving written financial procedures 12. Approving annual compensation (salary schedule) & any incentive compensation 13. Following up on problems or findings 32 Presenting Financials to the Board 16
17 Training Your Board 33 Boards fiscal knowledge Common traits that could reflect fiscally strong Board member(s): Holding a CPA license Working in public accounting Working for another non-for-profit in their fiscal department Extensive years of board service Some just have that general knack for understanding money 34 Presenting Financials to the Board 17
18 Board Expertise Traits we like to see in board members: Have a passion and commitment to the organization s mission Willing to do practical work if necessary Have ties to the community Diversity age, gender, race, religion, occupation, skills and background Willing to help raise money 35 Training the Board Financial training isn t a one time thing. On an annual basis training should be supplied to the Board. This can take the form of an annual meeting or could be done thru 5-10 minutes on the agenda of all Board meetings. If an organization can afford it, an outside contractor could be brought in once a year to lead an onsite training. 36 Presenting Financials to the Board 18
19 Financial Reporting 37 Financial Reporting 38 Presenting Financials to the Board 19
20 Financial Reporting What should a board member know by looking at the reports? Current financial condition Are we making or losing money How we are doing on spending out grants If our finances are in line with our goals and objectives, including agency-wide budget 39 Financial Reporting How do we develop reports that satisfy our objectives? Inquire of the Board members to see what reports they would like and why? Provide sample reports and discuss with the board Some reports may provide little value, tactfully explain why some reports may not be valuable. Should be a collaborative decision. Some may be based on funding source requirements 40 Presenting Financials to the Board 20
21 Financial Reporting Evaluate your organization s needs and objectives to determine reporting as well Every organization is different and therefore has different financial reporting needs, reports differ based on: Number of programs Size of programs Amount of non-grant activity Financial condition Funding source requirements 41 Evaluating Your Organization If your organization is facing financial difficulties, consider the following reports: Corporate revenue and expense analysis with a comparison to budget Analysis of any other grant or activity that has profits or losses Accounts payable aging report For a large organization, probably will not review a check register, but may in a smaller organization 42 Presenting Financials to the Board 21
22 Evaluating Your Organization If your organization has significant financial assets, consider the following reports: Corporate revenue and expense analysis with a comparison to budget Investment performance analysis Yes, you saw the corporate expense twice because it is important 43 Your Accounting System What do you think of your accounting software? 44 Presenting Financials to the Board 22
23 Your Accounting System Does your accounting software generate reports with minimal effort, if not? Sometimes it s the software Sometimes is the user (training) Sometimes it s the setup And sometimes its all of the above! 45 Your Accounting System Fixing accounting software issues: Talk to your provider about the reports you are looking for Get trained if the software has the capabilities May have to do a re-implementation if the setup is bad If all else fails, you may want to consider a software conversion (not always easy) 46 Presenting Financials to the Board 23
24 Reports to Present to the Board Any CAP Comparative Statement of Financial Position December 31, 2014 and Anything wrong in this picture? Current assets: Cash and cash equivalents $ 1,021,837 $ 351,018 Grants receivable 671,605 1,054,138 Prepaid expenses and other assets 66,079 52,326 Total current assets 1,759,521 1,457,482 Property and equipment, net 247, ,421 TOTAL ASSETS $ 2,007,419 $ 1,783,903 Current liabilities: Line of credit 0 134,789 Accounts payable 240, ,789 Accrued payroll and related expenses 248, ,067 Accrued vacation 87,393 82,800 Grant funds received in advance 83,278 57,431 Total current liabilities 659, ,876 Long-term liabilities: Notes payable 213, ,444 Total liabilities 872,354 1,092,320 Net assets: Unrestricted 500, ,565 Temporarily restricted 634, ,018 Total net assets 1,135, ,583 TOTAL LIABILITIES AND NET ASSETS $ 2,007,419 $ 1,783, Reports to Present to the Board Any CAP Comparative Statement of Financial Position December 31, 2014 and Change Percent Notes Current assets: Cash and cash equivalents $ 1,021,837 $ 351,018 ( 670,819) -65.6% Primarily from current year loss and increase in grants receivable Grants receivable 671,605 1,054, , % State is behind on reimbursing for WIC Prepaid expenses and other assets 66,079 52,326 ( 13,753) -20.8% Total current assets 1,759,521 1,457,482 Property and equipment, net 247, ,421 78, % TOTAL ASSETS $ 2,007,419 $ 1,783,903 Current liabilities: Line of credit 0 134, ,789 N/A Needed for cash flow Accounts payable 240, , , % Held off on paying WIC vendors Accrued payroll and related expenses 248, ,067 ( 80,179) -32.3% The previous year included an extra 6 days to accrue Accrued vacation 87,393 82,800 ( 4,593) -5.3% Grant funds received in advance 83,278 57,431 ( 25,847) -31.0% Total current liabilities 659, ,876 Long-term liabilities: Notes payable 213, ,444 ( 14,574) -6.8% Total liabilities 872,354 1,092,320 Net assets: Unrestricted 500, ,565 ( 244,253) -48.8% Due to depreciation and overspending on two grants Temporarily restricted 634, ,018 ( 199,229) -31.4% Net assets used for restricted purposes Total net assets 1,135, ,583 TOTAL LIABILITIES AND NET ASSETS $ 2,007,419 $ 1,783, Presenting Financials to the Board 24
25 Reports to Present to the Board Any Cap Comparative Statement of Activities YTD YTD YTD YTD December 2014 December 2014 December 2015 December 2015 Change Percent Notes Revenue: Grant revenue $ 894,051 $ 10,728,611 $ 932,923 $ 10,534,864 ( 193,747) -1.8% Program/other income 18, ,373 19, , , % $200,000 donation from a rich person In-kind contributions 26, ,795 27, ,591 ( 164,204) -51.5% Loss of donated space at XYZ site Total revenue and support 939,231 11,270, ,068 11,132,201 10,192,970 Expenses: Salaries and wages 260,815 3,129, ,155 3,345, , % Fringe benefits 79, ,191 83,408 1,105, , % 14% spike in health insurance costs Contracted services/consultants 22, ,808 23, ,738 ( 55,070) -20.8% Day care provider payments 54, ,618 56, , , % Energy assistance 235,681 2,828, ,928 3,033, , % Additional funds awarded Weatherization contracts 124,772 1,497, ,197 1,513,554 16, % Food 8, ,418 9, ,279 58, % Insurance 1,845 22,134 1,925 33,127 10, % Occupancy 21, ,986 22, , , % Cost related to additional space from building expansion Supplies 39, ,407 41, ,909 ( 91,498) -19.2% Depreciation expense 10, ,915 10, ,895 23, % Other 27, ,766 28, ,048 ( 8,718) -2.6% In-kind 26, ,795 27, ,591 ( 164,204) -51.5% Loss of donated space at XYZ site Total expenses 913,690 10,964, ,414 11,575,683 10,661, % Change in net assets 25, ,517 26,654 ( 443,482) ( 469,023) % 49 Reports to Present to the Board Any CAP Combining Statement of Revenues and Expenses Year Ended December 31, 2015 Corporate/ Performance Grant Property Unrestricted Based 1 Fundraising and Equipment Program 1 Program 2 Program 3 Program 4 Total Revenues: Grant Revenue - 380, ,565,358 1,127,759 3,000,000 6,018 10,079,551 Contributions 165,461-35, , ,952 Miscellaneous 31, , ,590 In-kind revenue ,000, ,000,000 Transfers (200,000) , Total revenues (3,250) 380,416 35,118-6,565,358 1,183,433 3,200,000 6,018 11,367,093 Expenses: Salaries 40, ,374 8,552-3,135, ,158 50,596-4,121,824 Fringe Benefits 21,658 86,789 1,034-1,798, ,048 13,837-2,353,506 Consultants/Contractual - 136, , , ,825 Supplies 60 35, ,683 1,039 11,511-49,309 Travel and Training ,247 1, ,161 Occupancy ,967 7,164 55, ,686 Equipment Rental/Maintenance - 4,894 - (160,000) 96,503-7,158 - (51,445) Communications - 1, ,274 2, ,107 Client assistance 6, ,908,690 6,018 2,920,846 Other 981 2,024 11,358 30, ,035 8, , ,122 In-kind expense ,000, ,000,000 Total expenses 69, ,782 21,019 (130,000) 6,565,358 1,183,433 3,200,000 6,018 11,337,941 Revenues over expenditures (72,581) (42,366) 14, , ,152 How did this organization do financially? 50 Presenting Financials to the Board 25
26 Reports to Present to the Board NOTE: Organization has a December 31, 2015 year-end. September 30, 2015 Percent of Grant Grant Spent to Award Period Percent of Period Award Date Completed Grant Spent LIHEAP 1/1/15-12/31/15 3,500,000 3,200,000 75% 91% Weatherization 4/1/15-3/31/16 1,200, ,000 50% 27% Section 8 1/1/15-12/31/15 800, ,000 75% 75% Head Start 11/1/14-10/31/15 2,500,000 1,800,000 92% 72% WIA 7/1/15-6/30/16 200, ,000 25% 50% 51 Agency-Wide Budget Reasons for an agency-wide budget: Assist in determining use of flexible and discretionary funds Clear identification of programs that lose money Allow board members and managers to monitor the organization The Board has a very high level of responsibility for agency-wide operations 52 Presenting Financials to the Board 26
27 Agency-Wide Budget Example 1 Budget Actual Variance Comments Revenues: Grant Revenue 11,000,000 10,566,714 (433,286) Contributions 17,000 16,301 (699) Miscellaneous 180, ,541 6,541 In-kind revenue 300, ,519 (34,481) Total revenues 11,497,000 11,035,075 (461,925) Expenses: Salaries 6,500,000 6,377, ,443 Fringe Benefits 1,700,000 1,819,626 (119,626) Consultants/Contractual 350, , ,913 Supplies 450, ,540 (26,540) Travel and Training 300, ,018 (24,018) Occupancy 400, ,878 10,122 Equipment Rental/Maintenance 250, ,000 (20,000) Communications 300, ,098 14,902 Client assistance 600, ,547 88,453 Other 340, ,018 18,982 In-kind expense 300, ,519 34,481 Total expenses 11,490,000 11,176, ,112 Revenues over expenditures 7,000 (141,813) (775,037) 53 Agency-Wide Budget Example 2 Fee for Indirect/ Weatheri- State Housing Fund-raising Service Admin Head Start CSBG zation Grant Event Grant Discretionary Expense Pool Total Revenue: Grant revenue 6,202,931 2,893,182 7,001, , ,743,027 Program income 98, , ,831 Other income ,408 65, ,316 Total Revenue 6,300,973 2,893,182 7,001, ,170 35,408 65, ,227,174 Expenses: Salaries 3,457,895 1,413,978 2,804, ,752 18,406 9, ,945 9,088,772 Fringe benefits 1,469, ,801 1,604, ,904 8,297 3, ,823 4,476,960 Supplies 365,087 36, ,481 34, , ,841 1,396,473 Occupancy 168,974 46, ,657 21, , ,590 Travel 56,048 60, ,897 10, , ,597 Other 190, , ,098 18, , ,741 1,234,055 Indirect/admin expenses 593, , , ,927 3,158 1, (1,431,633) - Total Expenses 6,300,973 2,735,011 7,110,428 1,083,713 30,690 23,230 1,402-17,285,447 Profit/(loss) before transfers - 158,171 (108,895) (153,543) 4,718 41,818 (542) - (58,273) Transfers: CSBG support - 134,084 (106,877) (27,207) Indirect/admin support - 24,087 (2,018) (109,927) , Discrectionary/corporate support Net transfers - 158,171 (108,895) (137,134) , Profit/(loss) after transfers (16,409) 4,718 41,818 (88,400) - (58,273) 54 Presenting Financials to the Board 27
28 Agency-Wide Budget Example 3 Budgeted Actual Budgeted Budgeted Transfers Net Gain/ Actual Net Gain/ Program Revenue Expenses To/ (From) (Loss) Transfers (Loss) Comments CSBG 600,000 (550,000) (50,000) - (40,000) - Emergency Solutions 135,000 (140,000) 5, Early Head Start 3,000,000 (3,000,000) Head Start 5,000,000 (5,000,000) WIC 1,500,000 (1,600,000) 100, Fundraising 20,000 (10,000) - 10,000-5,000 Unrestricted/ Discretionary 100,000 (80,000) (55,000) (35,000) 40,000 (25,000) 10,355,000 (10,380,000) - (25,000) - (20,000) 55 Additional Reports to Consider Dewey, Chetum and Howe Budget Projection - 10/31/15 Actual - Projected Projected December Projected 10/31/15 November December Accruals Expenses Award Budget Remaining Personnel 2,331, , , ,150 3,180,846 3,200,000 19,154 FICA/FICA MED 165,464 24,500 24,500 13, ,939 SUTA 76,204 8,700 8,700 4,785 98,389 Worker's Comp 25,352 3,331 3, ,014 Health Insurance 311,328 41,388 41, ,104 Fringe Benefits 578,348 77,919 77,919 18, , ,000 (102,446) Travel-Outside Area Staff 652 3,000 2, Equipment 18, ,000 42,000 44,000 2,000 Supplies-Classroom 593,336 9,000 9, ,336 Supplies-Office 161,968 3,500 3, ,968 Supplies-Cleaning 10,680 1,305 1, ,290 Supplies-Medical/Dental 5,256 1,325 1, ,906 Printing 6,200 1,150 1, ,500 Supplies 777,440 16,280 16, , ,000 (490,000) Phone Service 25,540 5,254 5, ,048 Custodial Services 15,028 4,800 4, ,628 Consultant Fees 123,876 5,255 5, ,386 Contractual 164,444 15,309 15, , ,000 54,938 Gas 7, ,696 Rent 66,456 9,200 9, ,856 Staff Training 81,704 6,300 6, ,304 Insurance-General Liability 50,028 6,532 6, ,092 Building Maintenance/Repair 443,888 22,700 22, ,288 Utilities 40,020 11,500 11, ,020 Vehicle Licensing/Inspection 20, ,704 Local Travel - Staff 10, ,228 Parent Committee Board Expenses 2, ,176 Publications/Memberships 6, ,520 Other 730,468 58,432 58, , ,000 52,668 Totals 4,022, , , ,150 5,076,024 4,717,000 (359,024) 56 Presenting Financials to the Board 28
29 Additional Reports to Consider A schedule of monthly cash: Shows the current reconciled bank balance available for immediate use Would be presented as of the month end Does not include any restricted cash like tenant deposit accounts Could be shown as a graph that shows the last 2 years worth of cash balances $ in thousands 57 Additional Reports to Consider In-Kind Report Used in organizations that have Head Start grants Shows what percentage of the total in-kind has been collected Shows the grant to date total in-kind collected and compares it to the total required on the grant. Credit card charges Shows the detail of the credit card charges for the month 58 Presenting Financials to the Board 29
30 Additional Reports to Consider Analysis of unrestricted/corporate activity Unrestricted net assets are vital to any organization and should be monitored. Analysis of for-profit subsidiaries or funds These activities should be closely monitored, especially for losses. 59 Additional Reports to Consider Current Ratio Unrestricted Net Assets $ 365, , , , (20,000.00) (40,000.00) (60,000.00) CFO Gambling Activity J F M A M J J A Head Start Enrollment (funded = 530) 60 Presenting Financials to the Board 30
31 Forms of presentation 61 Additional Reports to Consider RATIOS FISCAL YEAR ENDING COMMENTS CURRENT RATIO This ratio computes CAP's ability to pay off current obligations with current current assets assets. The benchmark for this ratio is 1:1%. CAP has consistently been current liabilities above the 1:1% benchmark which means the day to day operations are current assets divided by current liabilities being managed well. PAY-OFF RATIO This ratio computes the number of times CAP's existing cash balance can (cash + a/r) can pay off CAP's existing accounts payable balance. The benchmark for accts payable this ratio is 3. CAP has consistently been above this benchmark which number of times cash + a/r can pay-off a/p overall is good but also may be an indicator that payables are being paid too quickly. AVERAGE DAYS CASH ON HAND This ratio computes the number of days CAP has cash on hand to pay their cash & equivalents average daily expenses. In other words for 2015 assuming no cash collections, avg exp's per day CAP would run out of cash after approx. 15 days. The benchmark for this ratio is avg number of days expenses in a cash days. CAP has consistently averaged over days which is positive. 62 Presenting Financials to the Board 31
32 Additional Reports to Consider RATIOS FISCAL YEAR ENDING COMMENTS AVERAGE DAYS IN ACCOUNTS RECEIVABLE This ratio computes the number of days cash is tied up in accounts receivable. accounts receivable In other words for 2015, we have 13.9 days of revenue tied up in accounts receivable avg revenue per day The benchmark for this varies for most CAP agencies. Some states are better at avg number of days revenue in account receivable funding grant reimbursement requests in a timely manner. CAP varying between days is better than average. Most of the time we see agencies in the day average. AVERAGE DAYS IN ACCOUNTS PAYABLE This ratio computes the average number of days it takes CAP to pay its accts payable vendors. The average benchmarks for this is days. CAP's ratio is extremely avg exp's per day low which indicates strong cash flow. However, CAP may be missing out on avg number of days exp's in accts payable opportunities by paying vendors too fast. Trend is better for current year but still low. DEBT TO NET ASSETS RATIO 72.80% 58.62% 45.16% This ratio determines how leveraged the organization is. Anything over 100% total liabilities would be considered leveraged. Anything over 200% would start to be considered total net assets highly leveraged. CAP has this ratio trending downward which is a positive sign. liabilities as a % of net assets Current year trend downward is due to paying off of long-term debt. 63 Additional Reports to Consider AVERAGE REVENUE PER DAY $49,402 $57,769 $63,267 This ratio computes on average the amount of revenue generated on any given day total revenue - in kind within the organization. In-kind is disregarded as this revenue does not involve cash 260 working days transactions. Average revenues vary among CAP agencies. AVERAGE EXPENSES PER DAY $48,678 $54,513 $60,461 This ratio computes on average the amount of expenses generated on any given day total expenses - in kind within the organization. In-kind is disregarded as this revenue does not involve cash 260 working days transactions. Average expenses vary among CAP agencies. ADMINISTRATIVE EXP'S TO TOTAL EXP'S 8.98% 7.64% 7.11% This ratio computes the percentage of expenses that are paid for management and administrative + general exp's general activities versus program activities. The benchmark for this ratio is 10% total expenses or less. CAP has consistently been below 10% and is trending downward. All administrative + general exp's as a % of total expenses good signs. 64 Presenting Financials to the Board 32
33 Additional Reports to Consider RATIOS FISCAL YEAR ENDING COMMENTS UNRESTRICTED NET ASSETS RESERVE This ratio measures the long-term sustainability of the organization. CAP has unrestricted net assets accumulated unrestricted reserves that is approaching 2 months worth of average avg total expenses per month monthly expenses. This is a very respectable ratio. Most CAP agencies struggle avg number of months exp's in unrest net assets to obtain even a 1 month reserve. However looking at the 3 year trend, it is very difficult to build up this reserve when your primary funding comes from cost re-imbursement grants. CAP should continue to look for ways to diversify funding. REVENUE TO EXPENSE % % % This ratio measures if the organization was profitable or not. The benchmark for total revenue this ratio is 100%. CAP has had revenues exceed expenses for the last three total expense years. In these economic times, this is a very positive trend. total revenue as a % of total exp's 65 Nonfinancial Reports Funding source monitoring results Reports of suspected fraud or fraud hotline - audit committee Program compliance reporting 66 Presenting Financials to the Board 33
34 Discussing financial information 67 Discussing Board Reports General guidelines to remember/include: 1. Board meetings should always include a financial report as an agenda item. 2. The Fiscal Director should be familiar with the financial information in depth enough to discuss it at Board meetings. 3. Be available to meet with the Board members when they inquire. 4. Allow for time for the Board to ask questions after the financial information has been presented. 5. Consider where the financial discussion is on the agenda (beginning, middle, end) 6. Present information in a concise manner. 68 Presenting Financials to the Board 34
35 Discussing Board Reports General guidelines to remember/include: (cont.) 7. Supplement the financial reports with a written report that is repeatable and simple to read. 8. Don t swamp the Board with information that isn t necessary (Keep it simple). 9. Use charts and graphs and colors. 10. Ask the Board questions. 11.Promote a safe environment for open and honest dialogue. 69 Case Study Exercise Let s see what we have learned. Year 1, let s begin. 70 Presenting Financials to the Board 35
36 Conclusion A nonprofit Board of Directors has many responsibilities; one of the most important is their fiduciary responsibility. In order to fulfill this core responsibility, the Board relies on the financial information provided by the finance department. The finance department is responsible for providing accurate, reliable, and timely financial information, allowing the board to make their decisions. At times, the fiscal director is equal parts compiler, teacher, and investigator as he or she prepares financials, explains financial results to the board, and investigates unusual financial information. 71 EVALUATIONS The Partnership Wants Your Feedback! Please be sure to complete the evaluation for this session online, via the CAPCON18 Event App. Thanks in Advance for your Cooperation! 72 Presenting Financials to the Board 36
IN PARTNERSHIP WITH FISCAL FUNDAMENTALS FOR EXECUTIVE DIRECTORS
IN PARTNERSHIP WITH FISCAL FUNDAMENTALS FOR EXECUTIVE DIRECTORS FISCAL FUNDAMENTALS FOR EXECUTIVE DIRECTORS September, 2014 This document is intended for use of Community Action Agencies and other CSBG
More informationFinancial Analysis: Use Your Data Effectively
Community Action Partnership 2017 Annual Convention August 29 September 1, 2017 Philadelphia, PA Philadelphia Downtown Marriott Financial Analysis: Use Your Data Effectively Thursday, August 31, 2017 11:00
More informationFiscal Best Practices: Agency-wide Budgeting and Financial Dashboards
Fiscal Best Practices: Agency-wide Budgeting and Financial Dashboards Trainer: Denes L. Tobie, CPA - Partner 1 Materials/Disclaimer Please note that these materials are incomplete without the accompanying
More informationNonprofit Financials: What Your Board Needs to Know. Association TRENDS. Nat Bartholomew, CPA Partner CliftonLarsonAllen
Nonprofit Financials: What Your Board Needs to Know Association TRENDS Nat Bartholomew, CPA Partner CliftonLarsonAllen Tuesday, February 5, 2013 3:00 4:30 EST 1 1 About CliftonLarsonAllen CliftonLarsonAllen
More informationTexas Association of Community Action Agencies (TACAA) 2016 Conference. May 18 20, 2016 San Antonio, TX Holiday Inn Riverwalk Hotel.
Texas Association of Community Action Agencies (TACAA) 2016 Conference May 18 20, 2016 San Antonio, TX Holiday Inn Riverwalk Hotel Cost Allocation Thursday, May 19, 2016 8:30 am 10:00 am Presented by:
More informationFinancial Management Budgeting Basics For Non-financial Executives Presented by Chiquita T. Tuttle, MBA PROCEED Consultant PROCEED, Inc.
Financial Management Budgeting Basics For Non-financial Executives Presented by Chiquita T. Tuttle, MBA PROCEED Consultant PROCEED, Inc. January 2008 Purpose of this Training To present the fundamentals
More informationBusiness Ventures for Nonprofits
IACAA Winter Leadership Training Conference December 11 13, 2013 Chicago, IL Embassy Suites Chicago Downtown/Lakefront Business Ventures for Nonprofits Thursday, December 12, 2013 3:30 pm 5:00 pm Presented
More informationReading Partners FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT
FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT with comparative totals for the eleven month period ended June 30, 2012 C O N T E N T S Page INDEPENDENT AUDITORS REPORT 3 FINANCIAL STATEMENTS STATEMENT
More informationFIDUCIARY RESPONSIBILITIES/ PLAN GOVERNANCE
Nevada Public Employees Deferred Compensation Program FIDUCIARY RESPONSIBILITIES/ PLAN GOVERNANCE Presented by: Frank Picarelli Senior Vice President January 18, 2018 Copyright 2017 by The Segal Group,
More informationPage 1 of 22 Catholic Charities Spokane Policy & Procedures Financial Management (FIN) APPROVED BY EXECUTIVE DIRECTOR APPROVED BY BOARD OF DIRECTORS
Page 1 of 22 APPROVED BY EXECUTIVE DIRECTOR SIGNATURE DATE APPROVED BY BOARD OF DIRECTORS SIGNATURE (Chief Representative) DATE TITLE: Financial Management POLICY: s financial accountability and viability
More informationFinancial Planning for Your Non-Profit Introduction Double Bottom Line
Financial Planning for Your Non-Profit Introduction Double Bottom Line Developed under cooperative agreement with HHS, HRSA, HAB Access Ryan White TA at careacttarget.org Mission Bottom Line Progress of
More informationUSING FINANCIAL STATEMENTS TOGETHER WITH IRS FORM 990 TO UNDERSTAND YOUR POTENTIAL GRANTEES
USING FINANCIAL STATEMENTS TOGETHER WITH IRS FORM 990 TO UNDERSTAND YOUR POTENTIAL GRANTEES Presented by: Regina A. Rodriguez, CPA Senior Manager Not-for-Profit Services EisnerAmper LLP 212-891-6038 regina.rodriguez@eisneramper.com
More information6/15/2015. Review the board s role to provide financial leadership. Identify six key financial questions to ask and acquire tools to answer them
Review the board s role to provide financial leadership Identify six key financial questions to ask and acquire tools to answer them Apply financial information to your organization Duty of Care Act in
More informationUNCOMMON NEW YORK CITY CHARTER SCHOOLS BROOKLYN, NEW YORK AUDITED FINANCIAL STATEMENTS OTHER FINANCIAL INFORMATION AND INDEPENDENT AUDITOR S REPORTS
UNCOMMON NEW YORK CITY CHARTER SCHOOLS BROOKLYN, NEW YORK AUDITED FINANCIAL STATEMENTS OTHER FINANCIAL INFORMATION AND INDEPENDENT AUDITOR S REPORTS JUNE 30, 2017 CONTENTS AUDITED FINANCIAL STATEMENTS
More informationSTAND FOR CHILDREN, INC.
Audited Financial Statements For the Year Ended To the Board of Directors Stand for Children, Inc. INDEPENDENT AUDITOR'S REPORT We have audited the accompanying financial statements of Stand for Children,
More informationWebinar 1 - Financial Management
Webinar 1 - Financial Management PRESENTER: Welcome to the webinar on the core principles of financial management, presented by the US Department of Housing and Urban Development. Many of the ideas we
More informationFiduciary Responsibilities of the Council Executive Board
Fiduciary Responsibilities of the Council Executive Board TRAINED STAFF/ VOLUNTEERS STRONG RESOURCE MANAGEMENT FISCAL CAPACITY GOOD GOVERNANCE INTERNAL CONTROLS STRATEGIC PLANNING GOOD COMMUNICATIONS BOARD
More informationAuditor. Auditor Manual
Auditor Auditor Manual 2012-2013 1 The AYSO National Office TEL: (800) 872-2976 FAX: (310) 525-1155 www.ayso.org All rights reserved. 2012 American Youth Soccer Organization Reproduction in whole or in
More informationGood Nonprofit Governance Starts with the Board
Good Nonprofit Governance Starts with the Board Effective governance is essential to fortifying the long-term effectiveness and sustainability of any enterprise, and nonprofits are certainly no exception.
More informationMake $ Make Nonprofit Essentials Conference August 9, 2016 Minneapolis, MN. Curt Klotz, Finance Director Nonprofits Assistance Fund 2016
Make $ Make 2016 Nonprofit Essentials Conference August 9, 2016 Minneapolis, MN Curt Klotz, Finance Director Nonprofits Assistance Fund 2016 About NAF Nonprofits Assistance Fund invests capital and expertise
More informationNew NPO Reporting Model
National Head Start Association 44 th Annual Head Start Conference and Expo April 7 10, 2017 Nashville, TN Hyatt Regency Chicago New NPO Reporting Model Monday, April 10, 2017 9:00 am 10:30 am Presented
More informationFriends of the Library Financial Policies
Note: This may seem to be overkill for such a small organization. The Executive Committee is proposing these policies to ensure that the 501(c)3 status which the IRS has given to the Friends will not be
More informationTHE CORAL REEF ALLIANCE. Financial Statements for the Years Ended June 30, 2017 and 2016 and Independent Auditors Report
Financial Statements for the Years Ended June 30, 2017 and 2016 and Independent Auditors Report TABLE OF CONTENTS PAGE Independent Auditors Report 1-2 Financial Statements Statements of Financial Position
More informationFOREST TOWNSHIP AREA SENIOR CITIZENS CENTER, INC. FINANCIAL REPORT DECEMBER 31, 2015
FOREST TOWNSHIP AREA SENIOR CITIZENS CENTER, INC. FINANCIAL REPORT DECEMBER 31, 2015 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 BASIC FINANCIAL STATEMENTS Financial Statements Statement of Financial
More informationACCOUNTING POLICIES AND PROCEDURES MANUAL
ACCOUNTING POLICIES AND PROCEDURES MANUAL Accounting Policies and Procedures Manual Page 1 Table of Contents Introduction... 3 Division of Responsibilities... 4 Board of Directors... 4 Executive Director...
More informationSouth Carolina First Steps to School Readiness. Financial Statements. For the Year Ended June 30, 2017
South Carolina First Steps to School Readiness Financial Statements For the Year Ended June 30, 2017 George L. Kennedy, III, CPA State Auditor September 28, 2017 Members of the Board of Trustees South
More informationMAKE-A-WISH FOUNDATION OF NORTHEAST NEW YORK FINANCIAL STATEMENTS YEARS ENDED AUGUST 31, 2016 AND 2015
MAKE-A-WISH FOUNDATION OF NORTHEAST NEW YORK FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS
More informationCOMMUNITY INITIATIVES. FINANCIAL STATEMENTS and ADDITIONAL INFORMATION JUNE 30, 2013 and 2012
FINANCIAL STATEMENTS and ADDITIONAL INFORMATION JUNE 30, 2013 and 2012 C O N T E N T S Independent Auditors Report 1-2 Statements of Financial Position 3 Statements of Activities 4 Statements of Functional
More informationEMPOWER - THE EMERGING MARKETS FOUNDATION FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2013 AND 2012
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2013 AND 2012 TABLE OF CONTENTS Page Independent Auditors Report... 1-2 Financial Statements Statements of Financial Position... 3 Statements
More informationFIT FOUNDATION BOARD OF DIRECTORS Roles and Responsibilities
Overall Board Lead Participate Invest Develop a vision and clear mission for the Foundation; Articulate guiding values of the Foundation; Establish major strategic goals; Outline strategies for achieving
More informationReading Partners FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. June 30, 2017 with comparative totals for 2016
FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT with comparative totals for 2016 C O N T E N T S Page INDEPENDENT AUDITORS REPORT 3 FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION 5 STATEMENT
More informationSafeguarding the Financial Assets of Your Church. Indiana Conference of the United Methodist Church
Safeguarding the Financial Assets of Your Church Indiana Conference of the United Methodist Church July 2012 Safeguarding the Financial Assets of Your Church Indiana Conference of the United Methodist
More informationNew York City Charter School of the Arts
New York City Charter School of the Arts Financial Statements June 30, 2017 Board of Trustees New York City Charter School of the Arts Independent Auditors Report We have audited the accompanying financial
More informationPittsburgh Urban Magnet Project
Pittsburgh Urban Magnet Project Financial Statements Years Ended December 31, 2016 and 2015 with Independent Auditor s Report TABLE OF CONTENTS Independent Auditor's Report Financial Statements: Statements
More informationFinancial Statements. For the Year Ended December 31, 2017
Financial Statements Table of Contents Independent Auditor s Report 1 2 Financial Statements: Statement of Financial Position 3 Statement of Activities 4 Statement of Cash Flows 5 6 15 Supplementary Information:
More informationTHE JOE TORRE SAFE AT HOME FOUNDATION. Financial Statements. For the Years Ended April 30, 2018 and 2017
Financial Statements For the Years Ended April 30, 2018 and 2017 For the Years Ended April 30, 2018 and 2017 INDEX Page Independent Auditor s Report 1-2 Financial Statements Statements of Financial Position
More informationBREVARD INNOVATIVE CHARTER SCHOOLS, INC. A CHARTER SCHOOL AND COMPONENT UNIT OF THE SCHOOL BOARD OF BREVARD COUNTY, FLORIDA
A CHARTER SCHOOL AND COMPONENT UNIT OF THE SCHOOL BOARD OF BREVARD COUNTY, FLORIDA FINANCIAL STATEMENTS AND AUDITOR S REPORTS YEAR ENDED JUNE 30, 2013 A CHARTER SCHOOL AND COMPONENT UNIT OF THE SCHOOL
More informationUNITED WAY OF GREATER MILWAUKEE, INC. Milwaukee, Wisconsin. FINANCIAL STATEMENTS June 30, 2013 and 2012
Milwaukee, Wisconsin FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... 1 FINANCIAL STATEMENTS Statements of Financial Position... 3 Statements of Activities... 4 Statements of
More informationCREIA ACCOUNTING POLICIES AND PROCEDURES
CREIA ACCOUNTING POLICIES AND PROCEDURES Updated June 2015 1 Table of Contents I. Introduction... 3 II. Division of Responsibilities... 4 Board of Directors... 4 Executive Director/Chief Executive Officer...
More informationA Guide for Nonprofits Receiving Fiscal and Compliance Monitoring
A Guide for Nonprofits Receiving Fiscal and Compliance Monitoring Citywide Nonprofit Monitoring and Capacity Building Program Table of Contents What is the Purpose of the Program?.....3 How Does the Program
More informationKeeping Your Organization s Retirement Plan in Shape: A Two-Part CAPLAW Webinar Series. Webinar One: Ins and Outs of Retirement Plan Audits
Keeping Your Organization s Retirement Plan in Shape: A Two-Part CAPLAW Webinar Series Webinar One: Ins and Outs of Retirement Plan Audits Trainer: Angie Whiteside, CPA, AIF, Senior Manager 1 Materials/Disclaimer
More informationNot-for-profit accounting and taxation
Not-for-profit accounting and taxation Presented by: Denise McKnight, CPA Partner, Friedman LLP What is a Not-for-profit (NFP) organization? A NFP is a corporation or an association that conducts business
More informationCalifornia Association of Food Banks
Financial Statements and Single Audit Reports and Schedules December 31, 2017 (With Comparative Totals for 2016) TABLE OF CONTENTS Page No. Independent Auditor's Report 1-2 Statement of Financial Position
More informationPolicies, Procedures, Guidelines 053
Stewardship Principles Aversboro Road Baptist Church believes that the principle means for the financial support of the ministry of the church in its local as well as global witness is the tithes, offerings
More informationPittsburgh Urban Magnet Project
Pittsburgh Urban Magnet Project Financial Statements Years Ended December 31, 2015 and 2014 with Independent Auditor s Report TABLE OF CONTENTS Independent Auditor's Report Financial Statements: Statements
More informationUPWARD BOUND HOUSE FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT DECEMBER 31, 2015 WITH COMPARATIVE TOTALS AT DECEMBER 31, 2014
FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT WITH COMPARATIVE TOTALS AT DECEMBER 31, 2014 TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT 1-2 FINANCIAL STATEMENTS Statement of Financial Position
More informationBoard Policy No
Board Policy No. 2015-16-6 Fiscal Policies and Procedures Handbook Created by: TABLE OF CONTENTS Overview... 1 Annual Financial Audit... 1 Purchasing... 2 Contracts... 2 Accounts Payable... 4 Bank Check
More informationMAKE-A-WISH FOUNDATION OF NORTHEAST NEW YORK FINANCIAL STATEMENTS YEARS ENDED AUGUST 31, 2015 AND 2014
MAKE-A-WISH FOUNDATION OF NORTHEAST NEW YORK FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS
More informationAFTER-SCHOOL ALL-STARS. Financial Statements with Independent Auditor s Report
Financial Statements with Independent Auditor s Report For the Year Ended June 30, 2017 TABLE OF CONTENTS June 30, 2017 (With Comparative Totals for June 30, 2016) Independent Auditor's Report... 1 Statement
More informationTHE NORTH CAROLINA PARTNERSHIP
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA THE NORTH CAROLINA PARTNERSHIP FOR CHILDREN, INC. RALEIGH, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE
More informationChildren s Advocacy Center of Collin County, Inc.
Children s Advocacy Center of Collin County, Inc. Financial Statements June 30, 2016 and 2015 Contents Independent Auditors Report 1 Financial Statements: Statements of Financial Position 3 Statements
More informationUPWARD BOUND HOUSE FINANCIAL STATEMENTS DECEMBER 31, 2016
FINANCIAL STATEMENTS TABLE OF CONTENTS Page Independent Auditors' Report 1-2 Financial Statements Statement of Financial Position 3 Statement of Activities 4 Statement of Functional Expenses 5 Statement
More informationGirls Leadership Institute
Girls Leadership Institute Financial Statements For the t years ended August 31, 2017 and 2016 With Independent Auditors Report Thereon (A California Not-For-Profit Corporation) August 31, 2017 CONTENTS
More informationEPWORTH. Children & Family Services. Financial Statements with Independent Auditor s Report
EPWORTH Children & Family Services Financial Statements with Independent Auditor s Report DECEMBER 31, 2014 TABLE OF CONTENTS Independent Auditor s Report... 1 Page Financial Statements Statements of Financial
More informationASSOCIATED COLLEGES OF ILLINOIS, INC. FINANCIAL STATEMENTS
ASSOCIATED COLLEGES OF ILLINOIS, INC. FINANCIAL STATEMENTS For the Years Ended ASSOCIATED COLLEGES OF ILLINOIS, INC. Table of Contents Independent Auditor s Report...1-2 Financial Statements Statements
More informationINDIANA ASSOCIATION FOR COMMUNITY ECONOMIC DEVELOPMENT, INC. FINANCIAL REPORT
FINANCIAL REPORT December 31, 2011 CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT 3 FINANCIAL STATEMENTS: Statements of Financial Position 4-5 Statements of Activities 6-7 Statements of Functional Expenses
More informationCOMMUNITY PROGRESS COUNCIL, INC.
COMMUNITY PROGRESS COUNCIL, INC. FINANCIAL STATEMENTS With Supplementary Information YEARS ENDED JUNE 30, 2013 AND 2012 TABLE OF CONTENTS PAGE NUMBER INDEPENDENT AUDITORS' REPORT 1-3 FINANCIAL STATEMENTS
More informationMUSLIM ADVOCATES FINANCIAL STATEMENTS WITH AUDITOR S REPORT YEARS ENDED DECEMBER 31, 2012 AND 2011
FINANCIAL STATEMENTS WITH AUDITOR S REPORT YEARS ENDED DECEMBER 31, 2012 AND 2011 Ghaffari Accountancy, Inc. CERTIFIED PUBLIC ACCOUNTANTS TABLE OF CONTENTS Page Independent Auditor s Report... 1 Statements
More informationBOOK-IT REPERTORY THEATRE
FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITORS REPORT To the Board of Trustees Book-It Repertory Theatre Seattle, Washington We have audited the accompanying financial statements
More informationA Guide for Nonprofits Receiving Fiscal and Compliance Monitoring
A Guide for Nonprofits Receiving Fiscal and Compliance Monitoring Citywide Nonprofit Monitoring and Capacity Building Program Table of Contents What is the Purpose of the Program?.....3 How Does the Program
More informationBUDGET AND FINANCE BASICS
BUDGET AND FINANCE BASICS Middle managers are increasingly engaged in budgeting and finance, particularly in ensuring that front line staff put into practice the billable service performance expectations
More informationTITLE: FISCAL MANAGEMENT
TITLE: FISCAL MANAGEMENT PURPOSE AND SCOPE: This policy outlines the procedures Kokua uses to ensure sound financial management. POLICY 4.0 Rev. September 2017 A. RESPONSIBILITY FOR FINANCIAL OVERSIGHT
More informationTHE CONTRIBUTOR, INC. FINANCIAL STATEMENTS DECEMBER 31, 2012
FINANCIAL STATEMENTS DECEMBER 31, 2012 TABLE OF CONTENTS DECEMBER 31, 2012 PAGES INDEPENDENT AUDITORS' REPORT 1-2 FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF ACTIVITIES 4 STATEMENT
More informationPTA Transition Checklist How to end this PTA year and plan for the next!
The PTA Council of Frederick County PTA Transition Checklist How to end this PTA year and plan for the next! May 18, 2015 Agenda I. How to Close Out the Year II. Now What? III. Standards of Continuing
More informationBLOOMINGTON COMMUNITY RADIO, INC. Financial Statements September 30, 2016 and May 31, 2015
Financial Statements September 30, 2016 and May 31, 2015 Table of Contents INDEPENDENT AUDITORS REPORT 1-2 Pages FINANCIAL STATEMENTS: Statements of Financial Position 3 Statements of Activities 4 Statements
More informationPRESBYTERY OF CINCINNATI ACCOUNTING POLICIES AND PROCEDURES MANUAL TABLE OF CONTENTS
TABLE OF CONTENTS 1.00 Introduction 3 2.00 Chart of Accounts.. Appendix A 3.00 Division of Duties 4 3.1 Presbytery.. 4 3.2 Treasurer 4 3.3 Business Administrator. 4 3.4 Bookkeeper.. 4 3.5 Administrative
More informationPittsburgh Urban Magnet Project
Pittsburgh Urban Magnet Project Financial Statements Years Ended December 31, 2017 and 2016 with Independent Auditor s Report Pursuing the profession while promoting the public good www.md cpas.com TABLE
More informationINDIANA ASSOCIATION FOR COMMUNITY ECONOMIC DEVELOPMENT, INC. FINANCIAL REPORT. December 31, 2015
FINANCIAL REPORT December 31, 2015 CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT 3-4 FINANCIAL STATEMENTS: Statements of Financial Position 5-6 Statements of Activities 7-8 Statements of Functional Expenses
More informationGIRL SCOUT COUNCIL OF GREATER NEW YORK, INC. FINANCIAL STATEMENTS AND AUDITOR S REPORT SEPTEMBER 30, 2017 AND 2016
GIRL SCOUT COUNCIL OF GREATER NEW YORK, INC. FINANCIAL STATEMENTS AND AUDITOR S REPORT TABLE OF CONTENTS Independent Auditor s Report Exhibit A - Statements of Financial Position B - Statements of Activities
More informationMAKE-A-WISH FOUNDATION INTERNATIONAL FINANCIAL STATEMENTS YEAR ENDED AUGUST 31, 2016
FINANCIAL STATEMENTS YEAR ENDED TABLE OF CONTENTS YEAR ENDED INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS 4 STATEMENT
More informationJewish Community Relations Council of Greater Boston, Inc.
Jewish Community Relations Council of Greater Boston, Inc. Financial Statements Kevin P. Martin & Associates, P.C. Index Independent Auditors Report Financial Statements: Statement of Financial Position
More informationLifewater International, Inc. Financial Statements. Year Ended March 31, 2012
Financial Statements Year Ended March 31, 2012 Financial Statements Year Ended March 31, 2012 Table of Contents Page Independent Auditors' Report 3 Statement of Financial Position 4 Statement of Activities
More informationBRAIN INJURY ASSOCIATION OF MINNESOTA DBA: MINNESOTA BRAIN INJURY ALLIANCE AND CONSOLIDATED AFFILIATE Roseville, Minnesota
Roseville, Minnesota CONSOLIDATED FINANCIAL STATEMENTS Including Independent Auditors' Report TABLE OF CONTENTS Independent Auditors' Report 1-2 Financial Statements Consolidated Statements of Financial
More informationTHE INTERNATIONAL DYSLEXIA ASSOCIATION AND SUBSIDIARY
Consolidated Financial Statements Together with Independent Auditors' Report INDEPENDENT AUDITORS REPORT To the Board of Directors of the International Dyslexia Association and Subsidiary: We have audited
More informationFLUSHING AREA SENIOR CITIZENS, INC. FINANCIAL REPORT DECEMBER 31, 2015
FLUSHING AREA SENIOR CITIZENS, INC. FINANCIAL REPORT DECEMBER 31, 2015 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 BASIC FINANCIAL STATEMENTS Financial Statements Statement of Financial Position 3
More informationSMITH BUNDAY BERMAN BRITTON, P.S.
SMITH BUNDAY BERMAN BRITTON, P.S. THE WASHINGTON STATE CHILD CARE RESOURCE & REFERRAL NETWORK (dba Child Care Aware of Washington) FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2015 AND 2014
More informationREADING PARTNERS (A California Nonprofit Public Benefit Corporation) *** FINANCIAL STATEMENTS Year Ended July 31, 2010 with Comparative Totals for
*** FINANCIAL STATEMENTS Year Ended July 31, 2010 with Comparative Totals for the Year Ended July 31, 2009 TABLE OF CONTENTS Pages INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS: Statement of Financial
More informationGeneral Accounting Policies & Procedures
General Accounting Policies & Procedures POLICY NO.: MB-10012 ORIGINAL ISSUE DATE: October 1, 2015 ORIGINATOR: Chief Financial Officer SUBJECT: FISCAL CONTROL & ACCOUNTABILITY PROCEDURES I. PURPOSE AND
More informationnonprofit financial management (large) dashboard tool
YWCA USA Resource Library nonprofit financial management (large) dashboard tool An executive dashboard presents key performance tasks and indicators that staff and board leaders need to effectively drive
More informationJune 30, CROSBY & KANEDA Certified Public Accountants (WITH COMPARATIVE TOTALS AS OF JUNE 30, 2015) Dedicated to Nonprofit Organizations
OAKLAND PUBLIC EDUCATION FUND FINANCIAL STATEMENTS June 30, 2016 (WITH COMPARATIVE TOTALS AS OF JUNE 30, 2015) CROSBY & KANEDA Certified Public Accountants Dedicated to Nonprofit Organizations Contents
More informationMAKE-A-WISH FOUNDATION INTERNATIONAL FINANCIAL STATEMENTS YEARS ENDED AUGUST 31, 2017 AND 2016
FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 4 STATEMENTS OF FUNCTIONAL
More informationFinancial Statements Together with Report of Independent Certified Public Accountants TEACH FOR ALL, INC. September 30, 2015 and 2014
Financial Statements Together with Report of Independent Certified Public Accountants TEACH FOR ALL, INC. September 30, 2015 and 2014 TABLE OF CONTENTS Page Report of Independent Certified Public Accountants
More informationHISPANICS IN PHILANTHROPY December 31, 2016 & 2015
Audited Financial Statements HISPANICS IN PHILANTHROPY December 31, 2016 & 2015 JWT & Associates, LLP Certified Public Accountants Audited Financial Statements December 31, 2016 Independent Auditor s Report
More informationFINANCIAL STATEMENTS. June 30, 2014 AND 2013
FINANCIAL STATEMENTS June 30, 2014 AND 2013 FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013 TABLE OF CONTENTS Independent Auditor s Report... 1 FINANCIAL STATEMENTS Statement of Financial Position... 4 Statement
More informationSARCOMA FOUNDATION OF AMERICA, INC. FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2015
SARCOMA FOUNDATION OF AMERICA, INC. FINANCIAL STATEMENTS SARCOMA FOUNDATION OF AMERICA, INC. Table of Contents Independent auditor's report Financial statements Statement of financial position Statement
More informationtf an d s StOl: Slfl ssociation Johnson A Block FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT For the Year Ended June 30, 2015
Johnson A Block AND COMPANY, INC. Certified Public Accountants StOl: Slfl tf an d s ssociation FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT For the Year Ended June 30, 2015 Quality service tbm
More informationPOWDERHORN PARK NEIGHBORHOOD ASSOCIATION FINANCIAL STATEMENTS DECEMBER 31, 2013 AND 2012
POWDERHORN PARK NEIGHBORHOOD ASSOCIATION FINANCIAL STATEMENTS AND 2012 TABLE OF CONTENTS INDEPENDENT ACCOUNTANT'S REVIEW REPORT... 1 FINANCIAL STATEMENTS Statements of Financial Position...2 Statements
More informationFinancial Statements With Independent Auditors' Report. July 31, 2017 and 2016
Financial Statements With Independent Auditors' Report July 31, 2017 and 2016 Table of Contents Independent Auditors' Report 1 Financial Statements Statements of Financial Position 3 Statements of Activities
More informationBRYAN SYMPHONY ORCHESTRA ASSOCIATION FINANCIAL STATEMENTS For the Year Ended June 30, 2015
BRYAN SYMPHONY ORCHESTRA ASSOCIATION FINANCIAL STATEMENTS For the Year Ended June 30, 2015 Independent Auditor's Report To the Board of Directors of Bryan Symphony Orchestra Association We have audited
More informationTHE SCHOOL DISTRICT OF GREENVILLE COUNTY
THE SCHOOL DISTRICT OF GREENVILLE COUNTY Fall 2018 The District appreciates the assistance that support groups provide to students Consistency of general practices and financial reporting will help ensure
More informationMAKE-A-WISH FOUNDATION OF WISCONSIN FINANCIAL STATEMENTS YEAR ENDED AUGUST 31, 2018
FINANCIAL STATEMENTS YEAR ENDED TABLE OF CONTENTS YEAR ENDED INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF ACTIVITIES 4 STATEMENT OF CASH FLOWS 5 STATEMENT
More informationAUDITED FINANCIAL STATEMENTS
VILLAGE OF JACKSON AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2016 James R. Frechette CERTIFIED PUBLIC ACCOUNTANT TABLE OF CONTENTS Table of Contents Page Independent Auditor s Report 1-2 Basic Financial
More informationForm 990 Tax Exempt Reporting
Form 990 Tax Exempt Reporting CLAconnect.com Speaker Introductions Amanda Treml, CPA Amanda is a Manager with CliftonLarsonAllen and provides assurance and tax compliance services to non-profit organizations.
More informationMAKE-A-WISH FOUNDATION OF SOUTHERN NEVADA FINANCIAL STATEMENTS YEARS ENDED AUGUST 31, 2015 AND 2014
FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 4 STATEMENTS OF CASH FLOWS
More informationLONG BEACH COMMUNITY FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED TABLE OF CONTENTS Independent Auditors Report.1-2 Consolidated Financial Statements Consolidated Statement of Financial Position... 3 Consolidated Statement
More informationSCHOOL INFORMATION If consolidated/merged school, list supporting parishes
SUMMARY Report number Requested by Field work performed by Reason for review Date fieldwork started Auditing as of: Additional copies to: Date draft mailed Date received Frank's comments Date received
More informationFinancial Statements. Rebuilding Together Twin Cities St. Paul, Minnesota. For the Years Ended June 30, 2015 and 2014
Financial Statements Rebuilding Together Twin Cities St. Paul, Minnesota For the Years Ended June 30, 2015 and 2014 REBUILDING TOGETHER TWIN CITIES TABLE OF CONTENTS Page No. INDEPENDENT AUDITOR'S REPORT
More informationElizabeth Glaser Pediatric AIDS Foundation
Elizabeth Glaser Pediatric AIDS Foundation Financial Statements Years Ended December 31, 2016 and 2015 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited
More informationCommunity Action Agency of New Haven, Inc. Financial Statements and Independent Auditor's Report. September 30, 2015 and 2014
Financial Statements and Independent Auditor's Report Index Page Independent Auditor's Report 2 Financial Statements Statements of Financial Position 4 Statements of Activities and Changes in Net Deficit
More informationCHILDREN IN PLACEMENT CONNECTICUT, INC.
Michael Solakian, CPA P.O. Box 716 North Branford, CT 06471 EMAIL: solakian@solakiancpa.com CHILDREN IN PLACEMENT CONNECTICUT, INC. Financial Statements and Supplementary Information Years ended June 30,
More information