Free Download: Financial Reporting Policy Template
This policy sets guidelines for the creation and dissemination of financial reports, including balance sheets, income statements, cash flow statements, and budget-to-actual comparisons. These reports are prepared and distributed at regular intervals, such as monthly, quarterly, or annually, with interim reports created as needed.
Key stakeholders, including the Board of Directors, Executive Director, Finance Committee, internal staff, and external stakeholders, are the recipients of these reports, ensuring they are kept informed of your organization's financial standing. The policy also provides that financial reports are to be clear, concise, and readily understandable to foster transparency and facilitate effective decision-making. Regular reviews and updates are conducted to ensure the policy aligns with your organization's needs, best practices, and evolving regulatory requirements.
If you’re interested in investing in a trained accountant to help your nonprofit ensure transparency and accountability in finances, conduct your research. Here are some additional resources you can look into for more guidance:
Working With a Nonprofit Accountant: What to Expect
Working with an accountant can help your organization develop an effective budget. Read more about what an accountant can do for you in this comprehensive article.What to Expect
Bookkeeping and Accounting for Nonprofits
Looking to hire or outsource a finance team? Learn more about both bookkeeping and accounting for nonprofits, specifically about the difference between them.Jitasa’s Services
Top 10+ Outsourced Nonprofit Accounting Firms
Working with an accountant specifically dedicated to nonprofits is important for developing a well-informed nonprofit budget. Learn more about Fundly’s top ten picks for outsourced firms.Read Post