The board and chapter executive should receive detailed reports. The information presented should be:
- Clear – Provide reports and information that is easy to understand.
- Accurate – Ensure consistency and that the reports are free of error.
- Complete – Prepare reports that address the needs of the audience. Anticipate questions the board and members might have. Key reports to include are: variance reporting against current budgets, actuals for the same period last year and comparison to a future budget.
Types of Financial Statements
- Statement of financial position (balance sheet) – This reflects the chapter’s assets and liabilities as of a specific date. Assets, liabilities and total net assets are listed and totaled. Total net assets must equal total assets minus total liabilities. The balance represents the amount of revenues remaining after subtracting expenses.
- Statement of Activities (income and expense statement or receipts and expenditures report) – This reports chapter financial activity and the results of operations during a certain time period. It indicates major sources and amounts of revenue and expenses, as well as the amount of surplus or deficit. View this sample as an Excel or pdf file.
- Cash flow statement (statement of changes in financial position) – This statement summarizes the resources available to a chapter and how those resources are used during a certain time period. It presents cash received and spent.
Sources: Managing Chapter Funds by Susan S. Vowell, CPA, Professional Practices in Association Management by John B. Cox, CAE.
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