Nonprofit Accounting Reporting

Nonprofits not only need to have good financial management, but have detailed, accurate reporting with which to make decisions. There are some standard reports which need to be produced on a regular basis. It?s best to have an experienced nonprofit accounting professional compile these reports to ensure accuracy. Here are some of the reports that will need to be created:

What?s Common Monthly:
? Balance sheet, or statement of position
? Income verses expenses sheet, showing actual, up-to-date information
? Strong report showing tax and financial highlights, including grants received and short term loans. This report is essential for managing cash flow

What?s Common Quarterly:
? Detailed fundraising reports. These should include status reports of foundation proposals and actual vs. projection regarding donations
? Cash flow projection
? Fee for service report, which details fee-paying clients and revenue
? Payroll tax report

What?s Common Annually:
? Federal forms, which include state reports, schedule A, and 990
? Statement of activities
? Statement of position
? Income statement for each and every program
? Draft of financial statements for the year
? Audited financial statements for the entire organization
? Management letter from the auditor

Source: http://fosterresults.com/nonprofit-reporting/

new york times square jaws first night ball drop dick clark new years eve brock lesnar vs alistair overeem times square new years eve