Review the Financial Statements of the Association | PRLog

As part of its responsibility for financial supervision, a nonprofit board should review the organization’s audited financial statements regularly. These statements include:

Statement of Financial Position (Balance Sheet)
Activity statement (Income Statement)
Cash Flow Statement
Statement of operating costs
Notes (notes)

The creation of states is the responsibility of management and usually are produced every month. The monthly statements are presented for the month just ended, and for the year to date provide valuable benchmarks and to allow the board to see how well the actual results are the cases provided. At the end of year year’s figures to date reflect the accumulation of the past 12 months from operating activities is applied to the balance sheet and income statement. MORE…


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