Treasurer reports are a key tool in accurate nonprofit financial reporting. Running reports is a great way to keep track of all money that goes in and out of your accounts. Plus, sharing these reports with your Board of Directors or membership is a great way to get everyone in agreement if there is a problem or perhaps a large cash overage. In the same manner, these reports provide an accurate paper trail that is a good safeguard against fraud.
Typically, these reports are run monthly. Even if your organization meets less frequently, it is best to share up-to-date financial information so a monthly report might be more helpful than a quarterly report.
A Treasurer’s Report must state the time period for which it is reporting and include each bank account. For each account, there should be balances at the beginning and the end of the period. The balance at the end of the period should agree with the balance in the organization’s checkbook registrar or Bank Statement Report for the time period.
This report is an overview of the activity during the month.
Treasurer’s Reports should be distributed and/or posted with copies sent to the President and Secretary and included in meeting minutes. It is a good idea to disperse the report before the meeting so that members can adequately prepare any questions they may have.
A Budget Report is used to remind members what the forecasted goals are for the year. It’s your road map. It shows what you are anticipating will happen during the year.
Oftentimes historical financial data is reviewed with other considerations to develop the forecasted numbers.
Try using these reports and see how helpful reporting can be for your organization.