nonprofit financial management self assessment tool - COCo

Don'tKnowInadequatelyAchievedPartiallyAchievedFullyAchieved5. All revenue and expense statements (for thewhole organization, for specific programs,and for specific funding sources) includethe current month's activity, the fiscal yearto date activity, and a comparison to theyear to date or annual budget by line item.6. The excess (deficit) of support and revenueover expenses (net income) is reconciled tothe change in fund balance between thebeginning and ending of the accountingperiod.V. MONITORINGDon'tKnowInadequatelyAchievedPartiallyAchievedFullyAchieved1. The executive director and the programmanagers review the monthly financialstatements carefully.2. The fiscal manager highlights unusualitems and identifies potential problems innotes to the financial statements sharedwith the executive director and boardcommittee or full board.3. A board committee or the full boardreviews the monthly financial statementscarefully.4. The board or a board committee selects anindependent CPA to conduct an annualaudit or review. The board determineswhether the organization should have anaudit or a review, and whether or not theaudit must conducted within the guidelinesof OMB A-133, as required fororganizations receiving over $300,000 infederal funds or recommended fororganizations receiving more than$100,000 each from more than one federalsource.All material copyright TACS. 503/239-4001 SA 3