Don’t miss out on funding! Schedule production of the required financial reports before your year end, to ensure they are complete and approved by your board before funders require them.
Plan ahead:
If your organization does not have a 3-year strategic plan, it should at least have a one year budget that includes expected grant revenue and the associated accounting or legal costs.
Check the grant applications for the financial reporting required:
Of the grant income the organization plans to apply for in the next year (or two), understand what type of financial reporting is required. For example, are audited financial statements, management prepared statements, a charitable return, or a corporate tax return required? For how many fiscal years are the reports or filings required?
Budget for reporting costs:
Based on the type of reporting required, your organization should obtain quotes and plan for the associated accounting costs so you can ensure you have the funds to pay for the reports but also that the cost of the reporting does not outweigh the benefit of obtaining the grant funding.
Confused about the process? We’re here to help.
Cedar Creek CPA 