Your not-for-profit’s financial statements are used for more than just meeting compliance standards. Financial statements provide your board and the general public with an inside look at the financial stability of your organization. From reporting revenue and expenses to a description of your organization’s purpose, your financial statements speak to how your organization fulfills its mission.
Because your financial statements may have wide visibility, we recommend you periodically review your reporting process and make necessary updates so that your financial statements are transparent and accurately reflect the nature of your organization.
In our latest MHM Messenger, we’ve collected some of the best practices to consider when you next evaluate your financial statement preparation process.