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What is included in the month/year end closing package

Hello folks, could you help me in listing important files/documents that need to be included in the closing package for management (it's for a small not for profit). thank you.


Francis AO
Title: VP
Company: Floyds Consulting
(VP, Floyds Consulting) |

The important closing information for non-profit are Income statement, balance sheet, cash flow, budget V. actual, financial summary report etc.

These are items l can quickly think of for now.

Shashi Mohan
Title: Managing Partner
Company: Singh&Jha Chartered Accountants
(Managing Partner , Singh&Jha Chartered Accountants) |

There will not be an 'income statement' in case of a non-profit organization, instead it should be an 'Income Expenditure Statement'. In case there are different projects/cost center, the income expenditure account, comparison of budget V. Actual, should be prepared based on such projects/cost centers. Documents related to expenses of capital nature, a trail balance or Journal Book can also be included.

Kathy Cardona
Title: consultant
Company: NA
(consultant, NA) |

I work for a non-profit and two of the quarterly and year end statements my board wants are the comparative balance sheet and the comparative income statement - using the same period from the previous year. I don't show last years budget as the statement has enough to review as it is. I comment on each line of the statements that 1)have a process change that accounts for the difference or 2) are +/- $3,000 (we are a successful non-profit with 30+ years behind us). We continue to call our statement the income statement tho it also has been called "Statement of Financial Position".

David Buley
Title: Chief Financial Officer
Company: Association of Independent Schools of NS..
(Chief Financial Officer, Association of Independent Schools of NSW) |

You didn't specify that it had to be just financial so, if you want to make the reports truly meaningful, you should aim for some non-financial indicators as well. Depending on the mission of the NFP, it could be people helped, meals cooked, houses built, phone calls answered, volunteers assisting, or whatever. Financials? It would be expected that you provide the generic stuff mentioned above. But you may need specific income, expenditure, or project items that have strategic value to the board. It might be donations or grants received, grants paid out. To be really meaningful it should have some comparisons with similar periods both in the current year and previous years, even over the last few years if relevant.

Rich Orlov
Title: Director
Company: Sears Holdings
(Director, Sears Holdings) |

I volunteer as Treasurer for a small non-profit. In our monthly financials that we submit to the Board, we also include a list of bank balances, as there are a variety of accounts that support both restricted and non-restricted funds. The total per this statement ties to the cash line on the Balance Sheet, enabling the Board to understand what comprises the organization's cash position.

Kristine Kiser
Title: Controller
Company: Brookfield Residential
(Controller, Brookfield Residential) |

I agree with the others on the basic financial statements. We also find it important to include an aging of the receivables and analysis of reserves.

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