non for profit financial statements check list

Confirm all financial records are up to date and complete.

Ensure all bank reconciliations are completed.

Review all transactions for proper classification.

Gather supporting documentation for all significant transactions.

Prepare a draft of the Statement of Financial Position (Balance Sheet).

Prepare a draft of the Statement of Activities (Income Statement).

Prepare a draft of the Statement of Cash Flows, if applicable.

Verify accuracy of figures in the financial statements.

Ensure compliance with GAAP or other applicable accounting standards.

Check for proper categorization of revenues and expenses.

Review restricted vs. unrestricted funds.

Confirm that all necessary disclosures are included.

Ensure proper internal controls are in place for financial reporting.

Review the process for approving expenditures.

Verify compliance with donor restrictions and grant requirements.

Check adherence to federal and state regulations.

Make necessary adjustments based on the review findings.

Obtain final approvals from the board or finance committee.

Prepare the final version of the financial statements.

Ensure that all statements are signed by the appropriate officials.

Compile all documents and records needed for the audit.

Organize financial statements and supporting documentation.

Prepare a list of questions or areas for the auditors to focus on.

Schedule a meeting with the auditors to discuss the audit process.

Prepare the financial statements for distribution to stakeholders.

Create an executive summary or narrative to accompany financial statements.

Distribute financial statements to board members, donors, and other stakeholders.

Post financial statements on the organization’s website, if applicable.

Schedule a post-financial statement review meeting with the finance team.

Discuss any challenges faced during the preparation and review process.

Identify areas for improvement for the next financial statement cycle.

Set a timeline for the next financial reporting period.