Develop management reports that compare actual income and expenditure against budget including variance analysis. The management reports should also include information on bank balances and debtors and creditors and reviewed at least quarterly by the Board.

[joereddington]

From the report:

The Board has access to the cash book reports in eQuality Time’s dropbox folder. The folders include the cashbook and bank reconciliation.A bank reconciliations report which includes some information on debtors (invoices presented not yet paid) and creditors (cheques in progress). The report is sometimes circulated and discussed during Trustee meetings.The Trustees do not receive financial reports comparing actual income and expenditure against the annual budget or against project budgets

Recommendation: "

Develop management reports that compare actual income and expenditure against budget including variance analysis. The management reports should also include information on bank balances and debtors and creditors and reviewed at least quarterly by the Board."

[joereddington]

Annual Budgets are now prepared and trustees receive a budget verses actual spends report at least quarterly. Reports on Bank Balances and debtors and creditors are shared at least monthly as a balance sheet, and detailed breakdowns are available to the trustees at any time via their quickbooks accounts