What you need to submit at the end of your reporting year:
1. Annual Audit/Annual Financial Statement:
POs with certain levels of gross annual revenue must undergo audits and financial reviews at the PO's own expense. The auditor must be a disinterested party and not a member or beneficiary of the audited PO:
When submitting annual financial review finding, the auditor must:
1. Verify that the PO has a uniform system of accounting .
2. The auditor must also consolidate audit reports of the accounting system into meaningful summaries and identify areas of weakness and plans for corrective action.
3. A complete audit would also include: (1) the auditor's financial report summary; (2) a balance sheet; and (3) a statement of income and expenses.
In addition to the annual audit requirements, within 30 days after a change of treasurer, custodian, or individual accountable for the POs assets, the PO should complete an internal financial review to ensure proper accountability.
POs with certain levels of gross annual revenue must undergo audits and financial reviews at the PO's own expense. The auditor must be a disinterested party and not a member or beneficiary of the audited PO:
- POs with gross annual revenues of $50,000+ must have an annual financial review conducted by a certified auditor or accountant.
- POs that have gross annual revenues of less than $50,000 are normally not required to conduct an independent audit or financial review. However, such POs must provide an annual financial statement to MCCS no later than 45 days following the end of their designated reporting period.
- *TIP: If you are using our financial template provided, the annual statement will be completed automatically after inputting your 4th Qtr data.
When submitting annual financial review finding, the auditor must:
1. Verify that the PO has a uniform system of accounting .
2. The auditor must also consolidate audit reports of the accounting system into meaningful summaries and identify areas of weakness and plans for corrective action.
3. A complete audit would also include: (1) the auditor's financial report summary; (2) a balance sheet; and (3) a statement of income and expenses.
In addition to the annual audit requirements, within 30 days after a change of treasurer, custodian, or individual accountable for the POs assets, the PO should complete an internal financial review to ensure proper accountability.
2. Annual Budget Forecast: Each PO must develop an Annual Budget Forecast to plan and control organization income and expenses and submit it to the MCB Butler MCCS, at the end of the current reporting period. The Annual Budget Forecast must include the PO's budgeted income (e.g., retail sales, dues, donations) and budgeted expenses (e.g., payroll, supplies, equipment, travel) for the upcoming reporting period, separated into four monthly quarters for the reporting period. If the PO has employees, the Annual Budget Forecast must include a narrative statement identifying the number of PO employees, their positions, and their hourly wages or annual salaries, each listed by position.
3. Revision/ Update of the Constitution/Bylaws, if you have made any changes.
- A budget communicates a PO’s priorities and is a numerical representation of the action plan for the year.
- It expresses in dollars the PO’s sources of funds (revenue), such as fundraisers, dues, grants, etc., along with the planned uses of funds for the PO (expenses), such as scholarships, donations, supplies, travel, salaries, etc
- The budget should be flexible enough to allow the PO to take advantage of unexpected opportunities and also allow for the unanticipated fluctuations in planned resources.
3. Revision/ Update of the Constitution/Bylaws, if you have made any changes.