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Recommended SOP Internal Report Format

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A well-formatted SOP report provides accurate and relevant information with enough context for the board to thoroughly understand what’s going on with your organization financially.

Below is a general format for a statement of financial position report recommended for internal reporting purposes. The report for your organization would include more detailed line items in each category, but the objective would be to not exceed one page in length.

 

The first column is the current year total-to-date for each line item. This report format calls for additional clarification of the line item totals, for instance, to show how much, if any, of the cash is restricted or designated by the board for a specific purpose. This is achieved by including columns to separate restricted funds and board designated funds, showing what is actually available for day-to-day operating.

Showing the financial data in these separate columns allows the board to verify restricted funds are present in the form of cash or receivables, and to see clearly the organization’s liquidity: what is available for day-to-day operations. Because fixed assets are not liquid, they are included in the board designated column, presuming the board approved purchases of equipment, etc.

No accounting software, particularly ones in the price range of most small and midsize nonprofits, can produce a “canned” report with as much context and analysis as the above. Therefore this report is formatted in a spreadsheet and raw data are taken from the accounting software and inserted or linked into the preformatted report for the year-to-date total. Separating the totals into the various columns is a management task done directly in the spreadsheet, unless the accounting software has that capability.

For a “how to” on exporting financial data from QuickBooks accounting software and linking the data into a preformatted Excel report, see the following link:

Custom Excel Reports from QuickBooks Data

For more about setting long-term financial position targets that relate to strategic goals, see the following link:
Net Assets of Nonprofits

Also:
FASB116 & 117 (Re: restricted contributions)
SOA (Statement of Activities) aka Profit & Loss, Income Statement

© 2008 Elizabeth Hamilton Foley

 

 


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