Register by October 17 to Secure Your Spot!
Registration Type | Member Price |
---|---|
Early Bird Registration (Sept. 11-Oct.3) | $750 |
General Registration (Oct. 4-Oct.17) | $850 |
Registration Type | Member Price |
---|---|
Early Bird Registration (Sept. 11-Oct.3) | $750 |
General Registration (Oct. 4-Oct.17) | $850 |
Registration Type | Member Price | Non-Member Price |
---|---|---|
Early Bird Registration (Sept. 11-Oct. 3) | $750 | $850 |
General Registration (Oct. 4-Oct.17) | $850 | $950 |
Not a member? We'd love to have you join us for this event and become part of the Chorus America community! Visit our membership page to learn more, and feel free to contact us with any questions at membership@chorusamerica.org.
Registration Type | Non-Member Price |
---|---|
Early Bird Registration (Sept. 11-Oct. 3) | $850 |
General Registration (Oct. 4-Oct.17) | $950 |
Think you should be logged in to a member account? Make sure the email address you used to login is the same as what appears on your membership information. Have questions? Email us at membership@chorusamerica.org.
Registration Type | Price |
---|---|
Individual Session | $30 each |
All Four (4) Sessions | $110 |
*Replays with captioning will remain available for registrants to watch until November 1, 11:59pm EDT.
Member Professional Development Days are specially designed for Chorus America members. If you're not currently a member, we'd love to welcome you to this event, and into the Chorus America community! Visit our membership page to learn more about becoming a member of Chorus America, and please don't hesitate to reach out to us with any questions at membership@chorusamerica.org.
Registration Type | Price |
---|---|
Individual Session | $30 each |
All Four (4) Sessions | $110 |
*Replays with captioning will remain available for registrants to watch until November 1, 11:59pm EDT.
Registration Type | Price |
---|---|
Individual Session | $30 each |
All Four (4) Sessions | $110 |
*Replays with captioning will remain available for registrants to watch until November 1, 11:59pm EDT.
Member Professional Development Days are specially designed for Chorus America members. If you're not currently a member, we'd love to welcome you to this event, and into the Chorus America community! Visit our membership page to learn more about becoming a member of Chorus America, and please don't hesitate to reach out to us with any questions at membership@chorusamerica.org.
Guidelines on the financial reports you need from your accountant—and when—to be an effective steward of your chorus.
Does this scenario sound familiar? You are the executive director, or perhaps a member of the senior management, or a board member of a chorus. You need financial information to make good decisions but you are not getting what you need to perform your job or to fulfill your fiduciary responsibilities as a board member. Your accountant—whether he or she is a volunteer part-time bookkeeper in a small organization or a paid staff member in a larger organization—is not providing you with financial reports or other information vital to running the organization.
What do you do? What standards for financial reporting should your chorus adhere to? What reports should your accountant produce and when? The following outlines a baseline minimum acceptable level of performance, to which you should expect your accountant, no matter whether volunteer or not, to maintain.
The Financial Reporting Baseline (FRB) is a standard that we recommend for every nonprofit organization, regardless of size, with annual budgets of as little as $100,000 to budgets of many millions. As the executive director or board member, you have every right to expect this baseline level of performance to be met. You should feel comfortable presenting this FRB to your accounting staff and you should expect them to meet it. The FRB has three components:
Every month your accountant should present to you a series of financial reports. At the very minimum this package should contain three reports: a Statement of Financial Position (commonly referred to as a Balance Sheet), a Statement of Activities (commonly referred to as an Income Statement or a P & L" for Profit & Loss Statement), and a Cash Flow Statement. These reports should be presented for the organization in total, including all restricted funds. The reports should be presented on an accrual basis.
Information delivered late is information of diminished usefulness. Your monthly financial reports should be in the hands of the executive director no later than the end of the third week of the following month. For example, your financial reports for the month of August should be in the executive director's hands no later than September 24. Many organizations can and should do better. This is only the baseline. If September 24 comes and passes and you do not have your financial reports, ask why.
Bank and investment account reconciliations do not generate a financial report. However, from a financial accounting standpoint, they are such an essential internal control that we consider them to be part of the baseline. Your accountant must reconcile all bank and investment accounts as soon as possible each month before financial reports can be issued. The reconciliation process must be completed by the second week of the month so that financial reports can be issued by the third week as mentioned previously. Organizations no longer have to wait for paper statements to arrive in the mail to begin the reconciliations. Most banks offer online access to account activity. Access to investment account activity may in some cases be unavailable, but even here we are seeing this information become increasingly available online.
If your chorus cannot meet the three criteria of the FRB, serious questions can arise about the organization's financial management. This is a matter of concern for not only the executive director, but for board members and funders as well.
Once the baseline has been met, your organization should strive to attain the next level, or the Financial Reporting Baseline Plus (FRB+). FRB+ adds the following four elements:
Just as no one car is suitable for all drivers, no one financial report format is suitable for all readers. Choruses should have the flexibility to make their own choices about the level of detail they prefer to see in a financial report. The executive director needs a detailed set of financial reports to fully understand what is happening within the organization (a good accountant can aid this understanding by explaining key variances in the reports and other developments). The finance committee also needs a detailed set of financial reports. It might be the same package used by the executive director, or perhaps a modified set of reports with most, but not all of the details.
However, the board typically does not need to see financial information at this level of detail. Financial reports prepared in summary form are usually more helpful for presentation at a board meeting. Funders represent another broad constituency who need information in various formats and in different levels of detail. By using accounting software correctly, and with a properly designed chart-of-accounts, even the smallest accounting department can meet these various levels of reporting needs.
Problems can arise when a nonprofit organization mishandles restricted funds. One way to avoid this is to provide financial reports in sufficient detail to allow the reader to see the status of these funds. Depending on the cash flow position of the organization and the degree to which it possesses restricted funds, reports at this level of detail need not be developed monthly. A quarterly analysis is reasonable in most situations where cash flow is strong. Weaker cash flows indicate a need for more frequent analysis.
Department and program managers need to see information relevant to their areas so that they can manage their work appropriately. The accountant should be able to generate these statements every month.
Many accountants complete their financial reports and skip a vital next step—forecasting. We recommend a particular approach to forecasting that we call a "rolling forecast." It rolls forward an organization's financial results to the end of its fiscal year by taking the year-to-date actual results and then revising the forecast for the remaining months on both a cash and an accrual basis. This tool effectively answers the question: "How are we doing and where do we expect to end the year?"
Proper use of accounting software makes these reports possible for even a one-person accounting department. Meeting the standards described above is one way to ensure that your accountant is serving you well.