Financial Reporting Policy

Policy Statement

The LCVR Secretary/Treasurer, Executive eDirector, and/or outside auditor will provide financial reports to the Board of Directors to ensure proper financial oversight.

Background

The Board of Directors has specific responsibilities that include providing proper financial oversight.

Guidelines

To ensure proper financial oversight, the board should review and approve:

  • Financial policies and procedures, including internal controls.

  • Quarterly budgeting variances.

  • Annual financial audit.

  • Quarterly financial statements comparative to the prior year with a short narrative on financial position and results of operations.

  • Tax compliance specifying the responsibility to prepare and file an IRS Form 990 after review by every individual board member.

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