A financial status report is a statement that summarizes fund disbursement and is at the end of any budget period.
This type of report accounts for the general fund and also budget adjustments, if there are any. It is generated at the end of a budget period and is sent to project sponsors. Aside from that, it also includes fund balance analysis which involves transactions where you find outlays, refunds, and rebates.
Furthermore, financial status reports emphasize comparison of earnings and expenses in the duration of a fiscal period.
- Important Facts on Writing One Part 1
- Financial Status Report Template Download Part 2
- Additional Resources Part 3
- How to Dramatically Reduce Time You Spend Creating Reports Part 4
Part 1
Generally, there are three types of financial status reports:
- Interim financial status reports provide a summary of expenditures in a longer budget period such as quarterly or annually.
- Annual financial status reports account for the earning and expenses of a project team, company, or organization during a period of one year.
- Final financial status reports are ready when people complete the project.
Acting like a score card, it provides an overview of the financial health of a project, company, or organization.
Do note, however, that financial status report does not reflect the actual standing of a company or agency since it does not directly include the state of the economy, market reputation, technological advances, management and workforce quality, and other competitive considerations.
With that being said, the figures in the financial status report must be translated into something that makes sense to be able to paint a picture of a company’s financial performance and standing.
Keys to Writing Compelling Financial Status Reports
It is important to include the following information in a financial status report:
- A) The total estimated budget for the project or contract,
B) Amount of funds to obligate during the period,
C) Expenses which incur to date and during the reporting period,
D) Details of all direct and indirect costs incurred for the entire project or specific tasks,
E) The balance of remaining obligation and funds needed to complete a project or task. - You must prepare and deliver reports in a timely manner and should also observe accuracy and clarity.
- Decide on a time frame for the financial report. Ordinarily, financial status reports cover a quarter or half year. To determine the timeframe for the report, you must revisit the governing documents of the organization. These documents may be in the form of a by-law, corporate charter, or articles of incorporation.
- Review the ledgers and make sure that they are complete, accurate, and up to date. Financial report with bad data is no use, and all efforts made in its preparation will lose its meaning.
- The government or any regulatory authority might require some disclosures to reflect in the financial status report. You may insert these disclosures in the section called ‘Notes to Financial ‘
Part 2
Financial Status Report: Free Download Section
Click Here to Download Financial Status Report XLS
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Templates on ProsperForms:
Part 3