Common use of Financial Management and Reporting Clause in Contracts

Financial Management and Reporting. A) Standard Financial Reports 1) Prepare and email and/or make electronically available Standard Financial Reports, or subset of Standard Financial Reports approved by Client Administrator, to Client Administrator monthly by the 10th of the month following month end reconciliation. For example, financial reports for September will be available by November 10th. 2) Standard Financial Reports include: (a) Financial Dashboard (excluded from July Financial Package) (b) Monthly Forecast (excluded from July Financial Package) (c) Financial Analysis (excluded from July Financial Package) (d) Income Statement (e) Balance Sheet (f) Statement of Cash Flows (g) Check Register (h) General Ledger B) Financial Dashboard 1) Prepare a dashboard which displays key indicators of financial health – income statement summary with variances and forecast, cash flow charts with actuals and forecast for the year, ADA chart with actuals and forecast, and balance sheet summary. C) Monthly Forecasting 1) ExED will analyze cash flow on a monthly basis and project out timing of revenue and expenses for the rest of the year. This tool will enable stakeholders to make timely decisions of expense reductions that may need to be made or additional revenue that could be spent. This tool ensures that the Executive Director or Principal can understand at any point in the year, what the end of the year is expected to look like financially. D) Financial Analysis 1) ExED will perform on-going analysis of actual versus budget revenue and expenses and monitor cash flow. As it relates to Standard Financial Reports, any unusual items and/or unfavorable trends identified by ExED will be reported to the Client at that time.

Financial Management and Reporting. A) Standard Financial Reports 1) Prepare and email and/or make electronically available Standard Financial Reports, or subset of Standard Financial Reports approved by Client Administrator, to Client Administrator monthly by the 10th of the month following month end reconciliation. For example, financial reports for September will be available emailed by November 10th. 2) Standard Financial Reports include: (a) Financial Dashboard (excluded from July Financial Package) (b) Monthly Forecast (excluded from July Financial Package) (c) Financial Analysis (excluded from July Financial Package) (d) Income Statement (e) Balance Sheet (f) Statement of Cash Flows (g) Check Register (h) General Ledger B) Financial Dashboard 1) Prepare a dashboard which displays key indicators of financial health – income statement summary with variances and forecast, cash flow charts with actuals and forecast for the year, ADA chart with actuals and forecast, and balance sheet summary. C) Monthly Forecasting 1) ExED will analyze cash flow on a monthly basis and project out timing of revenue and expenses for the rest of the year. This tool will enable stakeholders to make timely decisions of expense reductions that may need to be made or additional revenue that could be spent. This tool ensures that the Executive Director or Principal can understand at any point in the year, what the end of the year is expected to will look like financially. D) Financial Analysis 1) ExED will perform on-going analysis of actual versus budget revenue and expenses and monitor cash flow. As it relates to Standard Financial Reports, any unusual items and/or unfavorable trends identified by ExED will be reported to the Client at that time.