Common use of Financial Report Clause in Contracts

Financial Report.  The Treasurer shall present a summary financial report at each membership meeting of the Club and shall prepare a final report at the close of the year in accordance with the Club’s financial policies.  The Board shall have the report and the accounts examined annually.  If the Club grosses less than $100,000 in receipts, for the year, o Financial practices and accounts may be reviewed by an internal audit committee. o The internal audit committee shall consist of two or more board or voting members of the Club who are not involved in the routine handling of the Club’s finances, including not having signature authority on bank accounts or approval authority over disbursements.  If the Club grosses between $100,000‐200,000 in receipts, o External professional, such as a certified public accountant (CPA), shall be hired by the audit committee to perform a financial review or compilation.  A full audit shall be conducted by a non affiliated external CPA when annual gross receipts equal or exceed $200,000.

Financial Report.  The Treasurer shall present a summary financial report at each membership meeting of the Club and shall prepare a final report at the close of the year in accordance with the Club’s financial policies.  The Executive Board shall have the report and the accounts examined annually.  If the Club grosses less than $100,000 in receipts, for the year, o Financial practices and accounts may be reviewed by an internal audit committee. o The internal audit committee shall consist of two or more board or voting members of the Club who are not involved in the routine handling of the Club’s finances, including not having signature authority on bank accounts or approval authority over disbursements.  If the Club grosses between $100,000‐200,000 in receipts, o External professional, such as a certified public accountant (CPA), shall be hired by the audit committee to perform a financial review or compilation.  A full audit shall be conducted by a non affiliated external CPA when annual gross receipts equal or exceed $200,000.

Financial Report.  The Treasurer shall present a summary financial report at each membership meeting of the Club and shall prepare a final report at the close of the year in accordance with the Club’s financial policies.  • The Board shall have the report and the accounts examined annually.  • If the Club grosses less than $100,000 in receipts, for the year, o Financial practices and accounts may be reviewed by an internal audit committee. o The internal audit committee shall consist of two or more board or voting members of the Club who are not involved in the routine handling of the Club’s finances, including not having signature authority on bank accounts or approval authority over disbursements.  • If the Club grosses between $100,000‐200,000 in receipts, o External professional, such as a certified public accountant (CPA), shall be hired by the audit committee to perform a financial review or compilation.  • A full audit shall be conducted by a non affiliated external CPA when annual gross receipts equal or exceed $200,000.