What degree of detail is essential for church financial reports?
What is the best practices or industry standard for the degree and level of information on financial statements for a church's financial statements which are provided to Finance Committee and or the Board Members for the Boards Approval.
Also what are list of financial statements to be provided and Frequency? Income Statement, Balance sheet, Statement of cash flows, ratio analysis, Actual vs Budget monthly, quarterly annually? Year over Year? Provide statements Monthly, quarterly?
Currently the level of information provide is very limited and it is hard to tell much about the organization. Statements are limited to as few as 5-10 lines of info for a church of over 100yrs of age and over 1200 members.