Board finance package checklist
A good board finance package answers three questions quickly. Are we financially healthy? Are we on budget? Is anything coming that the board should know about? Use this checklist to build one your board will actually read.
In this guide
- The core reports
- Useful extras
- How to present it
- A pre-send checklist
The core reports
- One-page summary. Start here. Give three to five key points in plain sentences, like “Revenue is 4% ahead of budget, driven by event income.”
- Statement of financial position (balance sheet). Compare it with the same date last year, or the prior year end.
- Statement of activities (income statement). Show the month or quarter, year to date and the full-year budget.
- Budget-to-actual report. Year-to-date actual vs. budget, with the variance in dollars and percent. Explain any significant variances in a sentence each.
- Cash position. Cash on hand today, and how many months of operating expenses it covers.
- Cash flow forecast. Expected cash for the next three to twelve months, with any tight months highlighted.
- Restricted funds. Balances of donor- and grant-restricted funds, and what’s been released this period.
Useful extras
- Grant summary. Active grants, amounts, spending to date, reporting deadlines and any at-risk items.
- Key metrics dashboard. Four to six numbers the board tracks over time, such as months of cash, fundraising vs. goal and program cost per participant.
- Receivables and pledges. Large or overdue amounts.
- Compliance calendar. Upcoming audit dates, Form 990 due date, state registrations and insurance renewals.
- Investment summary, if you have investments. Balances, performance and any policy questions.
- Multi-entity view, if you have affiliates. A consolidated summary plus each entity.
How to present it
- Lead with the summary. Many board members will only read page one. Make it count.
- Use the same format every time. Consistency makes changes easy to spot.
- Explain, don’t just report. Every big variance gets one plain sentence explaining why.
- Round numbers. Thousands are usually enough for a board.
- Use simple charts sparingly. One trend line for cash or revenue goes a long way.
- Send it early. Aim for at least five days before the meeting.
- Ask for the decisions you need. If the board must approve something, say so clearly on page one.
Pre-send checklist
- The month is closed, and accounts are reconciled.
- The numbers match between the summary, the reports and the budget-to-actual.
- Variances over your threshold are explained.
- Restricted fund balances agree to the balance sheet.
- The package has been reviewed by the executive director and treasurer.
- Any decisions the board needs to make are clearly listed.
Want help building it?
Producing a clear board package every month is a core part of our Outsourced CFO & Controller service.