Financial Statements: It is important to prepare financial statements on a regular basis irrespective of the requirement of donor agencies. The frequency of these statements should at least be on a monthly basis. These statements could be prepared separately for each project as per the approved budget and also a cumulative statement from which you could get the information of the overall funding each project-wise and also the expenditure made till that period could be known.
Budget Variance Monthly/Quarterly Financial Statements: The best option for any NGO is to prepare the Financial Statements on a monthly basis which could then be linked to quarterly, six monthly and the annual statement. By doing this the organization concerned need not have to prepare the quarterly/six monthly and annual statements separately.
Review of Financial Statements: The financial statements needs to be reviewed regularly to help know the financial status of that project but will also help to keep track of the activities /programmes are taking place as planned.
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