With all the recording, reconciling, balancing ...of your organization's ledger, you're probably wondering--well, what am I going to do with all this information. Well, this information is crucial data that an organization needs in order to operate effectively and successfully. The question asked most frequently by members is, "How much is available for us to spend?" The financial report will give you a global picture of the kind of transactions that have occurred and accurate feedback as to how the organization is doing financially. One of the many duties of a financial officer is that of preparing financial reports. The following guidelines will assist you in carrying out this assignment.

1. Include type of report (financial) and date the financial report is covering.

2. Total like-class code descriptions, i.e. printing-$524, telephone-$782, allocations-$1000.

3. Total and list alphabetically each revenue description and amount.

4. Determine total revenues and double rule total.

5. Total and list alphabetically each expense description and amount.

6. Determine total expenses and double rule total.

7. At the bottom of report include:

1St  -Total Revenues
2nd -Total Expenses 
3rd  - Profit or Loss
4th  - Beginning Fiscal Year Balance
5th  - Net Balance as of Present Date (double rule)

8. Note comments that may reflect any balances of their true amount.

9. Include name, title and organization of person responsible for preparing the financial report.

10. Financial reports should be prepared monthly, quarterly, semi-annually and annually.

11. Each month present financial report to organization's members.
 

Source: Student Organization Development Center
University of Michigan