3. Suppose you are a new board member for an emerging not-for-profit organizatio

Question

3. Suppose you are a new board member for an emerging not-for-profit organizationA hoping to attract new donors. Contributors want to know how efficiently not for-profit organizations use their donations. Unfortunately, your fellow board mem- bers see little value in financial reporting and analysis and believe the good works of the organization speak for themselves. Prepare a fact sheet convincing the board of the need for effective financial reporting with arguments about why it helps the organization's fundraising goals.

Explanation / Answer

Effective financial reporting- Financial reporting is very important for any business, it includes balance sheet, Income statement, Cash flow statement etc. With the help of financial reporting, company's financial worth is known. Financial reporting should be effective and transparent. Audit should take place on time. This helps the companies and stakeholders in following ways:

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