Financial reporting

The financial report is prepared as an Excel spreadsheet. 

The latest copy of the report is available in the Financial Report subfolder of the Financial Records folder in Wild Apricot.It is named yyyymmddFinancialAndTravelReports, where yyyymmdd is the last day of the month the report is for. (Note: you must be logged in to Wild Apricot and in Admin view to use this link.) 

Download the spreadsheet to your computer.

If this is the first financial report for a new fiscal year, revise the categories and format as determined by the Treasurer.  Adjust the year in the FYnn Budget column, use the budget that the Treasurer will be presenting to the Board (when that is available), and zero out the figures in the Actual column.

Change  the header of the spreadsheet to reflect the correct period that the report covers. Change the  date in the Actual column header to the last day of the month through which you are reporting.

Save the worksheet as yyyymmddFinancialAndTravelReports, where yyyymmdd is the last day of the month you are reporting through.

For each non-scholarship account:

• In Quicken, create a Banking Summary report by choosing Reports-Banking-Banking Summary. Customize the report by clicking on the "customize" button in the upper right, then on the Accounts tab to select only the current account is selected. Also customize dates to include everything from the start of the fiscal year through the end of the month for which you are reporting.
• Copy figures from the Quicken Banking Summary to the Actual YTD columns in the spreadsheet. The categories in the Banking Summary should match the account categories in the financial report, so you know which figures to copy where.
• Special for the Events account:
  • Use the figures for individual events in the "Event Registration Fees Collected" and in "Paid Event Costs" to create or update the  figures on the Travel Report (second tab on the spreadsheet). You will need to review the detail for each event to see the management fee associated with that event.
  • The total Net Gain/Loss figure on the Travel Report should be automatically shown in the ASURA Paid Events account of the Financial Report under "Net income/expense".

• Compare the Actual Unexpended amount in the spreadsheet to the balance as of the end of the month for which you are reporting in Quicken (the Quicken figure should have been already reconciled to the Foundation account). These figures should match.

   

• If the figures don't match, make sure that you have set the parameters in the Banking Summary Report correctly and that you have copied everything correctly.

For the Scholarship Endowment Principal portion of the Financial Report:

• In Workday, generate a Summary Balance Sheet for the Endowment account. Parameters:
  • Display by: Gift.
  • Company: Prefilled with ASU Enterprise Partners Consolidation. Leave it alone.
  • Period: The month you are working on, selected from Period-All-Periods and the current fiscal year. Note that month numbers start with the first month in the fiscal year, i.e., July.
  • Fund Hierarchies: Leave blank,.
  • Fund: Select both FD400 and FD401.
  • Gift Hierarchies: Leave blank.
  • Gift: G03616.
  • Note that you can save these parameters as Filters, which you can then use in future, so you would need only to change the date.
• Copy figures from the Total column of the Summary Balance sheet to the YTD column of the Financial Report:

  • Copy the figure for Contributions in Workday to Current-year Contributions in the Financial Report. 

     

  • Copy "Other Net Investment Return" from Workday to the "Net Investment Return" line in the Financial Report,

     

  • Copy and Transfers In shown in Workday to Transfers from Operations in the Financial Report.
• Make sure the Total Endowment Principal figure in the Financial Report matches the Ending Net Assets figure in the Total column of the Summary Balance Sheet. If it doesn't, review your work -- there is an error either in your calculations or in your copying.

For the Scholarship Endowment Spending portion of the Financial Report:

• Generate a Summary Balance Sheet for the Scholarship Spending Account. Parameters are the same as for the Endowment account, except that the fund is FD320.
• Copy figures from the Total column of the Summary Balance sheet to the YTD column of the Financial Report:
  • Other Income to Book Sales Net Income.
  • Other Net Investment Return to Payout from Endowment Principal.
• If Transfers In is not 0, click on the figure to reveal detail. Any non-zero figure here would be very unusual (since closing the Special Projects account in FY 2023), and should be something the Treasurer could explain if you don't recognize it.
• ASU Operations Expenses to the ASU Scholarship figure.
• Make sure the "Total Scholarship Endowment Spending" figure in the YTD column of the Financial Report matches the "Ending Net Assets" figure in the "Total" column of the Summary Balance Sheet. If it doesn't, review your work to find the problem.

Save the report on your computer with a name of YYYYMMDDFinancial Report.xlsx, where YYYYMMDD is the date that the report is "through".

To update the Travel report:

• In the Financial and Travel Reports spreadsheet, switch to the Travel Report tab.
• If this is a new fiscal year, change the FY in the header of the spreadsheet.
• Change the "As of" date in the header to the last day of the month that you are reporting through.
• In Quicken, create a Banking Summary report by choosing Reports-Banking-Banking Summary. Customize the report by clicking on the "customize" button in the upper right, then on the Accounts tab to select only the Events account. Also customize dates to include everything from the start of the fiscal year through the end of the month for which you are reporting.
• Use information from the Banking Summary report to list events for the current year, together with their associated fees paid and fees collected.
• Save the spreadsheet.

Submit the completed reports to the Treasurer for review, if they desire, and adjust the report as needed as a result of the review. 

When the reports are final, upload the spreadsheet to the Financial Report subfolder of the Financial Records folder in Wild Apricot. (Note: you must be logged in to Wild Apricot and in Admin view to use this link.). 

If there is a Board meeting coming up, create a PDF version of the reports to be included in the Board meeting materials:

• Select the Financial Report tab. Save the spreadsheet as a PDF -- only the selected tab will save.
• Then select the Travel Report tab and again save as a PDF.
• If possible, use PDF software to create a single PDF file for the two reports.

Submit the reports to the Secretary when the call for Board items is issued.