Standard #24 Annual Reporting

Non-profit clubs can demonstrate that their most recent fiscal year-end financial statements have undergone a financial review or financial audit by an independent, qualified 3rd party (where 'independent third party' means not affiliated with the club as an employee or director and 'qualified' means appropriate accounting designation from a post-secondary institution) and signed by two members of the Board of Directors. The review or audit and approval of the financial statements meets club by-laws, policies, governing legislation and/or funder requirements. The review or audit report is available to members. For for-profit organizations, the financial statements are prepared and approved by the owner or equivalent. 


Examples of Evidence

  • Relevant governing legislation and financial policy
  • Previous year financial statements signed by two board members or equivalent
  • Relevant minutes from the annual general meeting showing approval of the previous year financial statements

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Previous Standard:
#23 Operating Budget
Next Standard:
#25 Financial Transparency

Related Resources

Board Development: Financial Responsibilities

The Muttart Foundation

A self-guided workbook for the policy governing board member who has little or no financial background.