Financial Status Report contains the statement or summary of disbursement over a particular time frame which can be sent to the sponsors.
It comprises general funds, major invigilators, capital amendment programs, sponsoring agencies and budget adjustment etc. This report is usually made at the end of any budget period.
Classification of Financial Status Report:
The different types of financial status reports are:
Interim Financial Status Report: An Interim financial status report gives the summary of expenditure over a longer budget period, may be quarterly or semi-annually.
Annual Financial Status Report: As the name suggests, the annual financial status report covers the period of a whole year. The annual report of the expenditure can be procured from the annual financial status report.
Final Financial Status Report: After the completion of a project the final financial status report is used to be prepared. That’s why it is called final financial status report.
Utilities of Financial Status Report:
This report includes the update of a city’s capital improvement program. It also shows the budget adjustment and fund balance analysis for every fund.
The commencement of a fund balance is separately embodied into that report. It includes transactions from which we get the total outlays, refunds, rebates, net outlays etc.
It highlights on the actual comparison of earnings and expenditure over a complete fiscal quarter.
From this disclosure report sponsors can compute the nonobligatory balance as well.
Last Updated on : 26th June 2013