|Financial Reporting - Overview
A financial report consists of two parts.
The first part is a statement of income and expenditures, which summarizes the financial
activity that occurred during the period reported and is directly taken from the cash
receipts and disbursements journals or general ledger. The second part is called a
balance sheet or statement of cash position. The balance sheet lists all of the
assets, liabilities, and the fund balance or net worth.
In this section, information is presented
to assist you in preparing reports, balance sheets, obtaining an EIN, completing either a
990 or 990-EZ form for the IRS, and paying the local's Per-Capita. You will also
find assistance in preparing Department of Labor reports and setting up a payroll system
for your local.