[Finance] Thoughts and suggestions related to our last meeting

Mazelle Attiya treasurer at sca.org
Mon Oct 30 19:03:26 CDT 2017


Yes please send some examples. I am definitely open to suggestions. 
 
Mazelle Attiya
Corporate Treasurer
Society For Creative Anachronism, Inc


-----Original Message-----
From: "Mike Johnson" <mdjohnson2112 at gmail.com>
Sent: Sunday, October 29, 2017 5:55pm
To: finance at sca.org
Subject: [Finance] Thoughts and suggestions related to our last meeting



Hi everyone, after giving it some thought I'd like to suggest some changes to how financial data is reported to the BOD.  Note that I think the reports currently being prepared should still be created.
Based on what I have seen so far it appears that the reports being used are driven primarily by accounting conventions that can seem arcane or incomprehensible to nonfinancial people.  They do serve a critical purpose in any reporting arrangement by providing the detail necesssary to make a deep dive into financial activity.  However I submit that for the BOD it would be useful to have a more summarized view as well.
Basically I'm talking about management reporting here.  We've got a solid foundation of accounting reports, but for those that do not use the data every day it can be difficult to separate out the most important information when staring at a detailed ledger.  I propose the primary report the BOD should see is one that summarizes the 3-5 key financial issues, then the detail would be available in case anyone wanted to see it.  This should be done both for actual/historical results and for forward-looking forecasts.
I can send out some examples using some reports from my work, but does the concept make sense?  And if it does, we need to consider who would be responsible for creating these reports (it would definitely require more work).
Thanks everyone, looking forward to your feedback!
Mike Johnson
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