What are Community Partners’ responsibilities for financial management and cost-fund accounting?

Community Partners is responsible for the following financial management and cost-fund accounting for projects.

Providing Access to Financial Statements

• Access to project’s standard Financial Statements, include:
  
  • Income Statement;
  • Balance Sheet;
  • Statement of Cashflows;
  • General Ledger(s);
  • Cashflow Analysis with Projections;
  • Budget vs Actual Report  

Financial Monitoring

• Separate accounting of project’s funds  
• Separate accounting for restricted funds  
• Provide reconciliations as needed and posting accounting entries on project’s behalf  

Accounts Receivable and Accounts Payable Processing

• Community Partners provides systems to receive online donations and gifts of stock
• Community Partners sends acknowledgment letters for annual donations above $250  
• Community Partners manages an online system to review, approve, and account for the disbursement of funds  
• Community Partners provides invoicing support that includes fulfilling invoice requests in collaboration with projects
• Community Partners provides a copy of the audited financials  
• Community Partners is responsible for the tax filings including IRS 990 filing