To ensure transparency, accountability, and informed decision-making, Iguality follows a structured financial reporting process that clearly defines roles and timelines. This process enables the Board, staff, volunteers, and stakeholders to understand the organization’s financial health and ensures that financial management is proactive rather than reactive.
Key elements of the reporting process include:
- Treasurer and President collaboration: This collaboration ensures that day-to-day accounting and financial review are coordinated effectively. Responsibilities include accurate and timely preparation of internal financial statements and summaries, ongoing oversight of all financial transactions, reconciliations, and approvals, and coordination of records and reports between operational teams and the central accounting system.
- Board Reporting: The Board receives structured, comprehensive financial reports to monitor performance and support strategic decision-making. Reports include an annual comprehensive financial report covering income, expenses, cash flow, budget versus actual performance, and any financial risks identified; clear presentation of variances, trends, and significant deviations from planned budgets; and communication of these reports to all members and interested stakeholders, including during the Annual General Assembly, ensuring organizational accountability and transparency.