FINANCIAL REVIEW CHECKLIST
This financial review checklist is designed in two parts. The first section covers the availability
and status of the books. In order for the Treasurer to fulfill his/her job easily, and for anyone who
may be asked to take over or oversee the bookkeeping, the books and records of the
_________________________________________ should be kept in an orderly and neat manner.
The second section covers the accuracy and completion of the books in order to ensure that the
records of the organization are being kept correctly and adequately to provide the information
necessary for conforming to federal and state laws, as well as to protect the organization from
misuse of funds.
Section 1:
Journals
Available at Review?
Cash Receipts Journal
Cash Disbursement Journal
Detail Journals on ....
Deposits
Payroll
Fundraising
________________
________________
________________
General Journal
Budget
Monthly Financial Statements
Supporting Documents
Checking Account Statements
Savings Account Statements
Deposit Receipts
Canceled Checks
Voided Checks
Check Requests and/or Receipts
Payroll Deposit Receipts and Stubs
Employee’s Paycheck Records
State Payroll Reports
Federal Payroll Reports
Independent Contractor Records
Contracts
Evidence of Payment
1099 Forms
Comments
Section 2:
Bank Statements (check at least two different months):
Are all charges on the statement supported by canceled checks?
Are all payees as expected?
Are disbursements supported by evidence of expenses, such as bills, receipts, etc.?
Have cash receipts been recorded and deposited without delay?
Are there written reconciliations available for each bank statement?
Is interest posted?
Are all withdrawals from the savings account deposited into the checking account?
Books:
Are journals easy to read and understand?
Is all interest recorded on the cash receipts journal?
Do supporting deposit journals correspond to the master cash receipts journal?
Are all check numbers accounted for on the cash disbursements journal?
Do the account totals correspond to the monthly financial statement totals?
Are all required detail journals up-to-date and complete?
Are corrections to journal entries made via a General Journal?
Payroll:
Were all state and federal quarterly payroll tax returns filed by the due date?
Is there supporting evidence that the taxes have been paid?
Do payroll journals correspond to the amounts on state and federal payroll forms?
Are employees being paid on time?
Is the Worker’s Compensation insurance up to date?
Is the Professional Liability insurance (D&O) up to date?
Independent Contractors:
Are contracts available and representative of the requirements of the bylaws?
Are contractors paid on time, and accurately according to the contracts?
Are contractors provided with a Form 1099 prior to January 31st?
Are 1099’s reported to the IRS?
Are independent contractors identified as qualified to be paid under this status?
Financial Statements:
Do financial statement balances correspond to actual checkbook and savings account
balances?
Are all required reserves kept up to date?
Corporation Reporting Forms:
Has the Form 990 been filed with the IRS?
Was it filed by the due date?
Has the CT-12 been filed with the State Dept. of Justice?
By the due date?
Has the Corporate Registration Renewal been filed, and kept up-to-date?
Has there been any other correspondence from a state or federal agency that was attended
to? Is further, or annual, attention needed based on this correspondence?
Insurance:
Is insurance adequate for the group’s needs?
We have examined the books of ____________________________________________________
for the period of ____________________ through _______________________. We are
satisfied that they reflect the financial status of the organization for that period.
Recommendations for future recording and reporting needs are listed on the attached sheet.
Date of Financial review: ____________________
Signature of Committee Members:
Position:
_______________________________________________
__________________________
_______________________________________________
__________________________
_______________________________________________
__________________________
_______________________________________________
__________________________
_______________________________________________
__________________________
Recommendations: