Financial statements and taxes . . .

Monthly financial information and the annual financial statement prepared according to generally accepted accounting principles are an essential management tool for the board of directors, especially when an important decision has to be taken. These reports can be used as a way of showing members and donors that the assets are being used with wisdom, transparency and in accordance with the Lord's direction of good stewardship.

These reports can be prepared only if the charities has a good accounting system in place which meets its needs. The information needed to prepare the annual tax returns (T3010A & TP985.22) requires a quantity and a quality of information.