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36 HB Fiscal Polices Fz Procedures <br /> • Segmentation to capture <br /> relevant information for • Applicant <br /> Classes each revenue and expense • Trainee <br /> transaction by program or • Career Builder <br /> function. <br /> • Segmentation to capture • Outreach <br /> relevant information for • Construction Technical <br /> Sub-Classes each revenue and expense <br /> transaction by Program <br /> ro"ect/activity. Career Readiness <br /> • Segmentation to capture <br /> relevant information for • Irvine Foundation <br /> Customer/Job each revenue and expense • City of Anaheim <br /> transaction by revenue • City of Santa Ana <br /> source or grant. <br /> Budget Development <br /> The annual operating budget is a managerial tool used for planning and facilitating decisions <br /> regarding the allocation of resources. The budget expresses in financial terms the mission and <br /> goals of the organization. It is also a means of monitoring results to ensure that financial activity <br /> conforms to the plan. Staff begin the budget development process no less than 3 months prior to <br /> the end of the fiscal year and obtains Board approval prior to the start of the fiscal year. <br /> Financial Reporting (internal) <br /> Financial reports are managerial tools used for reporting the financial activities of the <br /> organization to management and the Board. Careful analysis of financial reports allows <br /> measurement of past performance and helps predict future performance. Results of this analysis <br /> assist in making decisions that affect the resource allocation. <br /> ReportsInternal <br /> REPORT NAME DEFINITION/PURPOSE <br /> Budget vs. Actual Provides comparison of HB's • Department/ Work Team <br /> • Organization-wide budget to actual revenues and Heads <br /> • By class expenses. • Management <br /> • Board of Directors <br /> Provides a snapshot of HB's <br /> assets, liabilities, and net assets. . Management <br /> Statement of Financial Position Also referred to as the Balance <br /> Board of Directors <br /> Sheet. <br /> Cash Flow Forecast Indicates expected cash receipts • Management <br /> and disbursements. • Board of Directors <br /> Lists of receivables and payables <br /> AR and AP Aging Reports showing length of time Management <br /> outstanding. <br /> Written analysis summarizing <br /> Management Narrative operating results and highlighting • Management <br /> significant fluctuations between Is Board of Directors <br /> the budget and actual results. <br /> Financial Reporting (External) <br /> HB is audited annually by an independent external auditor. The audited financial statements are <br /> the auditor's attestation that the financial records of the organization are complete and accurate <br /> Last updated September 2022 <br />