Financial Information

The CLLS has adopted the following financial framework and timetable to plan for and manage the financial affairs of the Corporation:

  • April 1 to March 31 - CLLS Fiscal year

  • January / February - Annual budget - prepared by the Finance & Fundraising Committee, reviewed and approved by the Board of Directors

  • Monthly financial statements prepared (Statement of Financial Position, Funds Schedule, Statement of Activities, Statement of Detailed Revenues, Statement of Detailed Operating Expenses, Depreciation Schedule, Statement of Cash Flows, Contribution to Operations Schedules, Cash Flow Forecast)

  • September - YTD Actual to Annual Budget Variance Analysis Prepared

  • April - Annual financial statements prepared (see above statements prepared on a monthly basis plus Notes to the Financial Statements)

  • May Board Meeting - Board approval of Financial Statements

  • Early September Annual General Meeting - Member approval of Financial Statements

  • September - Preparation and filing of tax returns and corporate filings