We have completed the format and content changes for the monthly financial reporting. Our goals are to make the financial statements transparent, informative, complete and concise.

There are three parts to the monthly financial reporting package: the Balance Sheet, the Profit/Loss Statement and the Profit/Loss Statement projection (the Outlook).

The purpose of the Balance Sheet is to show our financial position at a point in time. For example, the balance sheet will show how much cash KHG currently has, how much the cash balance has changed this year, and how the current cash balance compares to the end of the last fiscal year.

The Profit and Loss Statement shows revenue, expenses, and profit/loss at the end of a monthly period and fiscal year-to-date (YTD). A comparison is made to the Budget. These comparisons show how much we expected in profit this month (the Budget) and how that compares to what actually happened (the Actuals).

The last of the three monthly financial reports is the Outlook. The Outlook is a month-by-month financial projection which shows the monthly financial results for each past month and the monthly budget for each month that is left in the fiscal year. The total of the YTD monthly actuals plus the remaining monthly budgets shows where KHG expects to end the fiscal year.

If you have any questions or suggestions about the monthly financial reporting, please join us at the next KHG Board meeting and we will gladly listen to suggestions and answer any questions.

-Clay Turner CPA, KHG Treasurer