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Klaus und Kathrin Neuwirth
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1. Provide a strong introduction
A concise summary of the organization and its activities should be provided within the first few pages of the annual report. The reader should be able to answer the following questions:
- What is the vision/mission/purpose of the organization?
- What is the strategy to achieve the vision/mission/purpose?
- What are the current year objectives? What did the organization hope to accomplish?
- What were some of the financial and nonfinancial highlights during the year?
- What are the achievements, challenges, issues and risks?
- What is the organization’s plan moving forward?
Use short text, clear and concise paragraphs, graphical illustrations, bullet points and text boxes to summarize your report. Furthermore, the report should have a Table of Contents, include numbered pages and be clearly organized.
2. Provide accurate and transparent financial information in the annual report
Organizations must provide accurate and transparent financial information in the annual report. The general problem here is that financial information is not well integrated into the broader annual report and, in some cases, the information is inaccurate.
2a: Financial information in the annual report must agree with audited financial information. Judges have found numerous examples of finalist reports that present financial information in the annual report that does not agree with the same information found in the audited financial statements. For example, the judges identified finalists that included total fundraising revenue raised in the annual report that could not be tied back to the audited financial statements. Another example includes presenting charts and graphs where the source data does not match the audited financial statements. This oversight quickly reduces the credibility of an organization since the information is misleading to the reader and potential donor.
The judges were unanimous that the most transparent disclosure is to include the full set of audited financial statements, including the auditor’s report, in the annual report. This ensures the most accurate, transparent and independently verified financial results are disclosed in the annual report. Alternatively, the organization could include summarized financial statements with a separate audit opinion on the summarized financial statements. Speak to your auditor well in advance so that the right option for your organization can be developed. Financial information that is not audited should be clearly stated as such if it is presented in the annual report.
1. Provide a strong introduction
A concise summary of the organization and its activities should be provided within the first few pages of the annual report. The reader should be able to answer the following questions:
- What is the vision/mission/purpose of the organization?
- What is the strategy to achieve the vision/mission/purpose?
- What are the current year objectives? What did the organization hope to accomplish?
- What were some of the financial and nonfinancial highlights during the year?
- What are the achievements, challenges, issues and risks?
- What is the organization’s plan moving forward?
Use short text, clear and concise paragraphs, graphical illustrations, bullet points and text boxes to summarize your report. Furthermore, the report should have a Table of Contents, include numbered pages and be clearly organized.
2. Provide accurate and transparent financial information in the annual report
Organizations must provide accurate and transparent financial information in the annual report. The general problem here is that financial information is not well integrated into the broader annual report and, in some cases, the information is inaccurate.
2a: Financial information in the annual report must agree with audited financial information. Judges have found numerous examples of finalist reports that present financial information in the annual report that does not agree with the same information found in the audited financial statements. For example, the judges identified finalists that included total fundraising revenue raised in the annual report that could not be tied back to the audited financial statements. Another example includes presenting charts and graphs where the source data does not match the audited financial statements. This oversight quickly reduces the credibility of an organization since the information is misleading to the reader and potential donor.
The judges were unanimous that the most transparent disclosure is to include the full set of audited financial statements, including the auditor’s report, in the annual report. This ensures the most accurate, transparent and independently verified financial results are disclosed in the annual report. Alternatively, the organization could include summarized financial statements with a separate audit opinion on the summarized financial statements. Speak to your auditor well in advance so that the right option for your organization can be developed. Financial information that is not audited should be clearly stated as such if it is presented in the annual report.