FINANCIAL REPORTING

* Annual budgets are prepared by the Executive Director or staff and approved
by the Board.

* Budgets are reviewed mid-year (February) and are adjusted as necessary to
reflect changing conditions. The Executive Director spends conservatively with
an intuitive knowledge of program costs due to years of experience managing a
small non-profit. The purpose of this Manual is to out grow this institutional
dependence on just one person.

* A Chart of Accounts is available and used to code receipts and disbursements
to the proper accounts.

* Non-standard journal entries are discussed with the CPA to ensure proper
accounting treatment. We are seeking an accountant volunteer over our web site
to help in this.

* Quarterly Financial Reports are provided to the Treasurer and the Finance
Committee within 30 days of the close of the period.

* Detailed Financial Reports are provided to the Board of Directors at each
quarterly Board meeting.

* Reference explanations for any and all budget variances of 10% or more are
contained in the above referenced reports.

* Annual audits will be conducted by an independent CPA at the close of each
fiscal year once the annual expenditures exceed $50,000. Copies of these
reports will be made available to the public by posting on our web site.

* The Fiscal Period for the organization shall be September 1 to August 31.

Manual Contents Page

Uptown Multi-Cultural Art Center (UM-CAC). Click here for contact Info or to E-mail UM-CAC at umcac@art-teez.org click here. Ph.773/561-7676

Introduction

SPW Art

T-shirts Sold