6.4.7 ReportingTo maintain the location's financial records and make gathering data at the end of the year easier, at the beginning of each month, perform the following procedures for the preceding month:
Balance the books and records.
Reconcile bank statements to the general ledger.
Reconcile employee and clergy compensation records and withholdings or automatic payments to the payroll reports.
Reconcile payments to the Archdiocesan Catholic Center (ACC) for the Monthly Invoice, employee benefits, and other allocated amounts to actual costs.
Reconcile actual payments to independent contractors to the budgeted allocations.
At the fiscal year-end (after June 30), perform the following fiscal tasks:
Summarize receipts and disbursements for the annual report (required: ACES email address, cost center, and report access code).
Prepare the annual report (required: ACES email address, cost center, and report access code); the annual report is due by a specified date in August and late submission of annual reports may be penalized.
At the calendar year-end (after December 31), perform the following fiscal tasks:
Ensure that the payroll service prepares and files federal Forms W-2 and W-3 and the California Form DE 34 (see New Hire Reporting).
Prepare and file Forms 1099 and 1096 for independent contractors and other W-9 vendors.
126.96.36.199 Monthly Financial Reports Parishes, parish elementary schools, and parish high schools shall submit monthly financial reports to the pastor. All high schools, both archdiocesan and parish, shall submit monthly financial reports to the Department of Catholic Schools. Elementary schools that meet certain criteria (e.g., delinquency with financial reporting, low enrollment, and missed bill payments) may be required to submit monthly financial reports to the Department of Catholic Schools. Reports for each month are due on a specified day of the following month. Monthly financial reports are to be prepared in the forms specified by the archdiocese and are to include the following:
Analysis of cash receipts, including ancillary transactions
Analysis of cash disbursements
Reconciliation of all bank accounts, including scrip, bingo, parent organizations, etc.
Copies of bank statements
Cash flow analysis
School debt to ACC report (loans and accounts receivable)
List of accounts payable
List of accounts receivable (e.g., tuition and fees)
List of credit cards and cell phones used, including a copy of the current credit card bills, as applicable, and the end-of-the-month balances on such credit cards
Profit and loss statement(s) for the current month and year to date from QuickBooks or an equivalent accounting software at the school