Module 4B: Financial Reporting

In this module, you will learn how to complete your required annual financial report. This report reflects your organization/business's over-all financial health and performance.

This is the fourth training module that is required as part of your TerraFund project. You can access the other training modules from the right side of this page, under "Other Articles in this Section."

Note: if you have not already, please review Module 4A, on Progress Reporting, to complete this section of your onboarding.

NOTE: This module includes a Knowledge Check; this is a form with a short quiz and a space to share YOUR questions with the team. Any questions you put here will be used by the team to shape our discussion at the upcoming meeting that will follow this module. We really encourage you to take the quiz and to share your questions - they will help everyone in the cohort learn together and help the TerraFund team refine their approach!

Module Outline   

Section 1: Financial Reporting Overview

Section 2: Reporting Requirements

Section 3: How to Submit your Report

Section 1: Financial Reporting Overview

Financial reporting is a key part of the reporting process for TerraFund. This is the primary way we assess the growth and organizational health of your organization or enterprise, which can also be used to identify additional sources of support for our champions. The information collected through these reports is very valuable for a few reasons: 

• Showcase successes for each project
• Demonstrates Accountability 
• Builds trust with WRI
• Enables future funding and scaling opportunities 
• Ensures transparency in project implementation
• Help WRI showcase the financial growth of your organization  

This report is required once a year. After your first year, all financial reports will be available on TerraMatch starting in January and must be submitted by July 31st. You will be expected to submit audited financial statements, so you may not be able to submit this report until those are available, we recommend that you plan accordingly. Champions are permitted and encouraged to submit financial reports prior to the July report deadline, pending the availability of these audited financial documents. In order to ensure you have proper documentation and accurate information, there are a few steps we recommend to pay attention to throughout the year.

Financial Reporting tips and good practices: 

• Regularly update your financial records.
• Cross-check your information with TerraFund templates.
• Align your financial reporting with your organizational goals.
• If you are confused with aspects in the report, ask for clarification or more explanation from your project manager 
• Seek guidance early if you have any questions.

Section 2:  Reporting Requirements   

Please note that financial reporting differs slightly between non-profit organizations and enterprises. Below you will find the full information requirements for each financial report type  

To learn more about the specific enterprise indicators and requirements for financial reporting, please refer to this article: TerraFund Enterprise Financial Reporting – TerraMatch Help Center. 

Section 3: How to Submit your Report

Step 1: Log in to TerraMatch and access the Financial Report. 

You can find the report under "My Organization" and the "Financial Information" tab. The report is located in the top right of the "Financial Information" page. To edit it, click the blue "View report” button:

Step 2: Fill out the Report. 

You can access the report form via the blue "Edit" button in the banner image on the report page. 

When you open the report, you will find different sections to fill out. Data from previous submissions might be pre-filled. Please check for accuracy and update the most recent years.

You should ensure that:

• All financial figures are in the correct currency.
• The financial year start month is accurate.
• Figures are correct and clearly documented.
• Any supporting documentation is provided for each year.

 Step 3: Submit the Report. 

• To do this, press the blue "Submit" button on the final (Review" page of the report. Your WRI project manager (PM) will review the report, reopen it if they need to request additional details or any changes, and once any issues are resolved, they will approve the report.

The video below walks you through finding and completing your financial report - the example shown is for a non-profit.

Section 4: Knowledge Check

Review what you learned in this module, and share any questions, comments, or concerns on this topic, in our quiz and feedback form here.

Byline

Course Director 

Isabel Harrington, Capacity & Innovation Manager, Restoration Finance, USA

Content Contributors  

Ange Kalitanyi, Lead Project Manager & TerraFund Liaison, VIA Foundation, Rwanda

Celestin Hirwandame, Portfolio Manager, Restoration Finance, Rwanda

Gretta Ishyaka, Product Specialist, TerraMatch, Rwanda

Placide Ineza Kwizera, Grants and Finance Specialist, VIA Foundation, Rwanda