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FOR BHF USELL1 2023STATE OF ILLINOIS DEPARTMENT OF HEALTHCARE AND FAMILY SERVICES FINANCIAL AND STATISTICAL REPORT (COST REPORT) FOR LONGTERM CARE FACILITIES (FISCAL YEAR 2023) I.IDPH License ID Number:
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Gather all financial documents, including income statements, balance sheets, and cash flow statements.
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Identify and categorize all sources of revenue and expenses.
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Establish a budget based on historical data and future projections.
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Implement tracking mechanisms to monitor expenses and revenues continuously.
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Review and adjust the budget periodically to reflect changes in income and expenses.
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Prepare regular financial reports to assess the fiscal health of the organization.
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Conduct audits to ensure compliance with financial regulations and internal policies.

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Fiscal management refers to the planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization.
Organizations that are subject to financial regulations or oversee public funds are typically required to file fiscal management reports.
To fill out a fiscal management report, you typically need to gather financial statements, budgets, and relevant documentation, and then input this information into the required format or system as specified by regulatory authorities.
The purpose of fiscal management is to ensure effective allocation and use of financial resources, maintain financial accountability, and support decision-making within an organization.
Information that must be reported typically includes budgetary details, revenue and expenditure reports, financial statements, and performance metrics.
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