What financial reporting obligations does the Sub Deb Club have, and what should annual financial statements include?

• A. Financial reporting is optional and may be skipped if the board approves.
• B. Annual financial statements include balance sheet, income statement, and notes; these are reviewed or audited and presented to members.
• C. Balance sheets, income statements, and notes; these are reviewed or audited and presented to members.
• D. Financial statements must be published in a public newspaper.

Answer: (C)