What type of financial report is provided to each chartered association by the DECA Board of Directors?

The correct answer is an annual audit. This type of financial report is essential because it provides a comprehensive review of the financial operations and activities of a chartered association over the course of a fiscal year. An annual audit ensures transparency and accountability, offering insights into financial practices, compliance with regulations, and the overall financial health of the organization.

Audits are conducted by independent auditors, which adds credibility to the financial statements, as they verify the accuracy and fair representation of the financial position. This practice helps stakeholders, including members and governing bodies, understand how funds are managed and ensures that the associations adhere to financial policies and standards.

In contrast, the other options entail different types of financial reporting. An annual budget outlines planned income and expenditures but does not reflect actual financial performance. A quarterly financial statement offers a snapshot of financial data at shorter intervals, which is not the same as an annual comprehensive review. A yearly revenue report would focus solely on income, lacking the broader assessment that an audit provides, which encompasses all facets of financial activity.