When must the Board prepare a statement of receipts and expenditures?

The correct choice reflects the requirement for the Board to prepare a statement of receipts and expenditures on an annual basis. This is important as it ensures financial transparency and accountability, allowing stakeholders to assess the Board's financial position and activities over the course of the year. An annual report typically aggregates all financial data, providing a comprehensive overview that can be used for auditing purposes and to inform the public about how funds are being utilized within the Board's jurisdiction.

While there may be other reporting intervals recognized in different contexts, an annual statement is a common standard for regulatory bodies and ensures that a thorough review of finances takes place, rather than more frequent (monthly or quarterly) reports which may not encapsulate a complete financial picture. Furthermore, preparing reports less frequently, such as biannually, could lead to gaps in financial oversight that may compromise the Board's responsibilities. Thus, the annual timeframe provides a significant balance between timely reporting and comprehensive financial management.