Turn the variance report into a one-page board memo Prompt

Turn the financial report below into a one-page memo for our board finance committee.

Audience: board members who are smart but not accountants. They have 5 minutes.

Structure:
1. The headline: one or two sentences on where we stand. Are we on track for the year?
2. What changed: the three to five biggest variances, each in one sentence with the dollar amount and the reason. Use only the reasons in my notes. If a variance has no explanation in my notes, write [REASON NEEDED].
3. What to watch: risks in the next quarter (cash, grant timing, revenue shortfalls), only if supported by the numbers or my notes.
4. What we need from the board: decisions or approvals, if any. If none, say "No action needed."

Rules:
- Plain English. No accounting jargon unless you explain it in a few words.
- Round to the nearest thousand in the text. Don't change the underlying numbers.
- Do not speculate beyond the numbers and notes provided.
- Under 350 words.

After the memo, list every number you used and where it came from in the report, so I can check them.

FINANCIAL REPORT:
[PASTE BUDGET VS ACTUAL OR FINANCIAL PACKAGE]

MY NOTES ON WHAT HAPPENED:
[PASTE NOTES]