[OMS_MANAGERS] Bookkeeping audit/review

[STUART Sheri * OPRD]

Hi Kelly,

Here’s a link to an article on Blue Avocado (a really terrific on-line source for board and nonprofit info) that specifically addresses this issue. It is an opinion written by an attorney. In a nutshell, he advises a review if budgets are constrained unless there is suspicion of mishandling of funds, then an audit would be appropriate. I was taught an audit every few years, but that was before costs have escalated – maybe time to re-think? This article is definitely food for thought.

https://blueavocado.org/finance/attorney-recommends-review-instead-of-audit/?highlight=Audits

On a separate note, attached is an excellent handout I found on-line a while back on financial oversight by a nonprofit board. Recommended reading for every board member!

Cheers, Sheri

From: OMS_MANAGERS [mailto:oms_managers-bounces at listsmart.osl.state.or.us] On Behalf Of Kelly Haverkate
Sent: Thursday, December 19, 2019 1:20 PM
To: Managers OMS
Subject: [OMS_MANAGERS] Bookkeeping audit/review

Hi All
Our board thought it might be a good idea to have someone look over the books (for the first time ever...)  Just to cover ourselves and make sure everything is on the up and up.l.  Do you know what is maybe required and/or what other small non profits do?  Would we need a full on Audit, or does a review of the books look just as good?
We don't have a lot going in and out.  Just event income, sponsorships and donations being deposited and standard insurance, advertising, event bills etc being paid out.
Would love any input and ideas from you guys.

Thank you!

Kelly Haverkate
Downtown Dayton
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <https://omls.oregon.gov/pipermail/oms_managers/attachments/20191219/a4d14df3/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: FUN_Oversight.pdf
Type: application/pdf
Size: 424696 bytes
Desc: FUN_Oversight.pdf
URL: <https://omls.oregon.gov/pipermail/oms_managers/attachments/20191219/a4d14df3/attachment.pdf>