In most cases, if a non-profit receives any public
funding, an annual audit is required by the public
funding agency. A financial review may be permitted
only if the non-profit is very small--with an
operating budget of $10,000 or less.

Most major foundations want to see an annual audit, as
well. With the huge competition for foundation grants,
foundations can be picky and simply not give serious
consideration to an application that does not include
a complete audit.

gaw

--- nicholas burlakoff <[log in to unmask]>
wrote:
Date: Sat, 16 Jun 2007 00:24:50 -0400 
From: "nicholas burlakoff" <[log in to unmask]>
Subject: Re: [MUSEUM-L] Audit versus Review 
To: [log in to unmask]

---------------------------------
Keep in mind that some states require non-profits to
have annual audit of books. To keep costs down books
could be kept in-house or by contracting it out to a
freelance bookkeeper. With today's software virtually
anyone keep a good set of books, and the audit will
give you  feedback if something is not done correctly.
No need to pay twice for specialists. Peace, Nick 


-----Original Message-----
From: Sarah Smith 
Sent: Jun 14, 2007 11:07 AM
To: [log in to unmask]
Subject: [MUSEUM-L] Audit versus Review

     
Dear List:

 

Our museum has had an independent CPA firm perform an
annualaudit for the past fifteen years. The cost for
this audit has increased to anuncomfortable level. The
board is considering having a CPA firm perform
anannual review instead and schedule an audit for
every five years.  Ourmuseum has an operating budget
of 270,000.  Our bookkeeping is done by a separateCPA
firm. Have any like sized organizations made the move
to a review? If sohow has it impacted giving from
Foundations and individuals? I am concernedthat our
museum would lose some credibility if we made the
switch.

 

Sarah Y. Smith

Executive Director

Hanover Tavern Foundation

(804) 537-5050 ext. 22

www.hanovertavern.org

 

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Dear List:

 

Our museum has had an independent CPA firm perform an
annualaudit for the past fifteen years. The cost for
this audit has increased to anuncomfortable level. The
board is considering having a CPA firm perform
anannual review instead and schedule an audit for
every five years.  Ourmuseum has an operating budget
of 270,000.  Our bookkeeping is done by a separateCPA
firm. Have any like sized organizations made the move
to a review? If sohow has it impacted giving from
Foundations and individuals? I am concernedthat our
museum would lose some credibility if we made the
switch.

 

Sarah Y. Smith

Executive Director

Hanover Tavern Foundation

(804) 537-5050 ext. 22

www.hanovertavern.org

gaw

Glenn A. Walsh
Electronic Mail - < [log in to unmask] >
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Important Subscriber Information:

The Museum-L FAQ file is located at http://www.finalchapter.com/museum-l-faq/ . You may obtain detailed information about the listserv commands by sending a one line e-mail message to [log in to unmask] . The body of the message should read "help" (without the quotes).

If you decide to leave Museum-L, please send a one line e-mail message to [log in to unmask] . The body of the message should read "Signoff Museum-L" (without the quotes).