The Nonprofit FAQ: Audits

Select an FAQ   (7):

Does an NPO really need a Treasurer? In a volunteer-based organization, the treasurer may actually keep the books. In larger organizations, the responsibilities of the role change.

General considerations when planning an audit The word 'audit' is used in lots of ways. This article focuses on issues and resources for a financial audit by an accountant or CPA.

Policies for Financial Accountability Here is a sample of a detailed list of policies governing how the board of a larger nonprofit might deal with financial oversight and controls.

What do you actually get in an audit? This page from the Canadian firm AssociationXpertise explains: http://www.axi.ca/tca/Sep2002/tca04d.htm

What Must Be in an Annual Report? There is no standard format for the Annual Report but many states and some watchdog organizations have requirements for annual reporting.

Where can I find out what the 'watchdogs' are looking at? The National Council of Nonprofit Organizations and the National Human Service Assembly reviewed the work of five organizations that rate charities in 2005.

Who should see board minutes? Organizations need to consider carefully how and when discussions and decisions of the board should be accessible to others.