LEAN Accounting and Budgeting - Topic for June 22, 2010

If you are like most nfp finance people, you spend alot of time preparing financial information that very few decision-makers read, use, or understand. More and more nfp's are becoming aware of this phenomenon and are seeking solutions. One possibility is the adoption of LEAN accounting and budgeting practices. Aren't familiar with LEAN? Then make plans to join us at our final nfpFMA meeting of the program year, Tuesday, June 22, 2010 when Rick Feldt, Michael Lewis, and Kristin Parshay of Rubin Brown discuss how nfp's can get LEAN.

Audit Committees and Audit Planning Letters - For panic and stress-free audits!

This afternoon, Jeanette Bax-Kurtz and Karyn Nunn of Mueller Prost PC discussed ways Audit Committees can assist nfp's with audit preparation and other matters related to the audit. Some considerations they presented are:

• Selecting Audit Committee members - make an effort to select members who will further the exempt purposes of the nfp while minimizing conflicts of interest.
• General Rules Affecting Audit Committee Composition - seek out members of the public who possess expertise in the committee's role, are independent of the nfp and other members, are capable of making sound financial decisions, can understand nfp financial statements, and have a basic understanding of public audits.
• Typical Responsibilities of Audit Committees - include selecting audit firms, reviewing the audit plan and scope, approving the audited financial statements, monitoring internal controls, monitoring accounting policies and procedures, monitoring policies such as code of conduct, and conflict of interest policies, and monitoring federal and state tax filings (such as the 990).

The nfpFMA members also discussed the best way to prepare an Audit Planning Letter, in which the nfp provides the audit firm with notable changes from prior years or "need-to-know" information, and the impact of those changes and "need-to-know" information on the financials statements. Both Bax-Kurtz and Nunn agreed that Audit Planning Letters go a long way toward experiencing a successful audit.

Audit Committees and Management Letters - Topic for May 25, 2010

Are you aware that panic attacks experienced at the onset of the annual audit can be treated with preventative care? Jeanette Bax-Kurtz and Karyn Nunn of Mueller Prost PC will speak at the May 25, 2010 nfpFMA meeting to tell you that YES THEY CAN! The treatment involves nfp's taking two simple steps; forming a board Audit Committee and drafting a Management Letter. So please make plans to join us Tuesday, May 25 to hear Bax-Kurtz and Nunn take us through these activities.