But not by the IRS. The thought of an audit puts the fear of God in many individuals and organizations, but most reputable nonprofits of any size will regularly request an audit, including United Way of Southeast Missouri. Having an objective, professional auditor review our cash flow and financial statements is just one of the many ways we work to demonstrate to donors they are investing in a reputable, trustworthy organization.
To add even more financial transparency and security of donor dollars we also:
- Process every check request and payable/receivable through two internal staff members
- Have a professional accounting firm manage our books (different from the auditor)
- Ask a committee of community volunteers with accounting experience to review our quarterly income statements
- Post our 990 on our website
- Share our financial statements with anyone who wants to come view them.
This year’s auditor revealed:
“We noted no transactions entered into by the organization during the year for which there is a lack of authoritative guidance or consensus…We encountered no significant difficulties in dealing with management in performing and completing our audit.
In our opinion the financial statements (reviewed) present fairly, in all material respects, the financial position of United Way of Southeast Missouri, Inc. as of June 30, 2017, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.”
Whew! We are rarely concerned but always relieved to have another successful audit behind us. Now we’re working on our budget for fiscal year 2018, which begins July 1. Our fiscal mission has not changed: maintain low operating expenses and grow donations so that we can invest even more into programs and agencies that strengthen Southeast Missouri. We couldn’t do it without you. Thanks, and keep up the good work!