Re: Financial Audit Question
From: Mac Thomson (macthomsonme.com)
Date: Thu, 24 Oct 2019 06:53:20 -0700 (PDT)
At Heartwood Cohousing we’ve never had an audit, or really even considered it. 
We’ve been around for 20 years.

I oversee our books, but don’t do the bookkeeping. I feel that we have enough 
checks and balances and internal controls in place that an audit wouldn’t be 
needed. But maybe I’m being naive.

FWIW, in a previous lifetime I was a CPA and auditor with a public accounting 
firm.

-- 
Mac Thomson

Heartwood Cohousing
Southwest Colorado
http://www.heartwoodcohousing.com


"There never was a good war or a bad peace."
       - Benjamin Franklin
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> On Oct 17, 2019, at 12:17 AM, S. Kashdan <s_kashdan [at] hotmail.com> wrote:
> 
> Greetings,
> 
> This is Sylvie Kashdan, Jackson Place Cohousing, urban Seattle, Washington, 
> built in 2001.
> 
> I am writing to ask communities what their practices are around professional 
> financial audits.
> 
> Here at Jackson Place Cohousing,  our community does not meet the revenue 
> threshold that would mandate an annual formal financial audit in our state.
> Since we are below the level at which yearly audits are legally required, we 
> have the option to forego audits.
> We'd appreciate hearing how other similarly-situated cohousing communities 
> approach this. Even though you aren't mandated, do you still conduct a formal 
> audit annually or do you waive the annual audit some years and conduct them 
> other years? Do you have a set frequency, or are there specific events that 
> "trigger" a formal financial audit?
> 
> Every year our finance team discusses whether or not to have a professional 
> audit, and then brings their recommendation to the whole group to make the 
> final decision for the year.
> 
> So far we have had some professional audits, but not every year.
> 
> We are wondering how other cohousing communities schedule professional audits.
> 
> Cohousingly,
> Sylvie
> 
> Sylvie Kashdan
> Community Outreach Liaison
> Jackson Place Cohousing
> 800 Hiawatha Place South
> Seattle, WA 98144
> www.seattlecohousing.org<http://www.seattlecohousing.org>
> info [at] jacksonplacecohousing.org<mailto:info [at] 
> jacksonplacecohousing.org>
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> 
> 
> 

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