Cohousing-L Mailing List: Financial Audit Question

[S. Kashdan (s_kashdan]

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>