Cohousing-L Mailing List: Re: When Is a financial Audit Required or Recommended?

[Sharon Villines (sharon]

> On Oct 22, 2019, at 9:02 PM, S. Kashdan <s_kashdan [at] hotmail.com> wrote:
> When Is a financial Audit Required or Recommended?
> 
> https://hoacpa.com/wp-content/uploads/2018/08/FAQ-When-Is-an-Audit-Required-or-Recommended.html

This looks like a very good list of recommended options. We have audits 
regularly though we have discussed doing them less frequently. We have a 
management company that does the accounts and pays bills but we also have 
lawyers and a former FDIC employee. In the past we have had accountants who 
worked in the DC budget office. So we do audits.

Not all of our management companies have done a good job on financial 
management — usually misplacing bills and not noticing that the utilities 
haven’t been paid in 6 months. But years ago when we switched management 
companies, there was an excess of $25,000 in our account. We never found the 
source or error. So there is more than one reason to do an audit.

Sharon
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Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org