Cohousing-L Mailing List: Re: Financial Audit Question

[Diana Carroll (dianaecarroll]

FWIW, our interest in an audit isn't so much about making sure there's no
malfeasance, but to make sure our totally amateur accountant (me) hasn't
wildly screwed anything up.

I wish we had a you in our community to back me up!  In that case I think
an audit would be less essential.

Diana

On Thu, Oct 24, 2019 at 9:53 AM Mac Thomson via Cohousing-L <
cohousing-l [at] cohousing.org> wrote:

> 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
> **********************************************************
>
>
>
> > 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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