Policy on Independent Annual Audit
Purpose: It is the policy of the United States Tennis Association South Carolina (USTA SC) that it shall manage its financial affairs following generally accepted accounting methods and submit to an annual audit performed by an independent and licensed certified public accountant.
Policy:
1. An annual independent audit is a mark of responsibility and builds trust and confidence in the way money is being accounted for. An annual independent audit establishes habits of fiscal responsibility to assure that even with a turnover in staff and volunteers, there will be continuity in accountability. An annual independent audit also protects the Board of Directors, committee members, staff and volunteers of a non-profit corporation from unwarranted charges of carelessness and improper handling of funds.
2. USTA SC shall manage its financial affairs following generally accepted accounting methods. Reliable, accurate and timely financial information, records and reports are necessary to evaluate the efficient operation of the organization.
a. Financial records will be periodically reviewed to assure that financial resources are being used to further the mission of USTA SC and address any regulatory or liability concerns. USTA SC shall operate in accordance with the annual budget approved by the Board of Directors. Financial reports shall be generated on a timely basis to accurately reflect the financial activity of the organization. Internal financial statements will be prepared identifying and explaining any material variation between actual and budgeted revenues and expenses.
b. USTA SC is required to submit to an annual independent audit performed by an independent and licensed certified public accountant. The auditmust conform to generally accepted auditing standards and all applicable federal and state laws and regulations regarding accounting practices and standards. The independent auditor must issue an auditor’s report which shall addressfinancial conditions, accuracy of expenses and revenue, cash flow and assessment of financial statements. The auditor’s report shall not be edited and must be presented to the Board of Directors and retained in its original form from the auditor.
3. USTA SC has established a written whistleblower policy which provides a confidential means to report suspected financial impropriety or misuse of funds. USTA SC has established written financial policies governing:
- Compensation and expense reimbursement
b. Reserves
c. Investment
d. Budget changes
Board Approval Date: March 29, 2009
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