Audit and Budget

2016 – 2017 Committee Members
Jean Willis, Chair

Current Approved Budget

The chair is appointed by the President for a term of one year. The Chair may appoint additional members as needed.

1. Audit Procedures

  • Following the close of the fiscal year June 1st, obtain from the Treasurer: the checkbook, bank statements, deposit records, invoices, records of receipts, ledger and quarterly reports for the previous year.
  • Compare invoices and expense vouchers with canceled checks, checkbook entries and ledger entries. Make certain that there are invoices or appropriate back-up documentation for each expense.
  • Compare the record of receipts with the deposit record, the checkbook and the ledger.
  • Check all arithmetic in the ledger to verify a match with the quarterly and annual report.
  • Verify that the closing balance in the annual report equals the checkbook closing balance.
  • Verify that the bank statement reconciles with the checkbook.
  • The audit report should be presented to the Board and to the membership at the Fall¬†Business Meeting. A copy should be sent to the Treasurer with any comment or questions.
  • Should there be any discrepancies in the financial records, the Board should be notified.

2. Budget Procedures

  • In March or April, obtain from the Treasurer copies of the semiannual report from the current year and the annual report from the previous year.
  • Contact each committee chair for their proposed expenses, taking note of any foreseeable changes.
  • In constructing the budget, use the previous years’ budget and the semiannual report, as well as the information from the committee chairs as guidelines. Assume that membership will remain the same. If possible, determine from the Board whether the Fall workshops and the Spring Institutes are expected to break even, to make a profit or to show a loss. If there is no decision on this matter, use an arbitrary figure from past experience and show them both as revenue neutral.
  • To prepare the budget, list first all income categories in alphabetical order, followed by expenses in the same order. An attached sheet can be used to explain the various entries if necessary.
  • The proposed budget should be presented to the Board as soon as possible after June 1 for their comments, questions, and corrections. The final budget should be presented to the membership at the Fall Business Meeting. A copy should be distributed to all Board members and committee chairs.