Audits are never fun, but being prepared can help relieve a ton of pressure. Start prepping early so you can be ready when the auditor arrives. Talk to your accounting and administrative staff and get them working on the items below. Being prepared can help save you time and money!
Ask your auditor for a list of documents to gather. This is the best place to start. Review the list, see what you need to gather, and estimate how much time you need to do so. Wait to pick an audit date until you have an idea of how long it will take you to gather items and work on the additional items below.
Review a detail of income and expense transactions. Take a quick look at the prior years’ transactions to catch any miscoded or mis-classed items.
Gather donor information. Donors who gave $5,000 or more during the year will be reported on the 990. Make sure you have donor names and addresses to provide to the auditor.
Double check what’s sitting in grants receivable. Gather information regarding multi-year loans, and confirm any grants received from the prior closed year properly offset the grants receivable account.
Double check all liabilities. Confirm that ending balances for loans, accrued PTO, and other payroll liabilities are correct.
Make sure prior year ending balances match prior year return. Double check that account beginning balances match the ending balances for the prior year’s 990.
Shout out to our client, the International Sustainability Institute (ISI), for being chosen out of 1,700 applicants for a feature in the US Department of Housing and Urban Development’s (HUD) Innovation of the Day competition. ISI is a non-profit located in Pioneer Square, focused on bringing world-wide sustainability practices to the Pacific Northwest. ISI’s Alley Network Project, which caught HUD’s attention, is a program designed to unite Pioneer Square community members through events located in Nord Alley. You may have participated in some of their prior events, including World Cup game showings, alley concerts, and art displays. Thank you to ISI for making Pioneer Square a more vibrant neighborhood!
Save Our Wild Salmon (SOS) will be holding their annual fundraiser this Thursday, June 18,2015 at Ray’s Boathouse. We’ll be there to help them celebrate 24 years of working to collectively restore natural and sustainable salmon populations to the Pacific Northwest. We’ll also be there to try wine from over 30 Pacific Northwest wineries, and nosh on sliders from Ray’s Boathouse. Get details here to join us!
21 Progress will be hosting the Legacy of Leadership event on May 13, 2015, to honor founding executive director, Sharon Maeda. Sharon has been an advocate of social justice initiatives, teacher, trainer, and mentor for the last 47 years. As the executive director of 21 Progress, Sharon helped develop and implement programs that provide emerging social justice leaders opportunities to exercise their talents. We look forward to celebrating with Sharon this Wednesday!
Our website has been made over! Thanks to Marketing by Marlow, we have a fresh look and some great new features. Get to know our new staff, and see who we’re working with today. We’ll also be sharing new bookkeeping and tax tips through our blog, so you can stay up to date on the latest accounting news. Best of all, everything is mobile friendly so you can learn on the go.
Use our site to contact us for all of your accounting needs!