CHAPTER 1
Responsibilities for Fiscal Management
1.4 Safeguarding Financial Assets and Providing Effective Internal Controls
*1.5 Complying with Federal and State Reporting and Regulatory Requirements
1.7 Ten Key Points to Consider in Not-for-Profit Fiscal Management
*(iii) Audited Financial Reports Are Prepared by Management
p. 6. Replace “providing” with “designing” in fourth bullet point.
1.4 Safeguarding Financial Assets and Providing Effective Internal Controls
p. 8. Replace the entire first sentence of the second paragraph with:
Internal accounting controls involve segregating duties and recordkeeping functions such that incompatible functions are not performed by the same person and deviations from authorized procedures can be identified.
p. 8, third paragraph, third sentence. Replace “may” with “should.”
1.5 Complying with Federal and State Reporting and Regulatory Requirements
p. 9. After the end of the second paragraph, add:
There is a current proposal to raise this threshold to $750,000.
*p. 9, n. 4. Replace “Chapter 28” with “Chapter 27.”
*p. 9, n. 5. Replace “Chapter 29” with “Chapter 28.”
1.7 Ten Key Points to Consider in Not-for-Profit Fiscal Management
(b) Financial Reporting
(iii) AUDITED FINANCIAL REPORTS ARE PREPARED BY MANAGEMENT
p. 11. The second sentence should read:
A complete set of financial reports, ...
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