Fall 2010 issue of Horizons

Not-For-Profit – continued

What A Not-for-Profit Should Do An IRS exam will be disruptive to your

organization’s normal activities; however, there are several ways to minimize the disruption. These include maintaining documentation including supporting disclosures in the return, minutes of board and committee meetings, as well as policies and procedures. Respond to the revenue agent’s information requests promptly, completely and concisely, but do not let haste result in poorly worded or unorganized responses. Be respectful and courteous at all times. Tax professionals that are used to working with the IRS can be very helpful in planning and managing the audit process. Please contact us if you receive a notification that your entity has been selected for audit.

• Whether there are systems in place to ensure that use of assets is consistent with the organization’s mission • How often financial information is made available to the governing body and how often the governing body discusses financial issues • Whether a management letter was prepared by the independent accountant and whether it was reviewed by the board or designated committee, and if the recommendations were adopted

RubinBrown’s Not-For-Profit Services Group

Judy Murphy, CPA Partner-In-Charge Not-For-Profit Services Group judy.murphy@rubinbrown.com 314.290.3496

Chip Harris, CPA Partner

Not-For-Profit Services Group chip.harris@rubinbrown.com 913.491.4426

Jim Ritts Partner

Russ White, CPA, MBA Partner Assurance Services Group russ.white@rubinbrown.com 303.698.1883

Not-For-Profit Services Group jim.ritts@rubinbrown.com 314.290.3268

Raise Your Expectations

51