Audit Committee Chair
RESPONSIBLE AND REPORTS TO: President; Board Liaison -Treasurer
TERM OF OFFICE: One year, may be reappointed for a second term; Additional terms must have Board approval.
Minimum of three members:
Audit Committee Chair
One past Treasurer or past Finance Chair
A. Serve as a non-voting member on the ASCLS -MI Board of Directors.
B. Review the Financial Records to assure funds are available, records of all transactions are maintained and Treasurer's statements accurately reflect the financial status of the Society.
C. Adhere to the Bylaws and General Operating Policies of this Society.
D. Submit a budget recommendation and financial statement when requested by ASCLS -MI Finance Chair.
E. Submit written reports for each ASCLS -MI Board Meeting and a comprehensive report for the Annual Membership Meeting.
F. Attend all ASCLS -MI Board Meetings and ASCLS -MI Annual Membership Meeting.
1. Materials to be reviewed and maintained, include but are not limited to:
Check book ledgers
General ledger sheets
Individual account sheets
Minutes of Board meetings
Minutes of Membership meetings
Finance Committee reports
2. Chair the annual Audit Process:
A. Prior to date of financial audit, request Financial Reports from officers and Committee Chairs.
B. Reconcile one or more bank statements with checkbook ledger.
C. Review documentation of receipts and assure that deposits were made.
D. Review documentation of payments and assure signed reimbursement forms and respective receipts are available. Check addition and subtraction on forms and that the total requested on the form matches the amounts paid.
E. Verify selected individual accounts by:
1). Comparing financial files agree with Financial Report submitted by Officer or Committee Chair.
2). Calling/emailing committee chairs, banks, and escrow account owners asking for verification of account transactions or final balances.
F. Request written verification from Treasurer when follow up documentation is needed.
3. Any urgent matters identified in the audit should be brought to the immediate attention of the President and President-elect.
4. Verify Tax return has been filed by Treasurer.
5. Verify Michigan Annual Report has been filed by Executive Secretary.
6. Prepare written Audit Summary report for presentation at the Winter Board meeting.
7. Transfer all files to newly appointed Audit Chair.
TIME FRAME OF DUTIES:
Refer to General Time Frame and:
Aug Request Financial Reports from officers and Committee Chairs.
Sept Schedule and perform audit of fiscal year financial files.
Nov Verify that the IRS Tax return and the Michigan Annual Report have been filed.