2011 Financial Statements

[Kaldonis]

Hey everyone. We have to make a choice regarding the review/audit of our financial statements which will be presented at the AGM.

Basically, we can choose to have them:
a) audited by a professional auditor ($$$)
b) reviewed by someone else qualified to do so ($$?)
c) not reviewed or audited (ZERO DOLLARS)

[DigitalOSH]

What are the consequences of no review?

[Bergo]

none that we are aware of, just cheaper. I beleive an audit would be more meaningful if we had actualy had more income and expenses. Books are fairly basic, I'l let Kaldonis comment as well though, as he's done more reading on the reporting requirements than I have.

[Kaldonis]

The documents required are a balance sheet and an income statement, both of which are going to be very basic and easily understandable by the majority of our members. We'll also need to do up a budget for 2012-2013 which will look a lot like:

Membership dues: $11400
Rent: ($10710)
Insurance: ($380)
Incidentals: ($310)

Or something along those lines anyway.

[Odemia]

My experience with auditors and my condo is that the auditor basically just took the two spread sheets we had sent them and match up the receipts and then added 20 pages of the same numbers explained in different ways. And then takes a few thousand $$$ for the trouble.

So I am against auditor for sure. I think everyone is more than capable of creating and/or understanding a balance sheet. As long as we can account for what is in the bank and where money went I am happy.

[DigitalOSH]

How about peer reviewed? By the board?

[Kaldonis]

How about peer reviewed? By the board?

Not one of our options, but obviously every member gets a copy of the financial statements to look over. If anyone has questions, they can pose them at the meeting.