§220543 Records, Audits, and Reports

Summary

Keep accurate financial records. At least once a year, an independent auditor must check the Center’s last fiscal year books using normal accounting rules. The audit happens where the Center keeps its records. The auditor must issue a written report within 180 days after the audit is finished. After the audit, the Center must write a separate corrective action plan for any auditor recommendations. The plan must name who will fix it, say what they will do, give a target date, and explain if the Center disagrees or won’t follow a recommendation. Let the auditor see any records, documents, staff, and financial statements needed for the audit. Put each audit report, the Center’s IRS Form 990 for each year, and minutes from the board’s quarterly meetings on the Center’s public website, but remove any personal identifying information. Send Congress an annual report that includes the Center’s strategic plan for its duties, what was done under that plan, financial statements and changes, details about misconduct complaints (how many were referred, pending, closed, and sent to law enforcement), how many retaliation complaints and their outcomes, counts of education and training activities, and a description of other Center activities. For these rules, the Center is treated as a private entity. An audit report must say whether the records are accurate, whether internal controls work, and whether the Center followed these rules. An independent auditor is a licensed public accountant who meets standard accounting requirements.