§220543 Records, Audits, and Reports

Summary

Keep clear, correct financial records and get them checked at least once a year by an independent accountant using standard accounting rules. The audit must test the Center’s internal controls and help prevent waste, fraud, or misuse of money. The audit must be done where the records are kept, and the auditor must issue a written audit report within 180 days after finishing the audit. After the audit report is done, the Center must make a separate corrective action plan that answers each auditor recommendation, naming who is responsible, what will be done, when it will be finished, or why the Center disagrees. The Center must give the auditor access to all needed records, documents, staff, and financial statements. Put each audit report, the Center’s IRS Form 990 for each year, and the board’s quarterly meeting minutes on an easy-to-find part of the Center’s website. Remove any personal identifying information first. Every year, send Congress a report with the Center’s strategic plan and progress, the financial statements and changes in assets and liabilities, a summary of activities (including counts of misconduct complaints received, pending, closed, and referred to law enforcement), any retaliation complaints and outcomes, and the number of education and training activities given. The law treats the Center as a private entity. An “audit report” must include the auditor’s opinion on the records, internal controls, and compliance with these audit rules. An “independent auditor” is a certified or licensed public accountant who meets standard accounting rules.