A question for those who belong to

[Russ]

I am curious.....for those who belong to miniature horse clubs......edited to add: I'm talking about ''local'' area type clubs or your state clubs only.

Does your club do a yearly audit of club books/finances?

I'm talking the type of audit where you hire a independant outside accounting professional or/attorney to look over the financial records.

Thank You, hoping to get some responses.

 

[Crabby-Chicken]

Russ,

I am not completely sure but I THINK we have a group of people that are specifically in audit committees. That would be for AMHA and AMHR both. So I guess that is self policing.

 

[Russ]

Hi Crabby Chicken, no not talking about the national registries..... AMHR or AMHA clubs. Want to be clear on that......

I'm talking about ''local clubs'' that people belong to in their state or general area....for example: Hawaii Mini Club......just using it as a example not even sure they have a club.

 

[sedeh]

I belong to 2 clubs but am really only active in our local PtHA club. It's a very small club(but we put on great shows! :bgrin ) and we trust our treasurer to keep the records straight. We don't audit. I also belong to the Northwest Mini club but it's meetings are a 4 hour drive for me......so I don't go. Much larger club so I don't know if they audit or not.

 

[Jill]

Ours doesn't (but I wouldn't mind if they did!).

 

[StarRidgeAcres]

I belong to several "local" clubs. I have to say that one of them is currently wrestling with this question. Our club bylaws (don't know if that's the right word) state we are supposed to have an outside, independent audit once every 12 months, but we haven't done it for several years now. Some of us, myself included, are becoming very uncomfortable with this practice and are hoping an audit will be forthcoming.

I think anytime you've got a group with this much money going in and out, you really need to protect yourself (board members and the regular members) by having an audit done. It doesn't have to cost a ton and it buys a lot of security.

 

[PrestigeMiniHorses]

I don't know if the club I am in here in WA does...

But I know when I was in a club in CO. I know they did. Heck I am wondering now whatever happened to that lil club. Hmm.....

 

[HGFarm]

Are they incorporated??? To comply with state and federal laws, an annual audit should be done by an outside 'unrelated' CPA!!! If the 'club' is incorporated, it is considered a business and is accountable for any and all income and expenses at any time, as the 'members' are the 'business owners'.

How are they sure the required forms filed with IRS yearly are correct if no one does an audit?!!! How are you SURE WHERE YOUR MONEY IS GOING or what it is being spent on with no audit??

 

[StarRidgeAcres]

How are you SURE WHERE YOUR MONEY IS GOING or what it is being spent on with no audit??

My point exactly!

:

 

[lilfolks]

I belong to the New England Miniature Horse Club and the Northeast Miniature Horse Club and both our Inc. so we have to do Audits each year. There is an auditor and he/she sends the reports in.

Joyce

 

[dreamlandnh]

Our club does do an audit by the Audit committee when the books change hands to a new Treasurer.

Karen

 

[HGFarm]

There are different levels of audits by CPA's, depending on how thorough you want and what you want to pay for also.. if done yearly though, shouldnt be that bad if all papers like receipts, income, etc.. are in order.

 

[MiLo Minis]

Things may be a little different in Canada but our club has an audit done once yearly not exactly by an outside auditor but by another member of the club. That member is an accountant and has suggested recently that with the increase in size of our club it would likely be best if we were to hire an outside auditor for next year.