{"id":2227,"date":"2010-09-02T13:06:34","date_gmt":"2010-09-02T20:06:34","guid":{"rendered":"http:\/\/www.mlgsca.mlanet.org\/newsletter\/?p=2227"},"modified":"2010-09-03T14:51:26","modified_gmt":"2010-09-03T21:51:26","slug":"mlgsca-financial-review","status":"publish","type":"post","link":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/?p=2227","title":{"rendered":"Financial Review of chapter"},"content":{"rendered":"

By Ellen Aaronson,\u00a0MLS, AHIP,\u00a0MLGSCA Finance Co-Chair<\/em><\/p>\n

For the past several months, the Advisory Council (AC) has been exploring the benefits of an external review of our finances.\u00a0 As you know, Alan Carr has been serving as the MLGSCA Internal Auditor since 2006, a role suggested by our previous Financial Advisor.\u00a0 Alan reviews our QuickBooks accounts and reports on our accounting procedures to the AC but it has been about 6 years since we had any type of external input.<\/p>\n

At the Advisory Council Budget Meeting in July 2009, our Financial Advisor Heidi White suggested that having an external financial review every 2-3 years would be a good idea for MLGSCA.\u00a0 Ms. White has been our Financial Advisor for several years and is a partner at the VAVRINEK, TRINE, DAY & CO., LLP (VTD) accounting firm.<\/p>\n

In light of recent events affecting our finances including the closure of the coupon account and expenditures from the 2010\u00a0Joint Meeting, the Advisory Council agreed that it was prudent for us to have an outside evaluation performed.\u00a0 Members of the Finance Committee researched the types of evaluations available, costs, pros and cons, and the value of the deliverables to our organization. Financial evaluations include the compilation (basically just a financial statement prepared by a financial advisor), the review (a more detailed analysis with brief suggestions for improvement), and the audit (exhaustive look at all aspects of the client\u2019s financial activity).\u00a0 The AC felt that the review option would be the most cost effective and provide us with the information we need.<\/p>\n

We also contacted Ray Naegele at MLA and were told that other chapters do have Internal Auditors, but chapters are not required to have formal external evaluations performed.<\/p>\n

Alan Carr presented these options at the AC meeting in April 2010 and it was agreed that a Financial Review would provide us with an analysis of our accounting practices and suggestions for improvements if needed.\u00a0 The cost of this review will be between $3,200.00-$3,500.00.
\nAt the Transition Meeting on June 30, 2010, the Advisory Council passed a motion in favor of engaging our Financial Advisor Heidi White to perform a Financial Review of our finances.\u00a0 Following the August 6, 2010 Budget Meeting, MLGSCA President Eileen Wakiji sent the approved Transition Meeting minutes authorizing this action to Ms. White, and MLGSCA Treasurer Molly Harrington has sent her the necessary financial documentation.\u00a0 Ms. White will also be interviewing members of our Finance Committee. It is our understanding the review will take about a month once all materials are received.<\/p>\n

If you have any questions regarding this activity, please feel free to contact us.\u00a0 We will summarize the results upon the completion of the review.
\nMLGSCA Finance Committee
\nEllen Aaronson & Deborah Klein, co-chairs
\nMolly Harrington
\nLisa Marks<\/p>\n

Posted 9\/2\/10<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Ellen Aaronson,\u00a0MLS, AHIP,\u00a0MLGSCA Finance Co-Chair For the past several months, the Advisory Council (AC) has been exploring the benefits of an external review of our finances.\u00a0 As you know, Alan Carr has been serving as the MLGSCA Internal Auditor since 2006, a role suggested by our previous Financial Advisor.\u00a0 Alan reviews our QuickBooks accounts […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[104,103],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=\/wp\/v2\/posts\/2227"}],"collection":[{"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2227"}],"version-history":[{"count":16,"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=\/wp\/v2\/posts\/2227\/revisions"}],"predecessor-version":[{"id":2259,"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=\/wp\/v2\/posts\/2227\/revisions\/2259"}],"wp:attachment":[{"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mlgsca.mlanet.org\/newsletter\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}