Although Indiana’s not-for-profit organizations play a huge role in making our state a valuable place to live and do business, their tax reporting requirements can be a major hassle to completing their respective missions. We tried to make it easier in this reference guide for 2019.
Recent changes and adoptions of Rural Development’s financial reporting requirements for fiscal year 2018 have led to confusion about how to submit financial statements to RD’s offices. After talking with officials in Washington, DC, Lemler Group is here to clarify what you need.
Even when done properly and quickly, audits drain time away from your team and often cause a lot of stress among those working on it. The question on everyone’s mind is “How can we get this done faster?” The answer: by mastering communication skills and being timely with every step of the process.
The final phase of an audit is what guarantees the assurance sought by the entire process: it’s when the auditors involved actually test the year-end amounts and balances. It’s also a period of intense communication, and requires cooperation and open communication from everyone involved.
Balancing your daily responsibilities and answering an auditor’s request list can be competing interests, but gathering those documents as early as possible will save you and your organization time and hassle during the audit.