It’s a difficult but necessary part of conducting business at a nonprofit: it’s the audit! Just as soon as I’ve said the word, you’re starting to get nervous, but in this episode, we’re going to take the nerves out of it and get you prepared for an audit. If you’re prepared, you should be ok. At least that is what our guest talks to us about in this episode. Amy Cooper is a CPA with Clifton Larson Allen and has more than 30 years of experience in audit, accounting, and tax services. She primarily serves nonprofit organizations, condominium/homeowner associations, independent schools, small businesses, and individuals. She is going to help us remain calm and plan ahead.
In this episode, you'll discover
Why are audits so stressful for nonprofits? 01:29
A walkthrough of the audit process 02:02
Are audit requirements the same for every state? 04:12
What are some key things to look for in an auditing firm 04:32
Should you get a board member with auditing skills? 06:11
Who is responsible for the audit process? 07:28
When should a nonprofit consider having an audit? 08:05
Do certain types of grants require an audit? 08:45
One example of a nonprofit making the audit process run smoothly 10:45
What are the next steps after an audit? 12:24
Should nonprofits make their audit info public? 15:01
Steps for how a nonprofit can prepare for an audit 16:00
Build a good relationship with your auditor 17:00
Coaches corner - "How can I make the prep work for an audit easier for me and my team?" 18:25
This podcast comes to you from IMPACTability™ powered by Soukup Strategic Solutions.
IMPACTability™ is an online coaching program that helps nonprofit leaders maximize their impact. With Impact Coaches, nonprofit leaders can achieve career goals and have a greater impact on the world around them. Impact Coaches will help you address real-world challenges that you experience in your own nonprofit. By focusing on your strengths as a leader, Impact Coaches can help you apply your knowledge and skills to have a greater impact.
Soukup Strategic Solutions, Inc. was founded in 2012 by the company’s president, Sheryl Soukup, to provide nonprofit organizations with expertise in fundraising and nonprofit management. The company offers consulting, coaching, and full-service grant writing, marketing, donor database management, strategic planning, and much more.