{"id":157,"date":"2021-03-04T20:45:03","date_gmt":"2021-03-05T01:45:03","guid":{"rendered":"http:\/\/weswong.com\/WongoTech\/?p=157"},"modified":"2021-03-09T20:45:37","modified_gmt":"2021-03-10T01:45:37","slug":"audits-and-agms","status":"publish","type":"post","link":"http:\/\/weswong.com\/WongoTech\/audits-and-agms\/","title":{"rendered":"Audits and AGMs"},"content":{"rendered":"\n<p>By now, many churches have wrapped up their 2020 financials and have held, or will soon hold, their <strong><em><span style=\"color:#a2a300\" class=\"has-inline-color\">A<\/span><\/em><\/strong>nnual <strong><em><span style=\"color:#a39b00\" class=\"has-inline-color\">G<\/span><\/em><\/strong>eneral <strong><em><span style=\"color:#a38000\" class=\"has-inline-color\">M<\/span><\/em><\/strong>eetings. I would expect the church boards to provide financial statements and auditor reports to their membership in advance of the <strong><em><span style=\"color:#a38e00\" class=\"has-inline-color\">AGM<\/span><\/em><\/strong>. As you know, registered charities\u2019 financial statements are available on the <a href=\"https:\/\/apps.cra-arc.gc.ca\/ebci\/hacc\/srch\/pub\/dsplyBscSrch?request_locale=en\">CRA website<\/a>, e.g., Schedule 6 of their <span style=\"color:#a32c00\" class=\"has-inline-color\"><strong>T3010<\/strong> <\/span>Annual Information Return. Therefore, the state of their financials are public and not restricted just to their members.<\/p>\n\n\n\n<p>Check out this <a href=\"https:\/\/pfc.ca\/wp-content\/uploads\/2021\/01\/analyzing_financials_pfc2021.pdf\">document<\/a> from <strong><em>P<\/em><\/strong>hilanthropic <strong><em>F<\/em><\/strong>oundations <strong><em>C<\/em><\/strong>anada re: analyzing financials of <strong><em>n<\/em><\/strong>ot-<strong><em>f<\/em><\/strong>or-<strong><em>p<\/em><\/strong>rofit organizations, and <strong><em>CPA<\/em><\/strong> <strong><em>C<\/em><\/strong>anada\u2019s <a href=\"https:\/\/www.cpacanada.ca\/en\/business-and-accounting-resources\/audit-and-assurance\/canadian-auditing-standards-cas\/publications\/understanding-reports-on-financial-statements\">guide<\/a> to understanding financial statements. In the <strong><em>PFC<\/em><\/strong> document, there are tips and <span style=\"color:#a30900\" class=\"has-inline-color\">red <\/span>flags to note; e.g., the auditor\u2019s letter about a <span style=\"color:#a3001f\" class=\"has-inline-color\">qualified <\/span>opinion (p4). Alas, in reading financial statements, I had observed <span style=\"color:#a31f00\" class=\"has-inline-color\">anomalies <\/span>(e.g., the balance sheet <span style=\"color:#a31200\" class=\"has-inline-color\">doesn\u2019t <\/span>balance) \u2026 even after an audit. Check out this <a href=\"https:\/\/www.youtube.com\/watch?v=KPIiSvTwLo4\">webinar<\/a> re: <span style=\"color:#a30d00\" class=\"has-inline-color\">red <\/span>flags, sponsored by PFC last October. It also provides a good basic introduction to registered charities within Canada\u2019s <strong><em>N<\/em><\/strong>ot-<strong><em>f<\/em><\/strong>or-<strong><em>P<\/em><\/strong>rofit sector which also includes Non-Profit Organizations. Click <a href=\"https:\/\/www.dropbox.com\/s\/kuz3xf2zh34mp71\/Oct28%20-%20%23PFCWebinar_Is%20this%20a%20Red%20Flag%3F%20Understanding%20%26%20Analyzing%20Charity%20Financials.pdf?dl=0\">here<\/a> for the chart deck.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By now, many churches have wrapped up their 2020 financials and have held, or will soon hold, their Annual General Meetings. I would expect the church boards to provide financial statements and auditor reports to their membership in advance of the AGM. As you know, registered charities\u2019 financial statements are available on the CRA website,&hellip; <a class=\"more-link\" href=\"http:\/\/weswong.com\/WongoTech\/audits-and-agms\/\">Continue reading <span class=\"screen-reader-text\">Audits and AGMs<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-157","post","type-post","status-publish","format-standard","hentry","category-blog-post","entry"],"_links":{"self":[{"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/posts\/157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/comments?post=157"}],"version-history":[{"count":1,"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/posts\/157\/revisions"}],"predecessor-version":[{"id":158,"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/posts\/157\/revisions\/158"}],"wp:attachment":[{"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/media?parent=157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/categories?post=157"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/weswong.com\/WongoTech\/wp-json\/wp\/v2\/tags?post=157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}