2013 Audit and Financial Reviews
February 6, 2013
The Neighborhood and Community Relations (NCR) Department is arranging assistance for neighborhood organizations with audits, financial reviews, and year-end filings in accordance with the NRP Audit Policy. In an effort to be more transparent with audits, financial reviews, and year-end filings, the NCR department is notifying all neighborhoods of the assistance that is available and the 2013 Audit, Limited Financial Review and Agreed Upon Procedures schedules.
IRS Form 990 and Minnesota Charitable Organization Report
As in past years, Mike Wilson is available to assist neighborhood organizations with preparing the Federal IRS Form 990 and the Minnesota Charitable Organization Report forms. Mike will be contacting you as appropriate to make arrangements.
Several neighborhood organizations simply need to file a 990N Electronic Postcard, which you can find at http://www.irs.gov/Charities-&-Non-Profits/Annual-Electronic-Filing-Requirement-for-Small-Exempt-Organizations--Form-990-N-%28e-Postcard%29. Your neighborhood support specialist at NCR will call you as the deadline nears with a reminder to go online and fill out this postcard.
2013 Audit Schedule
We have identified a number of neighborhood organizations that should have some level of audit procedures this year, in addition to the Federal 990 and the Minnesota Charitable Organization Report forms. Mike Wilson or the Office of the State Auditor will contact you directly.
According to the NRP Audit Policy, audit reports consist of at least the following parts: 1) the financial statements, a schedule of NRP funds received and expended, and the auditor's report on the statements and the schedule, and 2) a management and compliance letter assessing the organization's internal control and management structure. The following neighborhood organizations are scheduled for an audit in 2013:
Elliot Park Neighborhood, Inc.
Lyndale Neighborhood Association
Central Area Neighborhood Development Organization
Folwell Neighborhood Association
2013 Limited Financial Reviews Schedule
Limited reviews involve specific procedures that are agreed upon in advance by the NCR Director, auditor, and recipient. These procedures may include an evaluation of the organization's accounting practices, limited review of ledgers and source documents, and examination of procedures and records used to demonstrate compliance with NRP contracts. The following organizations are scheduled for a limited financial review in 2013:
Bryant Neighborhood Organization
Citizens for a Loring Park Community
Longfellow Community Council
Ventura Village Neighborhood
Jordan Area Community Council
Powderhorn Park Neighborhood Association
Hawthorne Neighborhood Council
2013 Agreed Upon Procedures Schedule
Agreed Upon Procedures are a limited set of procedures that will vary from organization to organization, but may include tests, evaluations, or procedures, but do not provide an opinion. The Agreed Upon Procedures provide a snapshot of the organization’s governance, accomplishments, record keeping, internal controls, filings, and compliance with specific contracts. The following organizations may receive Agreed Upon Procedures engagements in 2013:
East Phillips Improvement Coalition
Bryn Mawr Neighborhood Association
Concerned Citizens of Marshall Terrace
Field Regina Northrop Neighborhood Group
Holland Neighborhood Improvement Association
Lind Bohanon Neighborhood Association
Lowry Hill East Neighborhood Association
Midtown Phillips Neighborhood Association
Southeast Como Improvement Association
Webber-Camden Neighborhood Organization
NCR covers the cost of providing these financial services to Minneapolis neighborhood groups. Your timely responses to the auditors will ensure that we will be able to continue this support long into the future. To help keep costs down, and to keep filings and audits on schedule for everyone, we encourage you to be prepared for your work with the auditors, and to respond promptly to their requests for documents and information.
If you have any questions, contact Robert Thompson at (612) 673-2523, or by email at [email protected]
Last updated Jul 19, 2013