Audit Committee:

 

PURPOSE: To inspect the Treasurer's records for appropriateness and accuracy and to asure all guidelines have been followed for the Club and the Trust.

 

RESPONSIBILITIES:

  1. Review check register for proper accounting.
  2. Balance final Treasurer's report for the Club and the Trust to the bank records and cash on hand.
  3. Check for proper expenditures account coding.
  4. Check for propler revenue account coding.
  5. Test for dual signatures.
  6. Review all expenditures $201 or greater to insure they were approved in the minutes of the Board and/or General Membership. (The final Treasurer's report should be completed by the December General Membership Meeting using November 15 as cutoff date for all expenditures since the fiscal year ends December 31).
  7. Complete audit for fiscal year (January 1st to December 31st) prior to the Decembe General Membership Meeting and give report to General Membership at the meeting.  Only those expenditures approved by the General Membership where the amount and payee are known can be reserved at the end of each year, excluding scholarships.
  8. Insure the Treasurer has filed the form 990 with the IRS for the Club and the Trust prior to September 15th due date.
  9. Provide President with annual report at the January meeting.  Include important data, written audit report, sample forms, accounting and any recommendations for next year's chair.  A copy will be added to the committee notebook.

 

CLASSIFICATION: Standing: Administrative

 

CHAIR:  

 

COMMITTEE MEMBERS:  

 

NEXT EVENT:  Need Info

 

NEXT MEETING:  Need Info

 

Recommendations for Audit of Gaming Permit

Audit would be performed by audit committee with assistance from member in charge and report submitted with annual report.

 

Gaming audit to include the assurance of:

  1.  Annual permit application and fee paid by December 15 in accordance with AS 05.15.020(c).
  2. Annual report filed with the state of Alaska by March 15 in accordance with AS 05.15.080 and 15 AAC 160.850.
  3. The member in charge has signed application and reports in accordance with AS 05.15.095 and has all records in order in accordance with 15 AAC 160.870.  The member in charge must also comply with 15 AAC 160.970.
  4. The permit has not been transferred as stated in AS 05.15.040.
  5. The member in charge and alternate member have copies of statute and regulations AS 05.15 Game of Chance and skill and are familiar with contents.
  6. The net proceeds have been used in accordance with AS 05.15.150 and 15 AAC 160.810 and that the net proceeds have been devoted within one year to one or more of the uses stated in AS 05.15.150.
  7. The gaming expenses fall within AS 05.15.160.
  8. Raffle tickets comply with regulation 15 AAC 160.640.
  9. Raffle drawings comply with regulation 15 AAC 160.650.
  10. Raffle prizes comply with 15 AAC 160.660.
  11. Raffle records are kept by the member in charge in accordance with 15 AAC 160.670.
  12.  The Gaming bank account complies with 15 AAC 160.820.
  13.  The method of accounting complies with 15 AAC.160.830.

The use of the permit number may not be lent to another non-profit.