3 Members (Members only). Term: 3 years. Meets annually, on call. Reports in October. Hosts with Finance in November.
The Auditing committee reports to Monthly Meeting annually on the results of its review of the books of account of the Meeting;
- Makes an annual audit of the financial records of the Controller for operations and the Treasurer for Endowments;
- May audit the financial records of other groups and individuals who handle funds for Meeting purposes if requested
- From time to time the committee may make recommendations to the Meeting or relevant committees regarding financial procedures.
Standard questions asked by the Newtown Meeting Audit Committee on an annual basis
Questions for the Controller
Please show us:
• The incoming balances for July 1 of the fiscal year to compare to June 30 of previous fiscal year
• A summary of income and expenses for the fiscal year
• All transfers between the Controller’s and Treasurer’s accounts
• Several examples (we select) of large non-routine expenses and the associated bills, approvals and payments
• Examples (we select) of annual contracts with vendors and related payments
• Examples (we select) of routine bills and payments
Do you have any concerns to share with the Audit Committee?
Questions for the Treasurer
Please show us:
• The incoming balances for July 1 of the fiscal year to compare to June 30 of previous fiscal year
• A summary of income and expenses for the fiscal year
• All transfers between the Controller’s and Treasurer’s accounts
• All transfers between Friends Fiduciary and Vanguard accounts
• Documentation of approval for any expenditures for Friends in Need distributions (without personal details)
• Documentation of scholarships sent to Friends Schools as assigned by the Scholarship Committee
• An example (we select) of an acknowledgement letter to a donor of an endowment gift and subsequent recording of that gift in the permanent bequests record
Do you have any concerns to share with the Audit Committee?