Re: SCAA Financial Crisis

On Sun, 25 Sep 2005 20:17:21 +0100, "Ken Wilson"
<ken@xxxxxxxxxxxxxxxxxxxxxxxxxx> wrote:

>"Marshall"
>> My understanding is there were no audits and no financial reporting to
>> the membership.
>
>
>if true - oh dear.
>
>Interestingly, i find that most odd - here the audit culture is so widely
>ingrained that i have just had to explain eloquently and at length that a 15
>man monthly dining club with the same charge every month, no overdraft, no
>bank balance greater than £100, all of whom are professional people and have
>known each other for at least 20 years probably doesn't need an annual
>report from a qualified accountant (me...).
>
>Even an annual audit wouldn't necessarily have highlighted a discrepancy
>though - and not just that it happened between audits.
>
>ken
>UK

When I was last involved with U.K. corporations, I believe they were
all required to be audited, no matter how small. I assumed this was a
spectacular tribute to the power of the British accountancy lobby and
do no know if it is still the case.

U.S. corporations are, with few exceptions, creatures of state law.
Federal law requires audits of publicly held companies. But there is
no such nationwide requirement for non-profits, although certain
agencies making grants or regulating certain businesses may require
it. SCAA is a California corporation, and our Corporations Code makes
audited statements optional for "mutual benefit" nonprofits. Even
unaudited statements need not be sent to members unless specifically
requested:

"8321. (a) A corporation shall notify each member yearly of the
member's right to receive a financial report pursuant to this
subdivision. Except as provided in subdivision (c), upon written
request of a member the board shall promptly cause the most recent
annual report to be sent to the requesting member. An annual report
shall be prepared not later than 120 days after the close of the
corporation's fiscal year. Unless otherwise provided by the articles
or bylaws and if approved by the board of directors, that report and
any accompanying material may be sent by electronic transmission by
the corporation (Section 20). That report shall contain in
appropriate detail the following:

(1) A balance sheet as of the end of such fiscal year and an
income statement and statement of changes in financial position for
such fiscal year.
(2) A statement of the place where the names and addresses of the
current members are located.
(3) Any information required by Section 8322.

(b) The report required by subdivision (a) shall be accompanied by
any report thereon of independent accountants, or, if there is no
such report, the certificate of an authorized officer of the
corporation that such statements were prepared without audit from the
books and records of the corporation.

(c) Subdivision (a) does not apply to any corporation which
receives less than ten thousand dollars ($10,000) in gross revenues
or receipts during the fiscal year."

Marshall
.

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