Violations of Loan Covenants – What Does this Mean for my Audit?

It these tough economic times, it is much more common for not-for-profit organizations to have a violation of their loan covenant.  When a loan covenant is not met (for example, a requirement to maintain a maximum debt to tangible net worth ratio), the consequences can be very negative to the entity’s financial statements.  Remember that …

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What Does it Mean if Your Form 5500 is Late?

As the October 15th deadline looms closer, many of our clients are asking the question; “What does it mean if our Form 5500 is late?”  If you haven’t looked into this question before, you will be surprised at the substantial penalties that can be assessed.  The DOL takes failure to file return/reports very seriously.  Below …

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Importance of an Audit Committee

It is a known fact that audit committees are an essential component in corporate governance.  The public has been increasingly focused on oversight and governance issues since the Enron scandal.  However these issues aren’t just for the “for-profit” industry.  It is becoming more and more of an issue for the not-for-profit world.  Since the re-vamp …

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Selecting a 401k Auditor

As noted in April 6, 2010 post, “Do You Still Need a 401K Audit?” there are several factors to consider in determining whether or not your 401K Plan needs an audit.  After the decision has been determined that an audit will be required for your 401K Plan, the next big question for the Plan administrator …

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New Auditing Requirements for 403(b) Plans

The 2009 Form 5500 has been revised, and it requires many previously unaudited 403(b) plans to be audited for the first time. Historically, there have been limited filing requirements for 403(b) plans. In fact, most 403(b) plans are often treated more as individual account arrangements than a formal plan. These changes made by the Department …

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