Number: 3.503
Title: Audits
Effective date: May 2002
Re-approved: June 2014
Supersedes: 3.503
Dated: May 1999
1. An independent, qualified financial audit person or firm shall be employed to audit the accounts as soon as possible after the close of each fiscal year and to prepare a report for the Board of Trustees to submit to the Association at the following General Membership Meeting. It shall be available to association members on request. In addition, that person or firm shall also address a management letter to the Chair of the Board of Trustees for submission to or review by the Finance Committee.
2. The business manager with the Finance Committee shall follow procedures designated to protect the school against fiscal loss and to ensure that financial operations are conducted according to policy. Any deviation must be thoroughly considered, and either the operation changed to conform to policy, or a modified policy-submitted to the policy committee for presentation to and approval by the board.