NC-SARA’s FY 2017 Audit
Submitted by jshanika on Mon, 12/18/2017 - 13:36
Marshall A. Hill, Executive Director
NC-SARA’s auditors recently completed their audit of NC-SARA financial statements for the years ended June 30, 2017 and 2016. (NC-SARA’s fiscal year runs from July 1 through June 30.) The audit was done by the Denver office of RubinBrown, a national accounting and professional consulting firm working in more than a dozen industries – including non-profit organizations, colleges and universities.
The most important summary statement from RubinBrown is as follows: “In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NC-SARA as of June 30, 2017 and 2016 and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.”
The financial statements show NC-SARA to have a strong financial position, with FY 2017 Total Revenue and Support of $4,346,758 and Net Assets at End of Year of $925,687, compared to FY 2016 Net Assets at End of Year of $(485,823).
The audited financial statements mention one potential financial risk, relating to NC-SARA holding in one bank funds in excess of the $250,000 FDIC (Federal Deposit Insurance Corporation) limit of coverage in case the bank was to fail. To address that risk, NC-SARA and its bank have implemented a "cash sweep" program that nightly sweeps funds in excess of $250,000 from NC-SARA accounts and moves them into other financial institutions. NC-SARA receives a small return on those funds. The program is now in effect.
The NC-SARA board on November 3 reviewed and accepted a draft version of the financial statements; the auditors’ opinion letter followed that meeting.
The auditors’ opinion letter and the financial statements upon which it is based are available HERE.