Alternative Audits for 2018
The Diocesan Trustees recently approved an increase from $250,000 to $400,000 of the Normal Operating Income (NOI) threshold for a full certified parish audit. This means that any congregation with an NOI of less than $400,000 may now opt to carry out and submit the less complicated and less costly Alternative Audit.
Normally, this would still require the participation of an individual or firm outside the congregation. For this year only, however, while a significant revision is carried out of the Alternative Audit Procedure (to come into effect in 2020), eligible congregations are asked to perform their own Alternative Audit.
To do this, please:
- form a committee of three to four individuals (including, where possible, the rector/priest-in-charge, treasurer, a warden, and possibly a member of the congregation who is not on the vestry)
- review and complete the current alternative audit requirement. (To download the alternative audit form and the accompanying workbook, please see the links to the right of this page.)
Please note that if your congregation has an NOI above $400,000, nothing has changed. You must have a certified audit prepared as in the past.
Please also note that all congregations’ annual audit for 2018 must be submitted to the Finance Office by September 1, 2019.
If you have any questions regarding any of the above, please contact us as soon as possible (see right of page for contact info).