Audits

Annual audits are done by chambers to satisfy their board members who need to know the chamber monthly financial reports are accurate. These same audits can also provide the CEO and other interested parties a more discriminative picture of chamber operations.

Samples

• Sample RFP for choosing an audit firm
• See all Audit examples from ACCE's Samples Library

Articles

• The auditor’s role in finding fraud - by Ed McMillan, Chamber Executive magazine (Fall 2006)
• Handling an IRS audit - by Edward J. McMillan, Chamber Executive magazine (Jan/Feb 2006)
• Why do you need an independent audit? - by Ed McMillan, Chamber Executive magazine (May/June 2003)
• Internal audit by committee - Chamber Executive magazine article (Jan/Feb 2003)
• The changeover audit - by Ed McMillan, Chamber Executive magazine (Nov/Dec 2002)
• Nonprofit Audit Guide - from the National Council of Nonprofits

Audits and Financial Committee Roles

• Finance Committee Responsibilities - A guide from the Greater Washington Society of CPAs covering a Finance Committee and Committee Chair Responsibilities; includes audit tips.
• Financial Management from the Council of Nonprofits - A guide to sound financial management for boards, volunteer committees, and staff of non-profits.
• See also Fiduciary Responsibility Chamberpedia page
• See all Financial Management examples from ACCE's Samples Library, including policies and procedures.

Unrelated Business Income Tax (UBIT) Audits & Resources

• IRS Unrelated Business Income Tax - IRS materials and the definition of UBIT.
• Guidance on Siloing of UBIT, ASAE article, Feb. 2018 - Provides this update to help tax-exempt organizations understand a provision in the 2018 tax law that requires separate reporting of taxable income from different business activities.
• UBIT: What Your Nonprofit Needs to Know about Sponsorships, Advertising, Royalties, and Cause Marketing - Webinar recording from Venable LLP (April 2016)
• Got UBIT Webinar Presentation - By Karen Gries, CPA with CliftonLarsonAllen; Available on ACCE's YouTube channel (2013)
• REMINDER: UBIT Basics, Chamber Executive article by Jeffrey S. Tenenbaum, Fall 2012 - This condensed article from Venable, one of the top law firms in the nation, explains the basics of Unrelated Business Income Tax, or UBIT, which is a common tax situation faced by non-profit organizations such as chambers of commerce.
• Myrtle Beach Area Chamber of Commerce (S.C.) - Chose to adhere strictly to the law and report UBIT revenues and expenses via a corporation known as the Myrtle Beach Commerce Center.
• UBIT Backgrounder - Word .doc from the Robert C. Harris Nonprofit Center.
• Sponsorship or Advertisement? - article from the Robert C. Harris Nonprofit Center.

Related Chamberpedia Topics

• Annual Reports and Financial Reports (including Dashboards)
• Non-Profit Essentials
• Bookkeeping/Financial Management
• Budgets

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Last Updated: 5/7/2018