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.
Finance Committee Responsibilities - A guide from the Greater Washington Society of CPAs covering a Finance Committee and Committee Chair Responsibilities; includes audit tips.
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.
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.