| 1)
Drafted Audited Financial Statements for year ending
May 31, 2004
|
The
Trustees recognized Adam Reiss of Goldstein, Golub &
Kessler, LLP to go over the audit.
Mr.
Reiss gave an overview of the process by which the audit
was conducted. He stated that the process, which occurred
over a 3 week period, was conducted in a professional
manner with the full cooperation of FAE and NYSSCPA
management. Mr. Reiss then gave a brief summary of the
August 9, 2004 letter regarding required auditor communications
and turned the floor over to Ms. Chambers.
Ms.
Chambers summarized the results of the financial statements
of the Society and consolidated entities for the year
ending May 31, 2004, as well as accompanying notes.
She pointed out the elimination of a prior $2,656,000
interfund liability between the Society and the Foundation
for Accounting Education, Inc. and noted an $803,000
increase in net assets for the year. Ms. Chambers noted
that an increase in accounts payable was due to a FAE
vendor who had not turned in over $100,000 in expenses
over a five-year period. Mr. Grumet noted that internal
procedures, in addition to an anticipated upgrade of
the organization’s Great Plains accounting software,
would allow FAE to identify outstanding accounts payable
more readily. Ms. Chambers continued that deferred dues/unearned
income were down by $350,000 because approximately 1,500
invoices had not been sent out. To correct this problem
a second mailing was conducted for those 1,500 invoices,
and controls were put into place to assure that no invoices
were lost during future dues mailings.
Mr.
Weiss then reviewed the management letter with the Trustees,
including management’s responses. After his presentation
and discussion, Ms. Kinsella moved to accept the auditor’s
report and approve the audited financial statements.
Ms. Fierstein seconded the motion. The motion passed
unanimously. |
