Even when done properly and quickly, audits drain time away from your team and often cause a lot of stress among those working on it. The question on everyone’s mind is “How can we get this done faster?” The answer: by mastering communication skills and being timely with every step of the process.
Board members of a not-for-profit hold a significant amount of sway over the direction of the organization. Though they can be a force for good, they can also cause discord and disrupt the organization’s mission, so make sure you have the right team players to ensure success and unity.
The final phase of an audit is what guarantees the assurance sought by the entire process: it’s when the auditors involved actually test the year-end amounts and balances. It’s also a period of intense communication, and requires cooperation and open communication from everyone involved.
Balancing your daily responsibilities and answering an auditor’s request list can be competing interests, but gathering those documents as early as possible will save you and your organization time and hassle during the audit.
We get it, not all months are smooth sailing. But when your organization relies on accurate, timely financial statements to guide decisions and discussions, the deadlines are non-negotiable. Take your monthly schedule into your own hands to make sure you’re never late closing the books.
Though it can be a nerve-wracking discovery, missing a HAP check doesn’t doom your property. Notify HUD and take action to make sure your property stays financially stable during this temporary lull in revenue.