4. Internal Control Responsibility
– Management is primarily responsible
for internal controls
– The Board is ultimately responsible for
internal controls
5. Internal Control Responsibility
– Established the “Tone at the Top”
– Assessed risks
– Use Internal Control Tools to reduce
risks (i.e. segregation of duties)
– Have written policy and procedures
6. Internal Control Responsibility
Monitor (continually review and assess)
compliance with and adequacy of
internal controls.
Compliance deteriorates over time
New risks may surface over time
Management changes over time
7. Form 990: Annual Tax Return
– Overview
– Statement of programs/accomplishments
– Required schedules
– Filing and tax compliance questions
– Governance questions
– Compensation information
– Financial summary
