MLA from the mountains to the prairies

Audit Committee Duties

  • Reviews the organization’s financial statements and other official financial information provided to the public;
  • Ensures that reports are received, monitored, and distributed correctly;
  • Oversees the organization’s internal controls, including management’s compliance with applicable policies and procedures and risk management;
  • Reviews the annual information returns (IRS Form 990EZ, related schedules, and forms) and recommends them for approval, signature, and submission by the appropriate officer. The audit committee also transmits the returns to the board for board review before signing and submission. The audit committee engages (on the board’s behalf) and interacts with the independent auditor or auditing firm;
  • Reviews the organization’s procedures for reporting problems. The audit committee may exercise primary responsibility to review the whistleblower policy and process, and policy and procedures related to the discovery of errors or illegal acts, and other communication methods and determine the process for “special investigations” (whistleblower allegations, anti-fraud compliance, discovery of errors or illegal acts); and
  • May be delegated other authority and/or duties as determined by the board.

Montana Library Association is a 501(c)3 non-profit organization. PO Box 823, Arlee, MT 59821

2024 Montana Library Association

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