LSC Financials understanding the NEW LEAP requirements

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Presentation transcript:

LSC Financials understanding the NEW LEAP requirements Thursday, September 14, 2017 Jane Grosser USA Swimming LSC Governance Consultant Bob Vincent USA Swimming Treasurer

Welcome/Introductions

LEAP 1 financial Requirements Tax form (990): Required Each LSC shall meet the reporting requirements to USA Swimming contained within the “LSC Model By-Laws”, including an annual submission of a copy of IRS Tax Form 990 to: LSC990andfinancials@usaswimming.org. Financial Statements: Required Each LSC shall meet the reporting requirements to USA Swimming contained within the “LSC Model By-Laws”, including an annual submission of a copy of the annual closing Balance Sheet and Statement of Income and Expense to: LSC990andfinancials@usaswimming.org. *LSC Statement of Financial Review: Required LSCs shall conduct and submit to USA Swimming an annual financial review. The minimum requirement is completion of the LSC Statement of Financial Review form. An internal review; an external review or audit is optional. LEAP 1: LSC Statement of Financial Review Form The LSC Statement of Financial Review form must be submitted annually to: LSC990andfinancials@usaswimming.org *NOTE: If you have an independent CPA performing a full external audit of the LSC Financials (as required by some states), then the internal Control Assessment is not necessary.

LEAP 2 Financial Requirements Quadrennial Budget: Required Strategic planning requires a budget extending several years into the future. Many LSCs plan around the Olympic Quadrennial. *LSC Internal (agreed upon procedures ) Audit Program: Required An internal audit, utilizing the LSC (Internal/External) Audit Program found on the USA Swimming website, shall be completed. This will assist the LSC in providing a higher level of assurance that the LSC is operating efficiently, that assets are safeguarded, and the LSC is compliant with prescribed laws and policies. Individuals associated with the LSC perform the LSC Internal Audit Program. LEAP 2/3: LSC (Internal/External) Audit Program *NOTE: If you have an independent CPA performing a full external audit of the LSC Financials (as required by some states), then the internal Control Assessment is not necessary.

LEAP 3 Financial Requirements External Verification of Internal Audit Program: Required LSCs must have the Internal (Agreed Upon Procedures) Audit, completed for LEAP 2, verified by an independent CPA. USA Swimming has arranged for an independent CPA to conduct an LSC External Verification (Agreed Upon Procedures) Audit which utilizes many of the LSC Internal Control assessment items performed by an external, independent CPA. LSCs may also use a local independent CPA. At the completion of the External Verification (Agreed Upon Procedures) Audit, the auditor will issue an opinion on whether the LSC is maintaining the Internal control assessments verified during the Internal (Agreed Upon Procedures) Audit Program. LEAP 2/3 LSC Internal/External Audit program *Note: If you have an independent CPA doing a full external audit of the LSC Financials (as required by some states), then the External Verification of the (Agreed Upon Procedures) Audit is not necessary.

Q&A Questions??

Thank you for attending. Still have questions Thank you for attending! Still have questions? Contact Jane Grosser Jane.grosser@usaswimming.org