Audits, insurance of entities affirmed by committees

The Audit and Insurance committees presented positive reports to the messengers at the Alabama Baptist State Convention annual meeting Nov. 16.

Phyllis S. Ingram, chairperson of the audit committee, reported that the 12 Alabama Baptist entities receiving Cooperative Program funds complied with committee recommendations.

The recommendations are:

1. That each entity engage a CPA to perform the audit of the financial statements with comparative audit reports from all entities and that the audit be performed in accordance with generally accepted accounting principles (GAAP).
2. That a management letter accompany the audit report of each entity, when appropriate.
3. That each audit report include all statements required by GAAP or other comprehensive basis of accounting.
4. That each entity operating in a deficit to submit in writing a three year business plan to remedy the situation.

John Reynolds, chairperson of the insurance committee, affirmed the insurance coverage in place among the State Board of Missions and all entities owning property. “The committee commends them for the attention they have given to their insurance,” Reynolds said.

(TAB)