Describing a committee made up of “six persons with risk and experience,” Bobby DuBois, associate executive director of the State Board of Missions (SBOM), delivered the report of the Insurance Committee to convention messengers Nov. 17.
Having met in conjunction with the Audit Committee on Oct. 12, the Insurance Committee evaluated and affirmed the adequacy of insurance coverage on properties owned by the SBOM and the Alabama Baptist State Convention, as well as its entities’ insurance coverage, according to the Book of Reports.
The Audit Committee report, given by committee chairwoman Melissa Sahagun, reviewed each entity’s financial statements provided by its respective accountant or representative.
According to the Book of Reports, the Audit Committee requests that:
• Each entity acquires a certified public accountant to perform its audit and submit final reports to the office of the executive director-treasurer by Sept. 15 each year or upon his request.
• Each entity submits a copy of a management letter if one is issued.
• Each entity submits statements of assets, liabilities and net assets.
• Each entity operating with a deficit submits an up-to-date financial statement and three-year business plan to the SBOM executive committee by Feb. 15 outlining steps to be taken to eliminate the deficit. (TAB)
Share with others: