Thursday September 14 2017 Jane Grosser USA Swimming LSC Governance Consultant Bob Vincent USA Swimming Treasurer Welcome Introductions LEAP 1 financial Requirements Tax ID: 935377
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LSC Financialsunderstanding the NEW LEAP requirements
Thursday, September 14, 2017 Jane GrosserUSA Swimming LSC Governance Consultant Bob VincentUSA Swimming Treasurer
Slide2Welcome
/Introductions
Slide3LEAP 1 financial RequirementsTax form (990): RequiredEach 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: RequiredEach 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.
Slide4LEAP 2 Financial RequirementsQuadrennial 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: RequiredAn 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.
Slide5LEAP 3 Financial RequirementsExternal Verification of Internal Audit Program:
RequiredLSCs 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.
Slide6Q&A
Questions??
Slide7Thank you for attending!
Still have questions? Contact Jane Grosser Jane.grosser@usaswimming.org