2012-06-13 Educating Boards 061312

Educating and
Presenting Financial
Information to Board
Members

Bob Bloom, Senior Manager, Audit
June 13, 2012

Thrive. Grow. Achieve.

Educating and Presenting Financial
Information to Board Members

OVERVIEW

• Introductions
• Fiduciary Responsibilities (10)
• Financial Oversight Responsibilities (10)
• Reporting Standards of Nonprofit Organizations (10)
• Roles of the Board, CEO and CFO (15)
• Reporting To Your Board (30)
• Audit & the 990 (15)
• Q&A (15)

Educating Board Members/ Page 2


FIDUCIARY RESPONSIBILITIES

Legal and Compliance Requirements
̵ Nonprofit Organizations (NPOs) must have a governing body overseeing
affairs of organization
̵ All states require NPOs incorporated in their state to have a board of
directors
̵ IRS Form 990 contains a series of questions concerning the board and its
governance practice




Core Concepts
̵ Bears the primary responsibilities for ensuring that organizations fulfills it
obligations to the law, its members, it donors, its staff and the public
̵ Mission, strategic directions and broad policies are set by the board in
conjunction with the CEO and senior staff
̵ Must protect the assets of the organization and provide oversight to ensure
its financial, human and material resources are used appropriately to
further the organization‟s mission




Board Member Responsibilities
̵ Display loyalty and exercise prudence
̵ Act in good faith and be responsible
̵ Keep informed in order to make appropriate decisions
̵ Monitor the organization‟s financial health
̵ Ensure the appropriate checks and balances are in place
̵ Monitor the organization‟s risk management
̵ Avoid micro-management- be governors, not managers



FINANCIAL OVERSIGHT RESPONSIBILITIES

• Sound financial management is among the most important responsibilities of the
board

• Financial Oversight Responsibilities:
̵ Review and approve annual budget
̵ Review timely financial reports at least quarterly
̵ Monitor actual financial results against approved budget
̵ Oversee annual audit process and review audited financial statements
̵ Review Form 990




• Ensure current written financial policies exist and staff are adhering to the board
approved policies
• Ensure adequate internal controls are in place to deter and detect fraud and

misappropriation of assets and financial reports
̵ Separation of duties – no one person should perform duties of receiving,
depositing and spending its funds
̵ Physical security of assets
̵ CEO/CFO are responsible for internal controls




• Systems that Protect NPOs
̵ Internal Controls
o Goal = protection of assets and deter fraud

• Accounting policies and procedures
̵ 3rd Accounting manual
̵ Investment policies
̵ Reserve/board designated endowment policies

• External Audits




To assess and improve financial oversight practices
̵ How well do we review financial reports and monitor financial performance?
̵ Are we making relevant comparisons – e.g., performance against budget and prior
year’s information?
̵ Do we need to upgrade the board’s financial expertise?
̵ Has the organization established a reserve fund and related policies and guidelines?



REPORTING STANDARDS OF NONPROFIT ORGANIZATIONS

In order for Board members to make educated decisions – must be:
̵ Accurate and Complete
o Enable management & board to make informed decisions

̵ Timely
o Keep current on financial status

̵ In Context
o Presented in relationship to the history- Goals & Programs of your nonprofit

̵ Appropriate
o Include financial information deemed important to management & board


REPORTING STANDARDS OF NONPROFIT
ORGANIZATIONS
PRINCIPAL FINANCIAL DOCUMENTS

ANNUAL AUDITED FINANCIAL STATEMENTS

MONTHLY/QUARTERLY UNAUDITED FINANCIAL STATEMENTS
PREPARED BY STAFF, IN ACCORDANCE WITH GAAP, OR CASH BASIS

ANNUAL BUDGET

OTHER AD HOC OR UNIQUE FINANCIAL REPORTS

Budget vs. actual reports (vs. prior year to date)
Cash flow projections
Departmental financial statements


REPORTING STANDARDS OF NONPROFIT
ORGANIZATIONS
OTHER IMPORTANT FINANCIAL REPORTS

IRS FORM 990

MAJOR FINANCIAL COMMITMENTS

Loans, Purchases, Acquisitions

INVESTMENT STATEMENTS & POLICIES

RESERVE POLICIES

Operating
Capital
Program initiatives


ROLES - EFFECTIVE BOARD LEADERSHIP

A SHARED UNDERSTANDING OF THE ORGANIZATION‟S MISSION AND
VISION
A CLEAR SENSE OF ROLES AND RESPONSIBILITIES
TRUST


ROLES - SHARED MISSION

ESTABLISH GUIDING PRINCIPLES, POLICIES AND MISSION FOR THE
ORGANIZATION
REGULAR REVIEW OF THE STRATEGIC PLAN AND MISSION (KEEP
THEM FRESH AND RELEVANT)
ESTABLISH METRICS FOR SUCCESS


ROLES – GOVERN MORE/MANAGE LESS

More On Less On
1. Policy issues 1. Policy language
2. Components of 2. Specifications of a
corporate strategy particular program or
3. Relationship service
between budgets 3. Terms and conditions of
and priorities services or contracts
4. Being a strategic 4. An operational overseer
asset and evaluator
5. Governing the 5. Monitoring the
organization management


ROLES

BUDGETING: PREPARATION, PROPOSAL, APPROVAL?

MEETINGS: SETTING AGENDA, FACILITATES THE MEETING?

COMMITTEE WORK: STRUCTURE, OVERSEES, SUPPORT?

BOARD DEVELOPMENT: LEAD ROLE, DEFINE NEED, SUPPORTING
PROGRAMS?

BOARD EVALUATION: SET METRICS, REQUIRE EVALUATION, CREATE
AND FACILITATE PROCESS?

STAFF EVALUATIONS: HIRE, EVALUATE, COMPENSATE CEO, ALL
OTHERS?

PR, COMMUNICATIONS: PROMOTE THE ORGANIZATION, OFFICIAL
SPOKESPERSON?

FUNDRAISING: GUIDE BOARD, DEVELOP POLICIES, SUPPORT
EFFORTS, COORDINATES ALL EFFORTS?


GOVERNING BOARD RESPONSIBILITIES

HAS OVERALL RESPONSIBILITY FOR DETERMINING ORGANIZATION
MISSION, AND POLICY SETTING
HIRES AND EVALUATES THE EXECUTIVE
ENSURES THAT ADEQUATE RESOURCES ARE AVAILABLE
APPROVES BUDGET; MONITORS FINANCIAL RESULTS
SETS INVESTMENT POLICY; MONITORS RESULTS
SET OPERATING POLICIES; MONITORS PROGRESS; EVALUATES
OUTCOMES
RESPONDS TO EXECUTIVE‟S INFORMATION
MONITORS COMPLIANCE
ESTABLISHES STRONG INTERNAL CONTROL ENVIRONMENT;
MONITORS ADEQUACY OF CONTROLS (AUDITOR INVOLVED);
FOLLOWS UP IMPLEMENTATION OF RECOMMENDATIONS


EXECUTIVE OFFICER RESPONSIBILITIES

EXECUTIVE BOARD POLICY, INCLUDING DETAIL PLANNING,
ESTABLISHES MEASUREMENT STANDARDS
HIRES, MONITORS, AND EVALUATES STAFF & VOLUNTEERS
(INCLUDING FINANCE); DELEGATES AS APPROPRIATE
USES RESOURCES AS DIRECTED BY BOARD; PARTICIPATES IN
RESOURCE DEVELOPMENT
CREATES BUDGET TO IMPLEMENT BOARD POLICY; PROVIDES
ADEQUATE AND TIMELY FINANCIAL INFORMATION TO BOARD
MANAGES INVESTMENTS AND OTHER ASSETS AS DIRECTED (MAY
DELEGATE TO SOME EXTENT); SAFEGUARDS ASSETS (INCLUDING
ADEQUATE INSURANCE)
IMPLEMENTS OPERATING POLICIES
KEEPS BOARD INFORMED, ESPECIALLY WHEN PROBLEMS IMPEND
ENSURES COMPLIANCE WITH LAWS & REGULATIONS (INCLUDING TAX,
DONOR RESTRICTIONS, OMB)
OPERATES STRONG INTERNAL CONTROL SYSTEM; ADMINISTERS
ETHICAL STANDARDS; IMPLEMENTS AUDITOR RECOMMENDATIONS


FINANCIAL OFFICER RESPONSIBILITIES

IS AWARE OF ORGANIZATION MISSION AND POLICIES
HIRES AND MONITORS FINANCIAL STAFF
ASSISTS EXECUTIVE AS REQUESTED
ASSISTS EXECUTIVE IN CREATION OF BUDGET; MONITORS
PROGRESS; ALERTS EXECUTIVE TO IMPENDING PROBLEMS
KEEPS DETAILED INVESTMENT RECORDS; MONITORS PERFORMANCE
ASSISTS EXECUTIVE AS REQUESTED; KEEPS FINANCIAL RECORDS
KEEPS EXECUTIVE INFORMED (ALSO BOARD, AS REQUESTED BY
EXECUTIVE)
MONITORS COMPLIANCE WITH LAWS AND REGULATIONS
DESIGNS AND OPERATES INTERNAL CONTROL SYSTEM; IMPLEMENTS
AUDITOR RECOMMENDATIONS


PITFALLS OR OPPORTUNITIES

CHOSE MEMBERS FOR VALUES AND SKILLS RATHER THAN
FRIENDSHIP OR CONNECTIONS
AVOID CONFLICTS AND PERSONAL AGENDAS
PERFORM SELF ASSESSMENTS
REWARD MOTIVATION; RECOGNIZED ENTHUSIASM AND OUTSTANDING
PERFORMANCE


IDEAS FOR PRODUCTIVE MEETINGS

MISSION-BASED MEETINGS
HAVE THE RIGHT PRESIDING OFFICER
FREQUENCY/CYCLES
PREPARATION: AGENDA/CONSENT AGENDA/REPORTS
MINUTES
EVALUATION/FEEDBACK
ENJOY!


REPORTING TO YOUR BOARD

B a s ic F in a n c ia l S ta te m e n ts :
R ep or t i n g on Bu si n ess Act i v i t i es
Statement of Financial Position Statement of Financial Position
At a Point in Time At a Point in Time

Statement of Activities
For a Period of Time

Statement of Cash Flows
For a Period of Time
Beg i n n i n g of t h e Yea r En d of t h e Yea r
J a nua ry 1 D ecem b er 31

Beginning of the Fiscal Year End of the Fiscal Year
(July 1) (June 30)



STATEMENT OF FINANCIAL POSITION

AKA - BALANCE SHEET

SNAPSHOT AS OF A SPECIFIC DATE

SUMMARIES OF ORGANIZATION‟S RESOURCES, OBLIGATIONS AND
NET WORTH

THREE COMPONENTS:

Assets = resources
Liabilities = obligations/debt
Net Assets = net worth (from inception to date)

TYPICALLY ARRANGED IN ORDER OF LIQUIDITY

Current: 1 year or less
Long-term: greater than 1 year



STATEMENT OF FINANCIAL POSITION- ASSETS

CASH AND CASH EQUIVALENTS

Sufficient to meet current obligations?
Inadequate or excessive?
Increasing or decreasing?

ACCOUNTS RECEIVABLE

Composition?
Age?
Allowance for doubtful accounts?



STATEMENT OF FINANCIAL POSITION- LIABILITIES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Invoices received for goods and services not yet paid
Proper cut-off – completed, included as expenses as of the current period

DEFERRED REVENUE (NOT TRNA)

Future obligations to members
Included in cash balance
Typically recognize 1/12 of dues for each month as revenue

DEBT

Purpose, terms, policies and covenants
In compliance with any covenants?



STATEMENT OF FINANCIAL POSITION- NET ASSETS

3 CLASSES OF NET ASSETS:

–Unrestricted – available for general operations
• Board designated
• Undesignated
–Temporarily restricted—donor restriction for specific purpose or time period
–Permanently restricted—donor restriction that never expires

COMPLIANCE WITH RESTRICTIONS?

IF NET ASSETS ARE IN A DEFICIT SITUATION, IS THIS A “GOING
CONCERN” ISSUE?


GAAP VS. CASH

NO DONOR - IMPOSED RESTRICTIONS
– Unrestricted Support
GAAP: Recognize revenue when received or promised

DONOR-IMPOSED RESTRICTION

– Temporary – Donor-specified use is satisfied by fulfillment of purpose or passage of
time
– Permanent – Donor imposed restriction cannot be removed by the NPO
GAAP: Recognize revenue when received or promised

DONOR - IMPOSED CONDITIONS
– Specifies a future or uncertain event
– Contribution depends on overcoming a barrier

GAAP: Recognize revenue as condition is met
Vs.
NON-GAAP: CASH: When received


STATEMENT OF ACTIVITIES: THE BASIC
FORMULA


WHAT DO THESE REPORTS MEAN?

STATEMENT OF ACTIVITIES
• AKA - Income Statement
• Financial information over a period of time
• Summarizes sources of funds (revenue), uses of funds (expenses) and net
income or loss (change in net assets)
• Expenses are classified by function into programmatic and supporting
(management and general / fundraising)



STATEMENT OF ACTIVITIES

• Revenue and expenses
• Increase or decrease?
• How do results compare to budget and prior year amounts?
• Expenses- percentage of program expenses compared to supporting services
(no more than 25%)?

• Change in net assets
• Net income (surplus) or net loss (deficit)?
• If a net loss, is it a real deficit or timing issue?
• What is causing the net loss?



STATEMENT OF CASH FLOWS

• Summarizes sources and uses of cash into three categories:
̵Operating Activities- day to day general operations
̵Investing Activities- purchases/sales of capital assets, investments, etc.
̵Financing Activities- proceed from loans, line of credit

• This Statement Can Give the Reader Information on Historic Cash Flow (as
opposed to the accrual basis which is required for GAAP financial
statements)



STATEMENT OF FUNCTIONAL EXPENSES

• Provides analysis of non-profit‟s service efforts, including total costs and allocation
of resources

• More detailed line items of expenditures

• Separates program from supporting services

• Multiple program services may be reported

• Supporting services = Management and General expenses as well as Fundraising

• How are various expense items allocated between programs, M&G and fundraising?

• Does resource allocation appear to be reasonable based on

– Nature of program?
– Revenue generated from program?



FOOTNOTES TO FINANCIAL STATEMENTS

• Summarizes:

– Organizational structure, mission and sources of funding
– Significant Accounting Policies effecting the presentation of financial statements
– Explanations of key items on the Statement of Financial Position and Statement of Activities
– Concentrations of business credit risk, commitments, contingencies, related party
transactions



SUPPLEMENTAL SCHEDULES

• Not required part of basic financial statements

• Additional schedules that support key items

• Examples include:

– Schedule of functional expense summaries by category by location
– Consolidation schedules of a parent and affiliated organizations



CASH FLOW PROJECTION

• Monthly changes in cash for operations

• Receipts

– Grants
– Contributions
– Membership fees

• Disbursements

– Salary
– Rent
– Operating expenses
– Debt service
– Capital expenditures



OPERATING REVENUE AND EXPENSES (VS. BUDGET)

• Unrestricted revenue

• Plus: Release from restricted net assets to unrestricted net assets

• Detailed expenses (in comparison to budget)

DEPARTMENTAL REVENUE AND EXPENSES

• Details by Department (or Groups) for Budget Purposes

– Revenues by department
– Expenses by department
• Direct expenses
• Indirect allocated expenses
• Allocation of depreciation



PROJECTIONS – 1, 3 OR 5 YEAR PLANS

• Enrollments / memberships / registrants /students /performances

• Contracts, proposals, pipeline, booked business in future

• Contributions / capital campaign / annual funds

METRICS

• Current ratio, investment returns , investment policy, spending

• Program % of total expenses

• Enrollments / memberships / registrants / students / performances / average cc
contribution / average contribution

• Employees

• Square footage

• Departments


SECTION IV: GUIDELINES FOR WORKING WITH
YOUR BOARD

KEEP IT SIMPLE


SECTION IV: GUIDELINES FOR WORKING WITH
YOUR BOARD

ENRON!

Swartz, Mimi, and Sherron Watkins. Power Failure: The Inside Story of the Collapse
of Enron. New York: Doubleday, 2003.



BE TRANSPARENT

BE CONSISTENT FROM PERIOD TO PERIOD

RECONCILE CASH TO GAAP

CHECK YOUR WORK BEFORE YOU DISTRIBUTE

BE A GOOD MESSENGER – SEND MATERIALS OUT WELL BEFORE THE
BOARD MEETING, NEVER LAST MINUTE

TELL THE WHOLE STORY

BE DIRECT



CHARACTERISTICS OF FINANCIALLY HEALTHY NONPROFITS
• Ready source of cash (good liquidity)

• Sufficient resources to ensure stable programming

• Good revenue mix (earned income vs. contributions)

• Positive net asset balances that continue to grow each year

• If there is a deficit, surplus of prior years cover it

• Reasonable “overhead”

• Timely reporting (mgm‟t and board hold themselves accountable for financial stability)

• Operating reserves or a working plan to establish one

• Committed to income-based spending



SIGNS OF FINANCIAL TROUBLE
• Spends more money than received or earned

• Payables are growing faster than operations

• Old accounts receivables

• Poor cash flow – consistently asking for grant advances

• Poor or late financial reporting

• Growing or unreasonable overhead or costs of fundraising

• Restricted net assets are in excess of liquid assets

• Mgm‟t and Board focus is lack of funds

• Net asset balances continue to decrease each year



THE AUDIT AND THE 990


THE AUDIT

AUDIT COMMITTEE ROLES AND RESPONSIBILITIES – THE AUDIT
COMMITTEE CHARTER
DO WE CHANGE AUDITORS?
PARTNER ROTATION
DEALING WITH NEW AUDITORS


AUDIT COMMITTEE CHARTER

PURPOSE
AUTHORITY
COMPOSITION
MEETINGS
RESPONSIBILITIES
FINANCIAL REPORTING
INTERNAL CONTROLS
INTERNAL AUDIT
EXTERNAL AUDIT
COMPLIANCE
REPORTING RESPONSIBILITIES
OTHER RESPONSIBILITIES


DO WE CHANGE AUDITORS?

NPOS CHANGE AUDITORS FOR 3 REASONS:
• Services
• Fees
• Policy

COMMON MISCONCEPTION – SARBANES OXLEY DOES NOT
MANDATE CHANGE OF AUDITORS
HOW DO SERVICES BREAK DOWN:
• Not enough partner/manager involvement
• Too much turnover at ALL levels
• Lack of responsiveness to your needs
• Not experienced with NPOs


DO WE CHANGE AUDITORS (CONTINUED)

NOT ENOUGH PARTNER/MANAGER INVOLVEMENT – LACK OF
RESPONSIVENESS

FIRM IS NOT EXPERIENCED WITH NPOS

FIRM CAN NOT MAKE DECISIONS

TOO MUCH TURNOVER

TOO MANY SURPRISES

FEES


PARTNER ROTATION

SARBANES OXLEY: 203 REQUIRES (FOR PUBLIC COMPANIES) THAT THE
LEAD AUDIT PARTNER AND AUDIT PARTNER RESPONSIBLE FOR REVIEWING
THE AUDIT (CONCURRING PARTNER) TO ROTATE OFF THE AUDIT EVERY FIVE
YEARS

OTHER PARTNERS WILL BE PERMITTED TO SERVE A MAXIMUM OF SEVEN
CONSECUTIVE YEARS WITH A TWO YEAR TIME OUT PERIOD. SUCH AUDIT
PARTNERS INCLUDE PARTNERS OF REGISTRANT COMPANY, PARENT
COMPANY AND THOSE WHO LEAD AUDIT OF A SUBSIDIARY WHOSE ASSETS
AND REVENUE CONSTITUTE 20% OR MORE OF THE CONSOLIDATED TOTAL


CHANGING AUDITORS

AUDIT COMMITTEE SHOULD ADOPT A POLICY TO EVALUATE AUDITOR
POLICY COULD MIRROR SARBANES OXLEY AND MANDATE PARTNER OR
MANAGER ROTATION
COULD EVALUATE AUDITORS EVERY 5 TO 10 YEARS
COULD MANDATE CHANGE OF AUDITORS EVERY 5 YEARS, OR 10 YEARS
BE FLEXIBLE


NEW AUDITORS –
WHAT WILL BE REQUIRED

AT PRELIMINARY - RISK ASSESSMENT
• Understanding the entity and environment
• General applications IT controls
• Process memos or flowcharts:
– Cash receipts cycle
– Cash disbursement cycle
– Payroll cycle
– Investment cycle
– Fixed asset cycle
– Financial statement preparation and closing cycle

WALKTHROUGHS OF EACH CYCLE – SAMPLE TRANSACTIONS CRADLE TO
GRAVE


NEW AUDITORS –
WHAT WILL BE REQUIRED

CONTROL TESTING OF:
• Cash receipts
• Cash disbursements
• Payroll

AT YEAR END –
• Substantiation of Accounts
• Evaluation
• Analytical and Reasonableness
• Disclosure

REVIEW OF FINANCIAL STATEMENTS AND DISCLOSURES
SAS 115
SAS 114


NEW AUDITORS* – RECOMMENDATIONS

BE PREPARED ON TIME – ESTABLISH A TIME LINE
GOOD COMMUNICATION WITH AUDITOR THROUGHOUT THE YEAR
GOOD COMMUNICATION WITH AUDIT COMMITTEE
CLOSE YOUR BOOKS AND PREPARE INTERIM GAAP FS, ON A
MONTHLY/QUARTERLY BASIS
KEEP YOUR KEY SCHEDULES CURRENT – CASH, AR, INVESTMENTS, FIXED
ASSETS, AP/AE, OTHER LIABILITIES AND NET ASSETS.
PERFORM A PRE-AUDIT
DISCUSS FEES AND CHANGE ORDERS IN ADVANCE

* or with your current auditors


FEDERAL FORM 990
GENERAL FILING REQUIREMENTS

FORM 990-N – FILED WHEN GROSS RECEIPTS ARE NORMALLY LESS THAN
OR EQUAL TO $50,000, „NORMALLY‟ DEFINED AS THREE YEAR AVERAGE.

FORM 990-EZ – FILED IF GROSS RECEIPTS ARE LESS THAN $200K AND
TOTAL ASSETS ARE LESS THAN $500K.

FORM 990 – IF THE FORMER TWO CANNOT BE FILED, THIS IS REQUIRED
UNLESS ALLOWABLE EXCLUSION APPLY.

FORM 990-T – FILED IF THE ORGANIZATION HAS UNRELATED BUSINESS
TAXABLE INCOME EXCEEDING $1,000.


FEDERAL FORM 990
GOVERNANCE AND RELATED TOPICS – 501(C)(3)
ORG.

MISSION

ORGANIZATION DOCUMENTS

GOVERNING BODY

GOVERNANCE AND MANAGEMENT POLICIES

FINANCIAL STATEMENTS AND FORM 990 REPORTING

TRANSPARENCY AND ACCOUNTABILITY


FEDERAL FORM 990
GOVERNANCE, MANAGEMENT & DISCLOSURE

SECTION A – GOVERNING BODY AND MANAGEMENT

• Minutes - governing body and committees

SECTION B – POLICIES

• Review by the Board before Filing, and policy

• Written conflict of interest policy

• Written whistleblower policy

• Written document retention and destruction policy

• Process determining compensation


QUESTIONS & ANSWERS


APPENDICES

 Appendix I – Sample Whistleblower Policy (RAFFA) WB Toolkit (AICPA)/WB Firms
(RAFFA)
Sample Conflict of Interest Policy (excerpt from Board Source)
 Appendix II – Tips for Creating and Elements of a Good Document Retention
Policy (Unknown)
 Appendix III – Best Practices Checklist (Independent Sector)
 Appendix IV – Checklist for Accountability (Independent Sector)
 Appendix V – Executive Summary of the US Senate Finance Committee Report
(The Panel on the Nonprofit Sector)
 Appendix VI – State Governance Proposals and Bills (National Council of Nonprofit
Associations)
 Appendix VII – CA Nonprofit Integrity Act (Chronicle of Philanthropy)
 Appendix VIII– Parts of Audit Committee Toolkit (RAFFA)


APPENDICES

 Appendix IX - Trust is not an internal control, By Olson, Cheryl R,
October 1, 2003, Publication: The CPA Journal, Wednesday, October 1
2003
Source: http://www.allbusiness.com/professional-
scientific/accounting-tax/1157058-1.html#ixzz1XAHNyuew
 Appendix X – Committee of Sponsoring Organizations of the Treadway
Commission – Internal Control Integrated Framework, Guidance on
Monitoring Internal Control Systems
 Appendix XI – Not-for-Profit/Exempt Organizations Blog: Non-Profit
Lawyers & Attorneys: Proskauer Rose Law Firm: Tax & Corporate Law
for 501c(3) Organizations – Is the Foreign Corrupt Practices Act on your
Radar Screen, By Emily Stern, posted August 18, 2010

http://www.irs.gov/pub/irs-tege/governance_practices.pdf


CONTACT INFORMATION

A. Robert Bloom Phone: 202-822-5000
Raffa, P.C. Fax: 202-822-0669
1899 L Street, NW, Suite 900 Direct: 202-955-6709
Washington, DC 20036 e-mail:
bbloom@raffa.com
Visit our Web Site at: www.raffa.com


THANK YOU!


2012-06-13 Educating Boards 061312

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