|
At anytime, the society may be advised by the IRS that its organization tax-exempt status is to be audited. An audit is held to determine if the society meets the requirements of the code and regulations for tax-exempt status. The audit will cover operational as well as financial aspects of the society. Know the location of the following:
|
|
|
The copy of the tax-exempt letter.
|
|
|
The application for exemption. New presidents should read and keep informed of the society's application for tax-exemption.
|
|
|
Any contracts or leases.
|
|
|
An up-to-date minute book. |
|
|
Any changes in corporate charter, bylaws, constitution or other enabling instruments are required to be reported to IRS. |
|
|
Other documents which have been filed. |
|
|
All financial records, the membership list, the correspondence files, the bank statements, the various publications of the organization. |
