Statements Pass GAAP Muster
By Jane Durment, Audit Committee Chair
The financial review for SSYC’s year ending December 2014 has been completed with good results. Thanks to management and staff for your work in support. GM Pat Nora and accountant Joena Vitale have greatly enhanced our process over the last few years, implementing all of the recommendations from RitzHolman, our independent CPA firm.
In their review RitzHolman found that our financial statements conform to the “Statements on Standards for Accounting and Review Services” issued by the American Institute of Certified Public Accountants. In lay terms, we can now assure our members and the outside world that we follow generally accepted accounting principles for the U.S. (GAAP).
RitzHolman also performed testing of our internal controls relative to restaurant & bar cash procedures, ATM cash procedures, timely posting and deposits of payments, reconciliation process, authorization process and sampling of expenses for proper documentation. They also reviewed our non-standard journal entries from 2014, due in part to our change in chart of accounts following our software upgrade.
The results of testing were good. Recommendations made a year previously were verified as being firmly in place. RitzHolman’s recommendations for this year include implementation of a journal entry authorization process, a gift certificate tracking process and filing of pay rate authorizations. The full report, including the reviewed financial statements, is available to members through the office. The Audit Committee will go out for competitive bid for next year’s financial review.