SayPro Audit Preparation Plan.

SayPro Audit Preparation Plan

Objective: To ensure a smooth and successful audit process for fundraising, sponsorships, donations, and crowdfunding activities, SayPro has developed a comprehensive Audit Preparation Plan. This plan outlines the necessary steps, timelines, and responsibilities to facilitate efficient audit preparation, ensuring all relevant documentation is accurate, complete, and ready for review.

1. Audit Preparation Overview

• The audit preparation process at SayPro is designed to ensure compliance with legal and regulatory standards, maintain transparency, and provide an accurate picture of our financial activities, particularly in fundraising efforts. The plan includes gathering and organizing financial documents, reviewing internal controls, and ensuring that employees involved in fundraising and donation management fulfill their responsibilities.
• This plan outlines key milestones and assigns responsibilities to ensure that SayPro is fully prepared for the audit process.

2. Key Documents Required from Employees

To ensure that SayPro is prepared for the audit, employees responsible for fundraising, sponsorships, donations, and crowdfunding must submit the following documents:

1. Fundraising Reports:
   • Detailed reports of all fundraising campaigns conducted during the audit period, including:
     • Fundraising goals
     • Total funds raised
     • Breakdown of funds allocated to specific projects or programs
     • List of major donors, sponsors, and crowdfunding supporters
     • Expense reports related to each campaign (marketing, platform fees, event costs, etc.)
2. Donation Records:
   • Comprehensive records of all donations received, including:
     • Date of donation
     • Amount
     • Donor’s contact information (name, address, email, etc.)
     • Receipt details (for tax purposes)
     • Any restrictions on donated funds (e.g., earmarked donations)
3. Sponsorship Agreements:
   • Signed agreements with corporate sponsors or individual sponsors for events or campaigns, including:
     • Terms and conditions of sponsorship
     • Financial commitments
     • In-kind contributions
     • Deliverables from SayPro to sponsors (e.g., marketing, recognition)
4. Crowdfunding Campaign Data:
   • Records of all crowdfunding campaigns, including:
     • Total funds raised
     • Platform used
     • Donation breakdown by donor
     • Fees and charges from crowdfunding platform
     • Impact or project outcomes funded by the crowdfunding efforts
5. Receipts and Acknowledgments:
   • Copies of all donor acknowledgment letters, receipts for donations (especially those over $250), and any correspondence related to fundraising activities.
6. Bank Statements and Transaction Logs:
   • Bank statements showing all transactions related to fundraising, donations, sponsorships, and crowdfunding, including deposits and transfers.
   • Detailed transaction logs for reconciling bank statements with internal financial records.
7. Expense and Financial Reports:
   • Reports detailing all fundraising-related expenses, such as:
     • Marketing and advertising expenses
     • Event costs (venue, catering, etc.)
     • Payment processing fees
     • Platform fees for crowdfunding campaigns
8. Tax Forms and Filings:
   • Any relevant tax forms or filings, including:
     • Form 990 (for tax-exempt organizations)
     • Donor contribution reports for tax-deductible donations
     • IRS filings related to fundraising activities
9. Internal Control Documentation:
   • Documents outlining SayPro’s internal control policies for financial transactions, donation tracking, approval processes, and oversight mechanisms.

3. Audit Preparation Timeline

4. Key Responsibilities for Audit Preparation

• Fundraising Team:
  • Collect and organize all records of donations, sponsorships, and crowdfunding data.
  • Ensure that all donor acknowledgment letters and receipts are issued correctly.
  • Coordinate with the finance team to ensure donations are tracked accurately in the financial system.
• Finance Team:
  • Reconcile bank statements and financial records.
  • Prepare financial reports and statements, including revenue and expense reports for fundraising campaigns.
  • Ensure that all necessary tax forms and filings are prepared and submitted.
  • Review internal control procedures and ensure that financial transactions follow best practices.
• Operations Team:
  • Assist in gathering supporting documents, such as sponsorship agreements, event contracts, and receipts for campaign-related expenses.
  • Ensure that all expenses are documented and categorized correctly for audit purposes.
• Senior Management:
  • Oversee the preparation process and ensure that all required documents are submitted on time.
  • Review the audit preparation timeline and ensure departments are following the outlined schedule.
  • Meet with auditors to discuss the scope of the audit and resolve any potential issues.

5. Communication and Transparency

• Internal Communication:
  • Regular meetings between teams to track progress and ensure deadlines are met.
  • Weekly check-ins to ensure all documentation is being compiled and reviewed accurately.
• External Communication:
  • Regular updates to the external auditors, providing them with any additional information or clarification they may need.
  • Address any audit questions promptly to avoid delays.

6. Post-Audit Actions

• Review of Audit Findings:
  • Once the audit is complete, SayPro will review the audit findings with external auditors.
  • Address any discrepancies, and implement corrective actions as recommended by the auditors.
  • Update policies and procedures based on audit feedback to improve future fundraising and financial processes.
• Communication with Stakeholders:
  • Share the results of the audit with stakeholders, including donors, sponsors, and the board of directors.
  • Publicly disclose audited financial statements and Form 990 (for tax-exempt organizations) to maintain transparency.

Conclusion

The SayPro Audit Preparation Plan is designed to ensure that we are fully prepared for fundraising audits by systematically gathering and organizing all relevant documentation, assigning clear responsibilities, and adhering to a defined timeline. By following this comprehensive plan, we can ensure a smooth audit process that demonstrates our commitment to financial transparency, accountability, and compliance with regulatory standards.