Reporting for Financial Transparency
Thursday, March 3, 2016
Posted by: Brook Pritchett
AIS is a global association of members whose dedication and spirit of service and volunteerism are the highest priority. In our ongoing efforts to continue business and financial reporting across the association, we would like to remind members of three sources of information available on the AIS website. (Please note, financial information is for members only, so you’ll need to login in to access this information.)
First, to clarify previous reports, the AIS Financial Statements have always been available to AIS members on an annual basis. In fact, it is required in our AIS By-laws. Members can find ten years of the association's audited Fiscal Year End Financial Statements posted here (http://aisnet.org/?AISAuditedFinancials).
Each year follows the same process for budgeting and preparing financial statements. The AIS Fiscal Year ends on June 30, and the financial statements of the association (balance sheet, income statement and statement of cash flows) are drafted in August. An outside CPA firm conducts an annual financial audit of the association during September. The auditors will present their Independent Auditor's Report to the AIS Treasurer and AIS Finance Committee in October. After the AIS Finance Committee approves the Financial Statements, the statements are forwarded to AIS Council (along with the Independent Auditors Report and the IRS 990 Filings) for Council’s review and approval during the December AIS Council Meeting. After Council’s approval, the financial statements are posted for all members to review. AIS members can find PDF copies of every AIS Financial Statement (Balance Sheet, Income Statement, Statement of Cash flows) for the past 10 years here (http://aisnet.org/?AISAuditedFinancials). Members will also find the Independent Auditors Report from our external auditors included in the financial statements.
Second, as interesting (and exciting) as financial statements are to accountants, we have been told by some members that these documents can be boring to review and read. As a result, we have provided some infographics to summarize the association's fund sources / uses (based on last fiscal year's financial statements.) The infographics can be found here (http://aisnet.org/?AISAuditedFinancials).
Third, many members may not be aware, but we regularly benchmark AIS's operations and financial performance against peer associations. You can find results of some of this benchmarking in infographics that highlight these results (http://aisnet.org/?AISAuditedFinancials).
We are proud of the financial governance process(es) outlined above and the consecutive years of successful audit findings. As always, please let us know if you have any questions regarding these matters.
AIS Finance Committee
Matthew L. Nelson, Ph.D. Interim Executive Director
Rayman Meservy, Brigham Young University, Ph.D. AIS Treasurer
Tenez Quarles, AIS Finance Director
Michael Myers, University of Auckland (ICIS Rep)
Jae Nam Lee, Korea University Business School (R3 Rep)
Tim Weitzel, University of Bamberg (R2 Rep)
Stacie Petter, Baylor University (R1 Rep)
Jason Thatcher, Clemson University (President-elect)