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Like most non-profits, we  have an annual financial audit. This is done by a
local CPA firm, and they charge us for the service, with a reduction for
being a non-profit agency.

We have just been informed by the firm that they are raising their rates in
2008, to do the audit of year 2007.  This will include a $2,000 one-time fee
"related to new audit standards implementation" as well as a 42% increase
($2,900) in the financial statement audit.

They say that this is necessitated because of many new changes in
professional standards for audits, which are applicable starting in 2007.
They say that these changes will result in significantly more time needed
for the audit and therefore they need to charge higher rates. They also say
that this will impact every audit they do, and every audit firm.

Could you please let me know:

1. Do you pay for your annual audit, or is this service provided as an
in-kind donation? If the latter, do they also do your federal and state tax
forms?

2. Has your auditor mentioned anything about audit rates for next year? If
so, what type of effect are you seeing -- increase, decrease or staying the
same?  And if an increase, by how much, please?

Many thanks!!

Catherine Olmer

Executive Director, WonderLab Museum of Science Health and Technology
308 West 4th Street, Bloomington, IN  47404
(812) 337-1337, extension 16
(812) 330-1337 fax 
[log in to unmask]
www.wonderlab.org

Professor of Physics, Indiana University
Swain West 117
Indiana University, Bloomington, IN 47405
(812) 855-0173
(812) 855-5533 Fax

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