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HI, Our audit is not done on a pro-bono basis, but rather paid for at a
slightly reduced rate. I have heard nothing about an increase due to changes
in the law. We do not have to change our reporting practice so far as I
know. The auditors prepare both our federal and state tax forms so all I
have to do is sign them. I pay considerably more than you do, but I am
assuming that my budget is higher than yours. The rate seems to be about
1.5%. This is rough and has not changed. Cheers, Paddy Wade MITs 

-----Original Message-----
From: Informal Science Education Network
[mailto:[log in to unmask]] On Behalf Of Catherine Olmer
Sent: Thursday, September 06, 2007 4:50 PM
To: [log in to unmask]
Subject: Financial Audits

ISEN-ASTC-L is a service of the Association of Science-Technology Centers
Incorporated, a worldwide network of science museums and related
institutions.
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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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