IBMA Finalizes Financial Audit

In addition to its own ongoing financial oversight the IBMA Board of Directors has accepted the first formal comprehensive outside audit of its finances, conducted by Nashville’s Collingsworth Bright & Company, P.C. The audit examined detailed financial records for fiscal year 2010, plus selected transactions going back as far as 2006. The board accepted several recommendations for accounting going forward, including a shift to a July 1 to June 30 fiscal year.

“This audit is a welcome development,” said IBMA Board Chairman Stan Zdonik. “It catches the organization up in its fiduciary duty to our dues-paying members and sponsors to affirm their money is being handled responsibly. Based on this audit and all other available facts, the board is satisfied that IBMA finances were handled ethically, legally and responsibly by former Executive Director Dan Hays. And while we continue to face challenges in a time of economic stress, we will know that the financial practices of IBMA will be in exemplary shape as our new executive director, Nancy Cardwell begins her term."

Copies of the full audit are available from the IBMA office upon request. Info: Hard copies will be mailed via U.S. mail, so please send your mailing address.