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July 2024

In March 2024, the VEBF Board of Directors authorized an internal audit of the organization’s development, recording, and retention of corporate and financial records as well as activities associated with soliciting, collecting, and distributing funds. A committee consisting of two board members and one volunteer non-member, with extensive accounting experience, was selected to conduct the review.

The Audit Committee determined that the financial area has a good, well-organized accounting program in place to process donations and distribute appreciation gifts. Committee recommendations focused on ways to facilitate future growth, as well as protect the current operating practices. 

In response to specific recommendations, the VEBF Board has made the following determinations: 

• The Finance Committee will identify members to assist the Treasurer and support fourth quarter high volume workloads. 
• Standing Committees and Ad Hoc Committees will have written descriptions in terms of policies, procedures, and contacts used to perform the work of each committee, along with details of how various committee assignments are managed. This assignment will be given to the current chairs of those committees. 
• Backups of the official documents, meeting minutes, and other operational records of the organization will be retained by the Secretary and Treasurer via cloud accounts and local flash drives.

At the conclusion of the internal audit process, the Audit Committee reported that the VEBF is meeting accepted accounting standards, record keeping, and general operating practices. The Board of Directors is grateful for the Committee’s efforts and will repeat the audit process annually in accordance with good business practices.