The Audit Committee is established in compliance with the Nonprofit Integrity Act (“Act”). The committee is responsible for assuring compliance with the Act, including but not limited to:
- Recommending to the Board of Directors the retention and termination of independent auditors;
- Conferring with auditors to satisfy committee members that the financial affairs of the corporation are in order;
- Reviewing and determining whether to accept the audit;
- Assuring that any non-audit services performed by the auditing firm conform with the standards for auditor independence set forth in the latest revision of auditing standards; and
- Approving performance of non-audit services by the auditing firm.
The committee shall be comprised of no less than three (3). A quorum shall consist of two (2) committee members. Recommendations shall require approval of a minimum of two members of the committee. Members of the Audit Committee shall not have a material financial interest in any entity doing business with the corporation.