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#1 Posted : Monday, January 14, 2019 10:47:29 PM(UTC)

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I covered this topic before but thought I would revisit the topic since poor records give clubs extra stress at tax time and I had several recent support calls from clubs with past mistakes.
One of the most time consuming and complex tasks I do at ICLUBcentral is some forensic accounting. This occurs when a club has an accounting problem that was not found quickly. In some cases the error occurred more than a year before the club sought help.
Here are some things to look for when auditing the club accounting records.
Cash balances in your records and broker/bank reconcile.
The number of shares owned reconciles with your broker statement.
The total value of the club as reported on the Valuation Statement and Member Status Report match.
The portfolio cost basis as reported on the Valuation Statement and the Investments line of the Income Statement/Balance Sheet report.

ICLUBcentral does have a section of their web site devoted to annual audits. Here is the URL for an annual audit. https://www.iclub.com/clubs/ICLUBtherapist/therapist_article.asp?name=t_20001218.
Avoid the pain of finding a past error. It can be time consuming, frustrating and energy draining.

Russell Malley

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