| Orphan Grain Train (OGT) does not meet the following Standard for Charity Accountability. |
Standard 11: Financial Statements - Make available to all, on request, complete annual financial statements prepared in accordance with generally accepted accounting principles. When total annual gross income exceeds $250,000, these statements should be audited in accordance with generally accepted auditing standards. For charities whose annual gross income is less than $250,000, a review by a certified public accountant is sufficient to meet this standard. For charities whose annual gross income is less than $100,000, an internally produced, complete financial statement is sufficient to meet this standard. OGT does not meet this Standard because:
- Its audited financial statements were not audited in accordance with Generally Accepted Auditing Standards (GAAS). According to the audited financial statements for the year ended May 31, 2011: "We did not observe the taking of the physical inventory as of May 31, 2010, since that date was prior to our appointment date for the Organization, and we were unable to satisfy ourselves regarding inventory quantities by means of other auditing procedures. Inventory amounts as of May 31,2010, enter into the determination of net income and cash flows for the year ended May 31, 2011. Because of the matter discussed, . . the scope of our work was not sufficient to enable us to express, and we do not express, an opinion on the statement of activities and cash flows for the year ended May 31, 2011."
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| Orphan Grain Train (OGT) meets the remaining 19 Standards for Charity Accountability. |