Audits, Financial Reviews, and 990 Filing
According to Pa. Code §§ 131.32, any public library that receives less than $50,000 from the Commonwealth of Pennsylvania annually is required to be financially reviewed or audited each year by an independent auditing firm. In the Grove City Community Library's case, every year is a financial review, with every third year being a full audit.
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In a financial review, the auditor uses analytical procedures to review the library's finances. This is done to ensure that there is nothing materially wrong with the library's financial statements. A review provides limited assurance that our accounts are accurate.
An audit is a more extensive review of the library's finances that provides a higher level of assurance than a financial review. The auditor performs detailed testing, verifies balances with third parties, evaluates internal controls, and reports on whether the financial statements fairly present the library’s financial position. The final audit will include recommendations to improve the library's internal controls.
990 Filing: Tax-exempt 501(c)(3) organizations are required by the IRS to file a 990 form each year. The 990 provides information on the library's mission, revenue, expenses, and policies. In addition, the form provides information on officer compensation, including the board of directors and the director of the library. All tax-exempt 501(c)(3) organization's 990s are available online.
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Audits and Financial Reviews
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990 Filings