2020 FISCAL YEAR* ANNUAL REPORT
* FY 2020: October 1, 2019 – June 30, 2020
In 2019, the OVLC Board chose a new auditor in its efforts to further improve internal controls after the unfortunate embezzlement in 2019. As we had hoped, that firm was extraordinarily detailed in the preparation of our Fiscal Year (FY) 2019 audit, which took until the spring of this year to complete. The auditor’s extensive research benefited from the expertise of Marti Reid who, as you may recall, came out of retirement to help OVLC through the leadership transition. The auditor confirmed that many of the changes that the Board and staff have taken were appropriate steps to improve internal controls. We are confident that we have all but eliminated the possibility that any sort of embezzlement could occur without being detected much more quickly. The 2019 financials, as well as past years, can be viewed at: ovlc.org/financials.
It is customary for an organization to present its financial statements at least once a year to its supporters, and OVLC has usually done just that in our Winter newsletter. However, in addition to the new auditor and improvements to internal financial controls, we have restructured our chart of accounts and changed to a July 1 fiscal year to better align with our programs. Accordingly, our Annual Report with financials from FY 2020 was scheduled to be in our Summer newsletter following the close of our new fiscal year. However, Covid-19 is causing significant delays in getting the financials completed and we have decided to send out what is now the Summer/Fall newsletter without the final numbers.
As soon as we have the financials for FY 2020 they will be posted at: ovlc.org/financials.
In the meantime, please contact us if you have any specific questions.
