2023 Audit Results for OA, Inc. Published

An independent audit of OA, Inc.’s 2023 finances was recently completed, and once again the auditor found OA to be in a strong financial position with good controls on accounting practices that conform with US generally accepted accounting principles (GAAP). The 2023 audit report can be found in the Document Library and on the World Service Business Conference web page.

Every year, OA, Inc., a 501(c)(3) nonprofit corporation registered in New Mexico USA, undergoes a required financial audit conducted by an independent auditor. It is the OA Board’s responsibility to provide the auditor with OA’s financials, and the board oversees World Service Office staff in carrying out that responsibility. For OA’s 2023 fiscal year, auditor Porch and Associates, LLC, issued an unqualified and unmodified opinion, which is the best audit evaluation an organization can receive.

While presenting the report to the board’s Executive Committee, the auditor noted that OA’s prudent reserve (referenced in the report as “Net assets without donor restrictions, end of year” ) is about US$2.68 million. Since OA’s annual budget is $1.8 million, the prudent reserve covers about 1.5 years of expenses. The auditor commented further that he used to recommend 501(c)(3) nonprofits carry a six-month reserve but now recommends a two-year reserve (an additional $935,000 in OA’s case) to insure against economic instabilities.

OA contracts with auditors in three-year cycles and issues a request for proposals to multiple accounting firms at the conclusion of each cycle. As a matter of policy, OA may use the same auditing firm for up to two consecutive cycles and then must choose a different auditing firm.

The 2023 audit results are proof positive that our Board of Trustees are serving effectively in stewarding of the Fellowship’s contributions. Thank you, trustees!