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Is voting necessary to accept the financial report


Guest Sharon Iyer
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Here is the relevant passage from RONR:

"Action on the Financial Report. No action of acceptance by the assembly is required—or proper—on a financial report of the treasurer unless it is of sufficient importance, as an annual report, to be referred to auditors. In the latter case it is the auditors' report which the assembly accepts." (RONR pg. 479, ll. 5-9).

The point is that "accepting" an unaudited financial report can have the effect of accepting something as valid that an expert has not so verified. We aren't attorneys, here, but our attorneys tell us that is a bad thing with respect to liability. After hearing or reviewing financial reports, I say something like, "are there any questions? Hearing none, thank you, madam treasurer, the report is filed for audit."

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