ACC 325 Milestone 1

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School

Southern New Hampshire University *

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Course

325

Subject

Accounting

Date

Feb 20, 2024

Type

docx

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Uploaded by akhaupt

ACC 325 Milestone 1 Amanda Haupt Southern New Hampshire University

The non-profit organization that I am creating is Go Go Transportation. This transportation company will partner with local dialysis centers in Preble County, Ohio to provide transportation for its patients for their scheduled dialysis appointments. Dialysis patients typically have a set schedule of the same days and times each week for their treatments so this will make scheduling the vehicles relatively easy. I plan to have a small fleet of VW busses that are equipped to be handicapped accessible and have them painted in “hippie” type color schemes and patterns. The mission of Go Go Transportation is to provide best in class transportation services to and from medical facilities for our kidney dialysis patients. The Go Go Transportation nonprofit organization will be governed by a board of directors. The state of Ohio requires that you have a minimum of three directors on the board for a nonprofit organization. These directors do not have to reside in Ohio and do not have to be members of our organization. Since our organization is only servicing a small area there will be six members on the board. At least three of our directors will have legal and/or financial backgrounds. The positions of President, Secretary, and Treasury are required to be filled on the board. The purpose of a board of directors is to help our organization stay focused on its charitable mission by ensuring all business decisions align with our mission. This small team will evaluate each business impacting decision based on our organization's mission, strategy, and goals. Our board members must have a passion for and be committed to the mission. Board members will have a positive reputation in the community, most importantly, they need to have high moral standards and integrity. Board members should be very comfortable promoting our organization and be willing to advocate on behalf of the organization. Our board members must have the ability to both work in a group and to lead. Board members will be asked to take leading roles on

projects, fundraisers, or as a committee chairperson so, their ability to lead is crucial. It is necessary to avoid electing board members that would have a conflict of interest when serving in this very important position. Areas that we will consider is hospital or dialysis center affiliation, vehicle maintenance company affiliation, fuel company affiliation and other association with companies that could benefit financially from the operation of Go Go Transportation. The audit committee will be made up of members of the board of directors and oversee the financial statements and reporting. Our audit committee must include outside board members as well as those knowledgeable in financial and accounting procedures to produce true and accurate reports. The primary responsibilities of the audit committee include overseeing the financial reporting process. This consists of reviewing audit reports, examining internal controls, and ensuring accounting policies align with generally accepted accounting principles (GAAP). The committee also oversees the company’s risk and compliance functions. They will be establishing guidelines for risk management and making sure all pertinent laws are followed. The audit committee member will monitor external communications with the public and the shareholders. They will have the responsibility of reviewing press releases, conference calls and all other statements the company makes to investors. Finally, the audit committees must approve all audit and non-audit services provided by an independent auditor. Committee members will be required to understand the audit processes as to protect the organization against conflicts of interest between companies and the auditors. The State of Ohio requires all nonprofit organizations to have a Registered Agent. A Registered Agent is an individual or company that will be responsible for receiving all legal notifications for Go Go Transportation. Our organization will officially become a legal corporation in Ohio once we file our Articles of Incorporation and apply for an Employer

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