2020 audit shows conference in stable financial position
The financial audit for 2020 has been completed within the first 150 days of 2021, ensuring the Oklahoma Conference is in compliance with the Book of Discipline. The finalized audit report as well as financial statements for the year are available on the conference website at https://www.okumc.org/audit.
The audit’s completion marks the end of a years-long process to finish audits for 2018, 2019 and 2020 after a change in the conference’s general ledger system at the beginning of 2018, according to Randy Compton, interim treasure for the Oklahoma Conference.
“The Conference has been in a stable financial condition since before I came on as the interim treasurer, and it continues to be in a stable condition as of today,” Compton said. “I believe we have made significant progress in strengthening our internal controls and improved on the timeliness of current, accurate financial information.”
Conference leadership asked Compton for his assistance in late 2019 after efforts to complete the 2018 audit stalled due to a combination of changes in the general ledger system and a near complete changeover of accounting personnel. He believes the accounting changes that have been made will make it easier to monitor the daily financial status of the Conference.
“By having accurate and timely financial information, the clergy and lay ministry leaders have the required information to make informed decisions in all the Conference matters,” Compton said.