Financial Reporting System Information
Resolution 2019-14 approved at Grand Lodge in St. Louis this past July amended Statue Sections 4.330 and 13.040. The purpose is to replace the requirement of an Annual Audit with a standardized on-line financial reporting system. Since its enactment the GL Auditing and Accounting Committee has published a new manual that incorporates the new Financial Reporting System (FRS) with an updated Uniform Chart of Accounts. This is a link to the new manual; https://www.elks.org/grandlodge/auditing/manuals.cfm .
The Elks Financial Reporting System (FRS) is designed to both enhance and simplify local lodge financial reporting, and will replace the Annual Audit for all participating lodges. The new system - to be employed by all lodges no later than April 1, 2020- will not replace 990 or 990T submissions to the IRS. There is a significant cost savings to the Lodge by replacing the Audit with the FRS!
Please note the Elks FRS does not require anyone to change accounting systems, but all lodges must map their accounting system’s accounts to the official Elks Chart of Accounts, as revised in the recently updated Auditing and Accounting Manual.
All Lodges should immediately begin preparing for the transition to the FRS program by viewing the online webinars available at https://www.elks.org/grandlodge/auditing/webinars.cfm . The Lodge’s bookkeeper/accountant that prepares the financial statements needs to view the FRS webinar as well as the Lodge Secretary and Lodge Treasurer.
Any Lodge that is ready to start the process should contact their State Coordinator for assistance without delay. There are 2 State Coordinators in Kansas to assist you; Frank Springer for the “East” and Jim Malone for the “West”.
Financial Reporting System Presentation Financial Reporting System Introduction Presentation
Financial Reporting System - training & support: https://www.elks.org/grandlodge/auditing/FinancialReporting.cfm
Financial Reporting System – frequently asked questions:
https://TinyURL.com/Elks-Adaptive
GL Auditing & Accounting Manual and Uniform Chart of Accounts: https://www.elks.org/grandlodge/auditing/manuals.cfm
Kansas FRS Coordinator-East (Frank Springer): frank@frankspringer.com
Kansas FRS Coordinator-West (Jim Malone): jamesmalone99@yahoo.com
