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• Democratically controlled by our owners since 1973 •

 
   
The Keweenaw Cooperative’s auditor has recommended, based on the last audit performed, that an annual financial review would be adequate and far more cost effective for the Co-op than an annual audit. They stated that internal controls and financial reporting are strong and being done properly.
 
A financial review consists of performing inquiry and analytical procedures that provide a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles.
 
The Board of Directors of the Keweenaw Cooperative recommends a "Yes” vote on the proposed Bylaws amendment.
 
Our current bylaws state:
 
4.8 Audits. The Board must have the financial statements of the Association audited by an independent
certified public accountant at least once each fiscal year, and a report of this audit must be made
at the next Annual Meeting of the Members.
 
2019-a Proposed Bylaw Amendment for the 2019 Annual Membership Meeting:
 
4.8 Audits. The Board must have the financial statements of the Association reviewed by an independent certified public accountant at least once each fiscal year.  The Board must have the financial statements of the Association audited by an independent certified public accountant at least once every three fiscal years. A report regarding the reviewed financial statements or a report of the audit, as applicable, must be made at the next Annual Meeting of the Members.

Should the Keweenaw Cooperative adopt the 2019-a Proposed Bylaw Amendment? Yes / No