Compliance Supplement Delays Reach New Level

July 26, 2016 | By Jerry Ashworth | Post a Comment

slug-1567860We’ve gotten to the point where we’ve decided to use some reverse psychology. You know how it seems that if you don’t water your lawn in hopes that it will rain, sure as the world, it won’t rain. However, if you give up and go ahead and soak your lawn, shortly thereafter, you’ll get a downpour from the skies.

The same holds true with the Office of Management and Budget’s Compliance Supplement. I figured that after hearing word at last month’s American Institute of Certified Public Accountants (AICPA) Not-for-Profit conference that the supplement was in its final stages and would be released soon that we could hold off on the snail pictures and await its release any day now. We waited … and waited … and waited some more. Still no word (just like the lack of rain).

So maybe it’s time to give up and try another blog post on the Compliance Supplement (i.e., to encourage a little rain). It’s now July 26. I did some research on when we announced the release of the Compliance Supplement in the Funding Attractions blog over the last five years. The dates are as follows: July 15, 2015; May 19, 2014; July 3, 2013; July 24, 2012; and June 1, 2011. Therefore, this year’s Compliance Supplement will have the latest release date in the last six years. No wonder auditors (and many of their auditees) are clamoring for it.

An AICPA official speaking at the Not-for-Profit conference noted that the supplement often is released later during an election year (note the late July date in 2012). Regardless, now that many entities have entered into a new fiscal year as of July 1, it becomes crucial for auditors to turn to a current Compliance Supplement when conducting their audits.

Perhaps instead of snails, this time we’ll try a new animal that’s just as slow – a slug. I had convinced myself in June that the supplement was imminent and that I wouldn’t post another snail picture for the year. Well, now I can uphold that promise while still getting the point across (and slugs often come out in the open when it rains).

I’m still holding out hope that we will receive word shortly from OMB that it has been released, at which point we’ll post the celebratory fireworks picture. We have it cued up and ready; we just need the federal government’s help.

Let us know how you feel about the delay in the release of the Compliance Supplement. We’d love to hear from you.   

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