X-Message-Number: 13238
Date: Thu, 10 Feb 2000 12:16:19 EST
Subject: audits

Further on the advisability of audits of organizations' financial statements:

Steve Bridge has written that when Alcor hired an auditor in 1993, the cost 
was $18,000. He also indicates that currently Alcor hires a CPA for an audit 
at a lower level than in 1993, but higher than last year, at a cost 
$3,000-$4,000 higher than "normal," if I remember correctly.

Well, as to Cryonics Institute, first of all our directors (including two 
attorneys) are satisfied that our internal checks prevent any material 
errors. Our books are kept by our Treasurer, a CPA, at zero cost; Pat Heller 
donates his services. Our Assistant Treasurer, Steve Luyckx, who is also a 
financial professional, donates his services too.

However, if any CI member, or serious prospective member, is really worried 
about the possibility of material error or fraud in our financial statements, 
he or she can arrange to check for himself. After all, except for tiny 
details, verification is absurdly simple ("absurd" in the perspective of 
$18,000, or even $3,000). All that is necessary is to look at copies of our 
bank and brokerage statements and tax returns, talk to our main suppliers, 
and spot-check unusual items. What else is there? Maybe one hour's work-or if 
you want to be really, really finicky, one day's work. We're not talking big 
business or financial empires. 


Robert Ettinger
Cryonics Institute
Immortalist Society

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