The Employment Retirement Income Security Act (ERISA) of 1974 requires certain employee benefit plans to annually file Form 5500, with an audit to the Department of Labor. Plans affected by this filing requirement include defined benefit pension plans, defined contribution plans, 401(k) plans, certain welfare benefit plans, and some fringe benefit plans.
In most cases, plans with 100 or more eligible participants at the beginning of the plan year must engage an independent accountant to perform an audit of the financial statements of the plan. There are limited exceptions to this requirement based on the type of plan and the assets held by the plan. If an audit is required, the audited financial statements and required supplemental schedules must be attached to the Form 5500, which has a filing due date of the last day of the seventh month after the plan year end.
At Dwight Darby & Company, we currently perform audits of several different types of employee benefit plans.We were one of the first firms in Florida to become a member of the AICPA Employee Benefit Plan Audit Quality Center. We are available to review the specifics of your plan or the plan of a company you know who needs assistance in this area to determine that all of the filing requirements are being properly met. Contact either John Brannan or Kathy Tushaus for additional information about this area.
In 2007, I joined the board of Academy at the Lakes, Inc., a private not-for-profit
school. Dawn Lopez was the Dwight Darby audit manager on our account. One year
later, I became the treasurer of the board and Dawn became a partner.
During the seven years we have worked together, the school has gone through highs and lows resulting in some rather unusual transactions and situations. Through all this, Dawn has been a steady resource and influence. Yes, she knows proper accounting, but where she excels is her resource knowledge and applications. She brings what the industry is doing, where we can enhance our operations and thinking outside the box.
Dawn has been a valuable resource and friend of our organization.