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403(b)
New Filing Requirements for 403(b) Plans
Beginning in 2009, nonprofit organizations will be required to file a Form 5500 for their 403(b) employee benefit plans. If the plan has more than 100 participants, an audited financial statement will be required as well.
Auditing employee benefit plans requires specialized knowledge. If your regular accounting firm doesnt audit employee benefit plans regularly, it may not audit your plan in accordance with generally accepted auditing standards. In that case, the audit could be found deficient and you could face penalties of $300 a day until an acceptable audit is submitted, up to a maximum ceiling.
Even though the audit isnt required until next year, now is the time to start getting ready by organizing your financial records. Turn to the employee benefit plan and non-profit experts at Buchbinder Tunick & Co. Well help you get started on the right track.
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