ALBUQUERQUE (BNM) - The Baptist Convention of New Mexico received a “clean” audit report on its 2019 finances.
Loftis and Lovato Group conducted the audit and presented its report to the board’s Property/Finance Committee and then to the full board on Monday, July 20. The board met that day in a hybrid fashion, with some members meeting in-person and others joining in remotely.
Alex Gurule of LLG presented the company’s findings to those at the in-person meeting. Nick Loftis usually makes the presentation, but participated remotely because he had been exposed to the COVID-19 coronavirus.
Gurule explained to board members that the auditors’ goal is to “obtain reasonable assurance [that] financial statements are free from material misstatement.” Auditors review internal financial controls “for purposes of designing audit procedures,” Gurule explained. But “designing, implementing and monitoring internal financial controls over financial reporting” are the responsibility of BCNM management, he said.
After their audit of BCNM’s financial reports and records for 2019, LLG offered an “unmodified ‘clean’ opinion on [the] 2019 financial statements,” Gurule said. That opinion is the “highest level of assurance auditors can provide,” he said.
LLG said that the company encountered no disagreements with management and no difficulties performing the audit. They reported at the close of 2019 the BCNM had $7,670,000 in assets, $1,075,000 in liabilities, and reported 74 percent of revenues were spent on program services.