The Wisconsin Off-Road Vehicle Park Inc. (WORVPI) will host a finance and accounting workshop Saturday, April 13, at the Mole Lake Lodge and Conference Center. The workshop will be presented by faculty and students from Ripon College.
An understanding of financial and accounting principles is vital to interpreting the following: the financial picture of an organization; analyzing legal risk as a director of an organization; avoiding unwanted visits from the IRS; making sound business decisions; and assuring the frugal and responsible use of the organization’s cash.
Accounting is comprised of basic principles that set the foundation called the language of business. Accounting communicates the financial condition and performance of a business or organization to interested parties and stakeholders.
The following questions will be addressed at the workshop: What are a balance sheet and income statement and why does a bank need to see them? Should an organization submit a tax filing to the IRS? After a raffle is over, does an organization need to file any reports regarding prizes or profit? Does an organization need to collect sales tax and how is that done? Why does an organization pay sales tax and can it be avoided? Should an organization have a financial audit performed? Who should do it? How often? Why?
The workshop sponsored by WORVPI with cooperation and support from the Wisconsin Off-Highway Vehicle Association and is open to the public. The cost of the workshop is $50 for WORVPI members and $75 for non-members. Registration is available at WORVPI.org.