No findings in IRS Audit of LCO Financial Services
By Joe Morey News Editor
On Thursday, August 29, officials from the Internal Revenue Service (IRS) met with the Lac Courte Oreilles Tribal Governing Board (TGB) and staff of LCO Financial Services (FS) to discuss their conclusions after conducting an audit over the week. This was the first time LCO Financial Services has had any audit on the operation.
Jeanette Ross of the IRS reported to the TGB there were no findings and that everything was good.
“All documentation we requested was presented and such things we asked for were back up receipts for travel and any financial records,” Ross stated. She added all required filings have been met for LCO Financial Services.
“In my 30 years working with the IRS, this was one of the most organized and easy to follow reviews I’ve done,” Ross added.
Ross explained when they audit tribal entities such as casinos, “We confirm there is not a brick wall between the tribe and the entity. We make sure they are not operating separately of each other, such as the entity having a secret bank account the governing board isn’t aware of.”
Ross said they make sure regular financial reports are provided to the tribe.
TGB member Tweed Shuman said LCO’s leadership wanted to make sure that wasn’t happening here so they appointed two council members to the Financial Services board.
“We are a very informed tribal leadership regarding LCO Financial Services,” Shuman noted.
Shuman asked Ross if the tribal membership is benefitting from Financial Services and she answered yes they are.
Shuman thanked everyone involved in the success of LCO Financial Services from TGB, to FS leadership and staff.