Small Plan Audit Requirements

[Blinky the 3-eyed Fish]

I have never known a clear answer on this and am hoping someone else knows. To avoid the need for the small plan audit, when does the bond have to be purchased by? Also, what is the determination date for the amount of the non-qualifying assets in which the bond needs to cover (i.e. BOY, EOY or each day of the year)?

Thanks.

[KateSmithPA]

I attended the ASPA Mid-Atlantic Area Employee Benefits Conference last week. A gentlman from the DOL gave a presentation on changes in the 5500.

According to his handout you determine the Qualifying Plan Assets as of the end of the preceding year.

Determine QPA and bond as soon after start of plan year as the necessary information from prior year "can practically be ascertained." He indicated that the time period should not go past the first quarter of the new year.