After a year of upheaval, Ivan the new treasurer managed to get his work audited by Ernie Gere. In addition to the audit, Ernie also helped us by explaining how he went about it. Ivan distributed Ernie's report at the board meeting in January 2014. "At the request of...
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SPVCA internal audit 6/2000
August 1, 2000
Stu Dornblaser and John Underwood audited the SPVCA treasury books for fiscal period ending 6/30/2000. They had to make a few adjustments because the bank accounts were not reconciled monthly. They reported their findings to President Marcia Winters on 8/1/2000.
We want to express our appreciation to you and to Ron Horst and to others who have worked so hard to obtain improved documentation this year. The source notebooks were found in very good shape. The distribution to specific income and expense accounts was very accurate.
As in past audits, we have made audit adjustments where necessary to correct the errors and bring the statements into balance with the bank accounts. Those entries are available in the work papers and we will be glad to review them with you and/or Ron.
In general, about a dozen adjustments came about because the bank accounts were not reconciled monthly during the year. As a result some checks and deposits were not recorded at all and others were recorded incorrectly. We recommend that the bank accounts be reconciled monthly and appropriate adjustments be made during the year to
correct the books. We have reconciled all months through June 2000.The checking account balance needs to be increased by $1,104.33 on the books of the Association to reflect all adjustments for both years 1999 and 2000. (Last year’s adjustments were not booked.) This can be done by having the Treasurer enter a deposit for this amount in the computer, calling it “Audit Adjustments”.
We set up an account payable to Barbara Starck in the amount of $26.40. On November 12th, a check recorded as being for postage (#2428) was recorded as $6.60, payable to the U. S. Post Office. In fact, the check was in the amount of $596.00 and was used to pay for tables and chairs. As audit adjustments we removed the nonexistent
$6.60 entry and recorded the $596.00 entry, but a check still needs to be written to Barbara for the 26.40, which was never paid.Though it is not clear that the above check was one of them, we do feel some checks are released by the treasurer without being filled out. Since documentation is obtained after the fact, it is harder to adequately document these transactions and there is also the risk that the blank checks might be stolen by third parties. We recommend that
the practice of releasing incomplete checks be eliminated. If this is not deemed practical, then at a minimum the payee name should be completed before the check is released and this should be recorded immediately in the checkbook. Appropriate receipts should be returned immediately to the Treasurer so the amount can be recorded.As mentioned earlier, the documentation of transactions is very good with very few exceptions. In prior years, we have recommended that the president review and initial the disbursement documentation. If it cannot be approved before payment, it would be most helpful if the documentation could be reviewed and initialed after the fact (say once per month). There is a space for the review initials, but these were not completed during this past year.
Though we did not perform a review of insurance coverage this year, we feel there is a need to try to document the assets of the Association by video, Polaroid, or some other type of listing for use in case of a disaster.
Finally, we should note that for reporting purposes the Association statements reflect all receipts and disbursements on a cash basis and therefore give no indication at any point in time of how much cash is being held for designated purposes. To the best of our knowledge there were no significant funds so designated and the unpaid bills at the
beginning and end of the period were also immaterial.Either (or both) of us will be glad to discuss any aspect of this report with you at your convenience. If there is anything we can do to facilitate better financial reporting to the board or the membership, we stand ready to do that.
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