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 9/2007
February 3, 2008
John Underwood and Ernie Gere audited the SPVCA treasury books for fiscal year 2007. They made some adjustments and recommendations, and delivered their report to President Ed Olsen on 2/3/2008. With Stu as Treasurer, they found the books “well kept”, but were still looking for one missing invoice to support a check that went out. They also adjusted and reprinted several of the treasury reports in order to match the final numbers.
With Stu’s inside insight, John and Ernie specifically advised Ed on a few points:
Property value
Property improvements were never calculated, so they resorted to the insurance value as the property value. And by the way, we’ve been asking for years for SOMEONE to photograph the insured assets for insurance claims. Maybe nowadays (2023), Dennis can assign club assets as the subject of his photo contest.
Insurance is expensive
Ever since firefighting left the building, the largest expense on the financial statement has been insurance. The auditors hem-hawed about the grayness of this expense:
Insurance is expensive as evidenced by the schedule attached to the financial statement. Since the Association is now civic with no fire department perhaps a sit down with the ins. agent is in order to see if a savings can be found. Also the state benefits from our insurance with the exception of the director’s liability and the general liability portion of the lessor’s risk. The $20.00 per month contribution to the Association does not seem a fair apportionment for their coverage. Most governments are self insured however, so any contribution may be unusual.
(SPVCA internal audit 2/3/2008)
Dual accountability
In the years that John and Stu did the audits, they sounded like big-city legal and accounting moguls. They consistently advised the little SPVCA board to have multiple people approve disbursements, and for goodness sakes, the treasurer should not be a check signer. When Stu became treasurer, he must have realized he was not in the big city anymore. The SPVCA was just a group of beach-loving neighbors, volunteering their time, forking over a few buck to have a good time. His years-long request for elaborate accountability was downgraded to something more neighborly. With Stu at the helm, the auditors now said,
It is impractical to have bills approved prior to payment by the treasurer because of the organizational setup, and for that reason the treasurer has arranged for bank statements to be received and opened by an independent member. We recommend continuation of this.
(SPVCA internal audit 2/3/2008)
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