Purpose of Review

The purpose of our review was to determine whether the County Treasurer’s controls are adequate to ensure that financial activity is properly recorded and reported and that Court moneys are safeguarded for the period January 1, 2011 through January 1, 2014.

Background

Pursuant to a court order, certain assets may be provided to the court and then delivered to the County Treasurer for safekeeping. To carry out this responsibility, the Treasurer must develop sound procedures and processes which, when implemented properly and consistently, provide a system of internal controls to account for and safeguard these funds.

Key Findings

• The records maintained by the County Clerk and Surrogate’s Court were generally up-to-date and complete, and we noted no material discrepancies.
• The Treasurer established adequate procedures, maintained appropriate records and properly reported the condition of court and trust funds to the State Comptroller as prescribed by statute.
• We identified four actions totaling $9,663 which were not properly turned over to the State Comptroller as abandoned property. After we brought these actions to her attention, the Treasurer took immediate corrective action.

Key Recommendation

1. Ensure that all moneys deemed abandoned property are paid to the State Comptroller in a timely manner.