Purpose of Audit

The purpose of our audit was to determine whether Company collections were properly accounted for and deposited timely and intact for the period January 1, 2013 through April 30, 2015.

Background

The Lake George Fire Company is a volunteer organization located in the Village of Lake George, Warren County. The Company, which provides fire protection services to the Village and to part of the Town of Lake George, is governed by a seven-member Board of Directors elected by the Company’s members. Revenues for 2014 totaled approximately $125,000.

Key Findings

• Maintain detailed collection records and ensure that all collections are deposited timely and intact.
• Issue receipts for all collections.

Key Recommendations

• Provide oversight including a review of the Department’s bank statements, canceled checks, monthly bank reconciliations and other financial records, including those of the Drill Team.
• Ensure that an annual audit of the Department Treasurer’s and the Drill Team’s chief financial officer’s records is performed by the Department’s audit committee.
• Consider the use of credit cards in place of debit cards or preauthorize purchases so the Board is able to review and approve purchases prior to paying the related claims.