Purpose of Audit

The purpose of our audit was to evaluate the Company’s financial operations for the period January 1, 2014 through September 17, 2015.

Background

The Bradford Volunteer Fire Company, Inc. is a not-for-profit organization that provides fire protection and emergency rescue services to residents in the Town of Bradford in Steuben County and the Town of Orange in Schuyler County. The Company consists of approximately 20 active members and is governed by an elected four-member Board of Directors. Budgeted appropriations for 2015 totaled $100,000.

Key Findings

• The Board did not provide adequate oversight of the Company’s finances; as a result, it appears the Treasurer was able to misappropriate approximately $8,500 from January 1, 2014 through May 31, 2015.
• The Board did not ensure that the Treasurer prepared monthly and fundraising reports that were complete and accurate.
• The Board did not perform a monthly audit of all claims to ensure they were for legitimate Company purposes.

Key Recommendations

• Investigate the questionable financial transactions and attempt to recover any misappropriated money.
• Ensure that the Treasurer prepares reports that are complete, accurate and properly supported.
• Audit and approve all claims on a monthly basis prior to payment.