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Audit Objective

Determine if Company officials ensured that financial activities were properly recorded and reported, and that Company moneys were safeguarded.

Key Findings

• The Board has not provided adequate oversight of financial activity.
• Treasurers did not maintain complete, accurate, and up-to-date accounting records and reports or perform monthly bank reconciliations.
• Company officials did not maintain adequate fundraising documentation.

Key Recommendations

• The Board should enforce the bylaws and adopted policies and procedures.
• The Treasurer should maintain complete, accurate and up-to-date records and reports, and perform monthly bank reconciliations.
• The Board should develop and adopt policies and procedures for fundraising activities.

Company officials generally agreed with our recommendations and have initiated, or indicated they planned to initiate corrective action.