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Audit Objective

Determine whether the Selkirk Fire Company No. 2 (Company) Board of Directors (Board) provided adequate oversight of financial operations.

Key Findings

The Board did not provide adequate oversight of financial operations and cannot be assured all moneys raised were properly accounted for and deposited. The Board did not:

• Adopt adequate bylaws and supplemental financial policies and procedures.
• Ensure the Treasurer maintained adequate accounting records, deposited collections timely and intact and made mandatory filings accurately and in a timely manner.
• Review and approve disbursements before payment.
• Adequately monitor fundraising activities.
• Request or receive any periodic and annual financial reports.

Key Recommendations

• Adopt and enforce financial policies and procedures that ensure disbursements are approved before payment and supported by adequate documentation.
• Make timely deposits of all money collected, prepare and maintain adequate records and reports for all revenues and expenditures.

Board officials generally agreed with our recommendations and indicated they planned to initiate corrective action.