Purpose of Audit

The purpose of our audit was to review the Village’s cash receipts practices for the period January 1, 2014 through July 31, 2015.

Background

The Village of Old Brookville is located in the Town of Oyster Bay in Nassau County. The Village, which has a population of approximately 2,100, is governed by an elected five-member Board of Trustees. Budgeted appropriations for the 2015-16 fiscal year total approximately $4.6 million.

Key Findings

• Receipts were not always deposited in a timely manner and duplicate receipts were not always issued when collecting money because the Board has not adopted a comprehensive cash receipts policy.
• The Treasurer performed incompatible duties such as collecting cash, recording receipts and preparing bank deposits.

Key Recommendations

• Develop and adopt written policies and procedures for collecting, processing, recording and depositing cash receipts.
• Ensure that the Treasurer’s duties are adequately segregated or implement compensating controls such as increased supervisory review of the Treasurer’s work.