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Audit Objective

Determine whether the Village of Sherman (Village) Treasurer recorded and deposited all collections received in an accurate manner.

Key Findings

The former Treasurer did not record and deposit collections in an accurate manner.

• The former Treasurer did not deposit more than $20,000 in recorded real property taxes, water, sewer and general fund receipts collected during the period July 1, 2012 through August 3, 2016.
• The Board and Village officials did not establish adequate written policies and procedures over the cash receipt collection process.
• The Board did not provide adequate oversight of the Treasurer and did not annually audit the former Treasurer’s records and reports.

Key Recommendations

• Take appropriate action to recover the missing funds.
• Develop written policies and establish procedures over the cash receipt collection process.
• Provide adequate oversight and annually audit the Treasurer’s reports and records.