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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Ridgeway Volunteer Fire Company, Inc. – Internal Controls Over Financial Operations (2013M-196)


Released: August 28, 2013 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to determine if Company controls were adequate to ensure that financial activity is properly recorded and reported and that Company moneys are safeguarded for the period January 1, 2011, to June 11, 2013.

Background

The Ridgeway Volunteer Fire Company is located in the Town of Ridgeway, in Orleans County. The Company is operated in accordance with its Bylaws which stipulate that an Executive Committee of 12 elected members is responsible for the Company’s overall financial management. The Company’s receipts totaled $229,038 for the 2012 fiscal year.

Key Findings

We found that the Committee generally does not provide adequate oversight of Company financial activities.

  • Because revenues for 2012 exceeded $200,000, the Company was required to obtain an independent audit, but did not do so. The Company has not filed Form 990 with the IRS since 2008.
  • The Treasurer does not maintain critical accounting records, such as cash receipts and disbursements journals and ledgers, and does not routinely provide the Board with monthly reports. Moreover, the Committee did not receive an annual report from the Treasurer for the 2012 fiscal year.

Key Recommendations

  • Ensure that the required annual audit is performed and that Form 990 is prepared and filed in a timely manner.
  • Maintain complete, current, and accurate accounting records to document all of the Company’s financial activity. Prepare and provide monthly and annual reports to the Committee as required by the Company Bylaws.

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email: localgov@osc.state.ny.us
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236