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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Malta Ridge Volunteer Fire Company, Inc. - Controls Over Financial Operations (2014M-178)


Released: September 12, 2014 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to determine if the Company provided adequate oversight of financial operations for the period January 1, 2013 through January 31, 2014.

Background

The Malta Ridge Volunteer Fire Company Inc. is a not-for-profit organization which is located in the Town of Malta, in Saratoga County, and provides fire protection to residents of the Town, except those located within the Village of Round Lake. The Company is governed by a five-member Board of Trustees and an Executive Committee is responsible for running the Company’s overall fiscal affairs. The Company’s revenues for the 2013 fiscal year were approximately $1.8 million and expenditures were $1.6 million.

Key Findings

  • The audit committee, which included the Treasurer, did not audit bills or review the Treasurer’s records.
  • Only the Treasurer signed checks.

Key Recommendations

  • Ensure that the audit committee provides oversight of financial transactions, including audit of bills prior to payment and review of the Treasurer’s records.
  • Ensure that the audit committee membership is exclusive of the Treasurer.
  • Provide for two signatures on all checks in accordance with the Company’s by-laws.

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