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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Rotterdam Princetown No. 5 Fire District – Internal Controls Over Financial Operations (2013M-372)


Released: February 21, 2014 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to determine whether District controls are adequate to ensure that financial activity is properly recorded and reported and that District moneys are safeguarded for the period January 1, 2012 through August 31, 2013.

Background

The District is a district corporation of the State, distinct and separate from the Towns of Rotterdam and Princetown, in Schenectady County, and the Town of Guilderland in Albany County. The Board of Fire Commissioners (Board) consists of five elected members. The District’s budget totaled $330,888 for the 2013 fiscal year.

Key Findings

We found that, while the Board established some controls, they lacked some key components to ensure that financial activity was properly recorded and reported to safeguard District moneys.

  • Both the former and current Treasurer filed the District’s annual update documents (AUDs) late for the past five years and they failed to complete monthly bank reconciliations.
  • The Board has not established adequate policies and procedures to ensure that the Treasurer prepares monthly bank reconciliations. We prepared bank reconciliations as of December 31, 2012 and August 31, 2013 and noted no material discrepancies.

Key Recommendations

  • Prepare and file the District’s AUD with OSC within 60 days of the close of the fiscal year.
  • Prepare monthly bank reconciliations and the Board should regularly review the bank reconciliations.

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