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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Clyde Fire Company – Controls Over Financial Activity (2015M-072)


Released: August 14, 2015 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to examine the internal controls over the Company’s financial operations for the period January 1, 2013 through December 31, 2014.

Background

The Clyde Fire Company is a not-for-profit volunteer organization located in the Village of Clyde in Wayne County. The Company is affiliated with the Galen-Clyde Joint Fire District. In 2014, the Company’s revenues were approximately $110,500 and its disbursements totaled $95,000.

Key Findings

  • While the Treasurer provides financial reports at monthly meetings, they are not discussed.
  • The President did not appoint a three-member audit committee to review the Treasurer’s work during the audit period.
  • The Treasurer does not perform formal bank reconciliations for the general checking account and other bank accounts.
  • The Treasurer and other individuals who collected moneys did not maintain records for the funds collected at various fund-raisers.

Key Recommendations

  • Review the financial reports provided by the Treasurer at each monthly meeting.
  • Ensure that the President appoints three individuals to the audit committee to review and approve bills prior to payment.
  • Document monthly bank reconciliations for all Company bank accounts, and provide a copy of this information to the Committee and membership.
  • Maintain accurate records for the amount of funds that are collected at all fund-raising events.

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