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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Brighton Memorial Library – Board Oversight (2015M-116)


Released: August 28, 2015 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to evaluate the Board’s oversight of Library operations for the period January 1, 2014 through February 28, 2015.

Background

The Brighton Memorial Library is a municipal library located in the Town of Brighton, Monroe County. The Library, which received its charter from the State in 1951, is governed by a five-member Board of Trustees appointed by the Town Board. Budgeted appropriations for 2015 total approximately $2.15 million.

Key Findings

  • The Board did not complete a proper audit of claims from vendors prior to payment.
  • The Library had accumulated over $760,000 in private funds as of the end of 2014, with no formal written plan to use the money.
  • Most of the private funds are improperly invested at unauthorized financial institutions.
  • The Board failed to review the bank statements, reconciliations and investment statements.

Key Recommendations

  • Audit and approve all claims prior to payment and document the approval in the minutes.
  • Establish a policy to determine the appropriate level of fund balance to maintain in the private fund accounts.
  • Develop a comprehensive written investment policy in accordance with General Municipal Law.
  • Review bank and investment statements and their corresponding reconciliations monthly.

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