Determine whether financial activity is properly recorded and reported and that money is adequately safeguarded.
- The bylaws provide limited guidance to enable Department officials to adequately oversee financial operations.
- The Department has not fulfilled its reporting requirements with oversight agencies such as the Internal Revenue Service (IRS) and Office of the State Comptroller (OSC).
- The Treasurer did not prepare bank reconciliations.
- Amend the bylaws and develop, adopt and implement written policies and procedures to control and monitor the Department’s financial operations.
- Ensure monthly financial reports are complete, accurate and include detailed receipt and disbursement information.
- Prepare and provide monthly bank reconciliations for the membership’s review.
Department officials generally agreed with our recommendations and indicated they planned to initiate corrective action.