Montezuma Volunteer Fire Department - Financial Operations (2018M-23)

Issued Date
May 11, 2018

[read complete report - pdf]

Audit Objective

Determine whether financial activity is properly recorded and reported and that money is adequately safeguarded.

Key Findings

  • 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.

Key Recommendations

  • 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.