Determine whether Company officials ensured that financial activities were properly authorized, recorded and reported and that money was safeguarded.
- The Board did not ensure Company claims were audited on a monthly basis as required by its bylaws.
- The Board President (President) and two Board members did not publicly disclose, in writing, their deemed interests in contracts totaling $91,106 with the Company.
- Company officials did not ensure collections totaling $40,084 from fundraising activities were adequately supported.
- Ensure all claims are audited and approved by the membership for payment each month.
- Adopt a code of ethics and ensure officers comply with the disclosure requirements set forth in the law.
- Require more support for collections received, such as tickets or press-numbered receipts, and require two members to count the money and certify the amounts submitted to the Treasurer.
Company officials agreed with our recommendations and indicated they will take corrective action. Appendix B includes our comment on an issue raised in the Company’s Response.