Purpose of Audit
The purpose of our audit was to determine whether the Board ensured that financial activity was properly recorded and reported and that Company money was safeguarded for the period January 1, 2015 through November 14, 2016.
The Thurston Fire Company provides fire protection services for the Town of Thurston in Steuben County. The Company is operated in accordance with its bylaws which stipulate that a Board composed of seven elected members is responsible for the Company's overall financial management. For 2015, the Company’s revenues totaled $2,623 and expenses totaled $2,233.
- No review of the vouchers, invoices or bank statements was made by members of the finance committee prior to payment.
- The finance committee did not complete an annual audit of the Secretary/Treasurer's books and records in January 2015 or 2016.
- The credit card policy lacks a requirement for receipts and procedures for monitoring credit card use to promote accountability and responsibility and the procurement policy does not include thresholds or information required to be obtained, such as verbal or written quotes.
- Ensure that the Secretary/Treasurer does not make disbursements unless they are certified by at least two members of the finance committee and have adequate support.
- Ensure the finance committee completes an annual audit of the Secretary/Treasurer's books and records.
- Update Company policies to ensure they are adequate.