Determine if Company officials ensured financial activity was properly recorded and reported, and money was safeguarded.
- Credit card purchases lacked supporting documentation to validate they were for business purposes.
- Fundraising activities lacked adequate recording and reporting and cash was not safeguarded.
- The Board-required audit of the Treasurer’s books was deficient.
- The Board should create a credit card use policy that details acceptable use and requires supporting documentation for purchases.
- The Board should establish controls for handling cash at fundraising events, create fundraising reports, and require timely deposits of fundraising money.
- The Board should ensure an adequate audit of the Treasurer’s books is performed, in compliance with Company bylaws.
Officials agreed with our recommendations and indicated they have begun implementing corrective action.