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Audit Objective

Determine whether the Board provided adequate oversight over financial operations and whether the Treasurer prepared financial records and filed reports.

Key Findings

• The Board did not adequately oversee the Treasurer’s work or require annual audits of the Treasurer’s records and reports.
• The Treasurer did not provide regular financial reports to the Board or maintain adequate accounting records.
• The Treasurer did not file Annual Update Documents (AUDs), which are the annual financial reports, with the Office of the State Comptroller (OSC) or the Board in a timely manner.

Key Recommendations

• Provide adequate oversight and require the Treasurer to provide regular financial reports, such as budget-to-actual reports and bank reconciliations with canceled check images, and maintain adequate accounting records.
• Annually audit the Treasurer’s records and reports.
• Ensure AUDs are filed timely.

Village officials generally agreed with our recommendations and indicated they planned to initiate corrective action.