Audits of Local Governments and School Districts
Willing Volunteer Hose Company #1, Incorporated – Internal Controls Over Financial Operations (2011M-233)
Released: December 30, 2011 -- [read complete report - pdf]
Purpose of Audit
The purpose of our audit was to determine whether Company controls are adequate to ensure that financial activity is properly recorded and reported and that Company moneys are safeguarded for the period January 1, 2010 to September 19, 2011.
Background
The Willing Volunteer Hose Company #1 is located in the Town of Willing in Allegany County. The Company contracts with the Town to provide fire protection services. The Company elects five Trustees for one-year terms. The Board of Trustees is responsible for the general supervision of the Company’s financial affairs. The Company received $65,430 for fire protection services and $25,520 from fundraising and other activities in 2010.
Key Findings
- We found that the Treasurer maintained suitable records to account for financial activities and submitted monthly and annual financial reports to the Board.
- However, the Board did not develop written policies and procedures for, or provide adequate oversight of, Company financial activity.
- For two fundraising events, the Treasurer could not account for 554 and 196 raffle tickets valued at $2,770 and $980, respectively.
Key Recommendations
- Develop and adopt applicable financial policies and procedures.
- Review fundraising activity and attempt to locate additional unsold tickets or moneys collected.
Local Government and School Accountability Contact Information:
Phone: (518) 474-4037; Email: localgov@osc.state.ny.us
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236