Beaver Dams Volunteer Fire Company, Inc. - Financial Activities (2018M-17)

Issued Date
June 15, 2018

[read complete report - pdf]

Audit Objective

Determine if Company officials ensured that financial activities were properly recorded and reported, and that Company moneys were safeguarded.

Key Findings

  • The Board has not provided adequate oversight of financial activity.
  • Treasurers did not maintain complete, accurate, and up-to-date accounting records and reports or perform monthly bank reconciliations.
  • Company officials did not maintain adequate fundraising documentation.

Key Recommendations

  • The Board should enforce the bylaws and adopted policies and procedures.
  • The Treasurer should maintain complete, accurate and up-to-date records and reports, and perform monthly bank reconciliations.
  • The Board should develop and adopt policies and procedures for fundraising activities.

Company officials generally agreed with our recommendations and have initiated, or indicated they planned to initiate corrective action.