May 2, 2009
WACO Board Members
The audit committee, comprised of Mary Jo Arteburn, Carol Brin and Shirley Wakeman, has completed reviewing the books of WACO, CERT and Trails Committees. This audit included transactions from 4-1-2007 through 3-31-2009.
The overall results were fine. All transactions in question were backed up by invoices or explained to our satisfaction. We have attached some suggestions for those accounts going forward.
We commend you on applying suggestions from your previous audit.
- Use of money envelopes with duel signatures is great. Now, please go one step further and number the envelopes for each event and retain for next audit.
- Copy MVFCU statements monthly and attach reconciliation for file in the appropriate month.
- The monthly activity report should show beginning balances for each account.
- Large expenses with miscellaneous receipts should be signed by chairperson or another officer.
- When anyone shops for WACO the receipt should not include personal items. Excellent use of expense claim form.
- There is an outstanding bill from Willow Hardware going way back to 2005. WACO has requested, repeatedly in letter form, copies of invoices to back these charges up, to no avail. This should be resolved.
- Balance statement whenever you have activity during the month. Print MVFCU statements monthly and attach your reconciliation.
- Use the attached Expense Claim form, or one like it, for any payment to members for miscellaneous receipts and attach a copy of the check written.
- All questionable transactions were answered to our satisfaction.
- This account was opened April 3, 2007.
- The signature card needs to be updated. Once current signer does not live in the State.
- MVFCU statements should be printed and reconciliation done when there is activity.
- Attach deposit slips to the monthly statement it was deposited and make a copy of the check you deposited. Indicate on deposit slip where the money came from if it’s cash.
- When a check is written, make a copy of the check and attach it to the invoice being paid.
- Use the attached Expense Claim. When you have several invoices to pay and have it signed.
- Our recommendation for this account, is to close it and transfer the balances to new accounts and have the WACO treasurer handle it. There are very few transactions at this time.
Ways and Means Committee
Vincent Veit, Treasurer, WACO
Phone:7970 Email: email@example.com
Krista Grilliot Ronnie Widner