Finance Committee Report from June, 2018.pdf
Finance Committee Report from June, 2018
The committee met on June 19 and discussed the turnovers in the Treasurer position that have been experienced this year and the confusion inherent in the books that this exacerbated. We discussed the rumors and accusations that had been brought up and found that there was no evidence of impropriety or malfeasance.
The Committee found that the Operating Procedures for the Treasurer are in need of review and to be made current. Some of this is because the current Treasurer is changing and formalizing the procedures that he uses. He stated that his intent is to implement a system that can be used easily by future Treasurers.
The accounting system has been and will remain based on cash accounting rather than a mix of cash and accrual. The Treasurer and VP attended and presented changes and pending changes. They have moved to a different accounting firm and developed a new set of General Ledger codes. We were assured that we would have copies of the monthly P&L reports and balance sheets as they come out and that the budget process was planned to begin in September.
The next meeting of the Finance Committee is scheduled for September 18, 2018
Finance Committee Chairperson