AUDIT COMMITTEE REPORT

WEST SHORE SPORTSMEN’S ASSOC.

INTERIM REPORT

COMMITTEE MEMBERS

At the May, 2007 monthly meeting of the WSSA, in compliance with the C&Bl’s of WSSA, an audit committee was appointed to perform the constitutionally mandated function.

Members of the committee were appointed and consisted of:

·        JOHN BENNICK

·        SUSIE GOCHENOUR

·        GROVER HERR

COMMITTEE MEETING

On June 12, 2007 at 7:00 pm, all members of the committee met with WSSA Treasurer ANDY SEVILLE at the WSSA Club House.

SCOPE OF THE AUDIT

The committee was charged with auditing the procedures used to process the accounts of WSSA for the period of time, January 1, 2006 to December 31, 2006, inclusive.

CONDITION OF THE WSSA ACCOUNTS

The committee could discover no source for a comprehensive listing of all sources of assets and income for WSSA during the audit period.

REAL PROPERTY, PHYSICAL PLANT AND EQUIPMENT

The committee has no information on the status of the above category of WSSA assets.

CASH ASSETS

The audit committee determined that a monthly accounting of cash on hand is traditionally made at each monthly meeting.  That report is regularly made by the Treasurer.

Cash assets are retained in at least three bank accounts, one an interest bearing account, a checking account that is used as an operating account and an account that is identified as a land fund account.

During the audit it was learned that a certificate of deposit valued in excess of $19,000.00 was discovered.  The discovery was made shortly before the committee met.  The sources of the funds for the CD are unknown to the committee.  There is no known record for the history of the CD.

SOURCES OF INCOME

The committee is unaware of any records that annunciate the sources of income for WSSA.  General knowledge would suggest those sources would include, but not be limited to:

·        Membership dues

·        Membership contributions

·        Range rental fees for professional training activities

·        Contributions from WSSA affiliated clubs that use the real assets of WSSA for club activities

·        NRA fee sharing for WSSA members who are NRA members

·        Vending machine revenues

The committee could discover no records or accounting systems designed to identify the amounts of income from these varied sources as existing during the audit period.

In addition, there appears to be no system in place that allows the Treasurer to track cash that is due and owing from these sources.

SAFE DEPOSIT BOX

WSSA maintains a safe deposit box.  The audit committee is unaware of the contents of the box and is unable to comment on any assets contained in the box.

PROCESS OF THE AUDIT

Given the state of the records, the audit committee chose to examine three months, selected at random from the audit period.

Invoices, bank statements, receipts/deposits and cancelled checks were examined.  No irregularities were discovered.

COMMENTS OF THE COMMITTEE

The committee had a general discussion regarding practices for Treasurer’s reports done during the audit period. 

Past practice would indicate that the monthly report was generated by identifying the monthly beginning balance.  Deposit amounts for the month were added.  Membership approved payables were deducted.  The figures were maintained on the envelope that accompanied the monthly bank statement.

Though outside the audit period, the committee would like to note and commend Treasurer ANDY SEVILLE for his efforts since January 1, 2007.  ANDY has established a spread sheet system that captures WSSA financial information in a conventional accounting format.  ANDY intends to make the spread sheet available for inspection at the monthly meetings.  Committee Member HERR commented that ANDY’S system is the best he has seen used at WSSA since 1967.

The committee would like to recommend that the spread sheet created by the current Treasurer be made part of the WSSA records

The committee would like to recommend that the contents of the safe deposit box be inventoried and any financial assets be recorded with the current Treasurer.

The committee was informed by the Treasurer that several boxes of WSSA records exist and have not been examined.  The committee would like to recommend that the boxes be inventoried and any information that could lead to the discovery of additional assets of WSSA be identified and pursued by the Treasurer or any other officer or appointees as may be appropriate.

The committee would like to recommend that a system be established to allow the Treasurer to track, in real time, accounts receivable.  This process would assure that WSSA collects in a timely fashion monies that are due and owing.

Respectfully,

___________________         

John Bennick

___________________

Susie Gochenour

___________________

Grover Herr

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