Posted On: Tuesday, May 10, 2016
Dover, Del. – Our inspection revealed $190,433.61 in personal transactions made by the former Treasurer. Of this amount, over $144,000 were attributable to ATM and cash withdrawals. AOA also found MVFC’s accounting records were falsified to conceal the irregularities. MVFC’s lack of internal controls had a critical impact on the financial management of the MVFC during the former Treasurer’s tenure.
While fire companies in Delaware have proven their strong commitment to the safety and welfare of the communities they serve, their service does not mitigate their fiscal responsibility to taxpayers and donors.
Per the Committee of Sponsoring Organizations of the Treadway Commission Internal Control – Integrated Framework, “Internal control provides many benefits to an entity. It provides management and boards of directors with added confidence regarding the achievement of objectives, it provides feedback on how a business is functioning, and it helps to reduce surprises.” We commend the volunteers that manage fire companies for their efforts and stewardship, and encourage them to seek appropriate resources to ensure proper controls are in place over taxpayer funds.
A copy of the complete report can be found at: Millville Volunteer Fire Company Inspection Report.
For more information, please contact Kathleen A. Davies, CPA-PA, CISA, CGFM, CGAP, CFE, Chief Administrative Auditor, at (302) 857-3919 or firstname.lastname@example.org.