Columbia River Chapter MOAA

Financial Statement

SUMMARY
of the
2017 JOINT AUDIT OF THE FINANCIAL RECORDS
of
COLUMBIA RIVER CHAPTER, MOAA
and
COLUMBIA RIVER MOAA FOUNDATION

 Purpose:  This summary of the Joint Audit of the Columbia River Chapter (CRC) and the Columbia River MOAA Foundation (CRMF) is provided for the record at the Annual Meeting of the CRC and CRMF.

Audit Date:  November 9, 2017.

Period Audited:  November 1, 2016 through October 31, 2017.

Audit Areas:

  • Documentation
  • Budgeting
  • Income & Receipts
  • Expenses & Expenditures
  • Petty Cash
  • Chapter Assets
  • Internal Controls
  • Administrative & Processes

Prior Year Recommendations:

  1. Action was taken by various officers and the Executive Board of the CRC on all recommendations from the prior year’s audit except defining what constitutes a Chapter “asset,” and the inventory of those assets.
  • The By-Laws specify that the responsibility in this functional area belongs to the office of the Chapter Secretary. The position was vacant for most of the audit period.
  • An inventory was conducted by the Chapter President, but this inventory was completed after the period audited.
  1. Action was taken by the officers of the CRMF on all recommendations from the prior year’s audit

 

Audit Objectives and Findings:

 

  1. Ensure essential documentation for registering with Federal and State agencies, to include certification of non-profit status, is complete and current. Documentation was complete and current for both the CRC and the CRMF.

 

  1. Review the adequacy of the audit trails for income and expenses, as well as internal controls, are sufficient to support an external (e.g., IRS) audit.
    • Records and documentation of income/receipts, deposits, and expenditures for the CRC and CRMF were complete and accurate including transactions for the transfer of donations from the CRC to the CRMF.
    • All four recommendations made during this past audit address the need for validating or strengthening internal controls of the CRC.

 

  1. Determine any areas of weakness, or areas requiring further examination/discussion, with respect to processes, procedures, and overall management of assets and finances.
    • Four (4) recommendation were made for the CRC:
      • Establish written policy and guidelines for reimbursement of expenses by Chapter members.
      • Establish for the “record” the purpose and amount of Petty Cash.
      • Prepare the necessary guidelines and minimum values for accounting of Chapter assets, and comply with Article VIII, Section 7, of the Chapter By-Laws regarding Chapter assets and inventories. [Repeat Recommendation]
      • Review policy (pros and cons) of single check-signing authority.
    • There were no recommendations for the CRMF.

 

  1. Make a risk assessment of potential for waste, fraud, or abuse.
  • Treasurers for both the CRC (Susan Ellis) and CRMF (Frank Hill) are very diligent in not only performing their duties, but doing so in a timely manner.
  • Procedures put in place by the Treasurer of the CRMF, and being put in place by the Treasurer of the CRC, provide a very comprehensive and strong accounting system for both organizations.
  • Overall, the risk for waste, fraud, or abuse is low in both the CRC and CRMF.

 Other Remarks:

  • The work done by the former CRC Treasurer, Ron Pastor, to take action on the previous audit recommendations helped in the achievement of significant improvements in the financial records and financial management tools of the Chapter.
  • A special thank you to Chris Rubadue and Bob McFarlin for volunteering to be part of the Audit Team for the second straight year.

Submitted by: Terry Babin on January 20, 2018

 

Treasurer’s Report EOY 2017-2018 Annual Meeting

CRMF 2017 Planned vs Actuals thru 6-30-17

CRMF 2017 Q2 Treasurer’s Report

CRMF 2017 Q1 Treasurer’s Report

 Columbia River MOAA Foundation (CRMF) 
 Treasurer’s Report 
 (EOY 2016 — January 1 through December 31, 2016) 
 SCHOLARSHIP FUND
 Beginning Balance (1-1-16) $0.00
 Income $18,037.62
      Transfer in from Chapter $14,117.79
      September BBQ $760.00
      Christmas Party Donations $845.00
      Other Donations $2,307.00
      Interest (Dec 31 interest estimated) $7.83
 Expenses $8,388.00
      Clark College Scholarships $1,388.00
      WSU Scholarship $1,000.00
      Sweep to Clark College Endowment $6,000.00
 Closing Balance (12-31-2016) $9,649.62
 SUPPORT THE TROOPS FUND
 Beginning Balance (1-1-16) $0.00
 Income $4,904.46
      Trainfer in from Chapter $2,518.46
      Donations $2,383.00
      Interest (Dec 31 interest estimated) $3.00
 Expenses $1,000.00
      Vancouver Fisher House $800.00
      Battleground HS JROTC $100.00
      Prairie HS JROTC $100.00
 Closing Balance (12-31-2016) $3,904.46
      Total Both Funds $13,554.08
      Bank Account Balance 12/31/2016 $13,554.08
      Frank Hill
 Treasurer CRMF, December 31, 2016